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EBA consults on draft standards for prudential treatment of crypto asset exposures, aiming to harmonise capital requirements across EU FIs, ensuring alignment with Basel standards

The European Banking Authority has issued a consultation on the draft regulatory technical standards regarding the calculation and aggregation of crypto exposure values under Article 501d(5) of the CRR. This includes guidelines for financial institutions to calculate their capital requirements for crypto-asset exposures including tokenized traditional assets and other crypto-assets.The consultation seeks feedback to ensure effective regulation of crypto asset…

ICAIE releases new report examining impact of Central Bank Digital Currencies (CBDC) on global fight against ML

The International Coalition Against Illicit Economies (ICAIE) questions whether the benefits of CBDCs—such as increased transparency and control over illicit finance—are worth the potential loss of privacy and civil liberties that could come with more authoritarian models…

US DoJ charges Founder of Wolf Capital Crypto with defrauding thousands of investors out of over $9m through a Ponzi scheme

Ford made such false promises to induce members of the public to invest money in the company. Ford misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors. In total, Wolf Capital raised $9.4 million from approximately 2,800 investors through fraudulent conduct…

 

 

Asian Banking & Finance: Thailand tightens AML measures after UN report

Thailand is tightening its AML/CFT measures following a UN report linking its banks to weapons procurement. The Bank of Thailand and AMLO announced stricter customer verification, enhanced scrutiny for high-risk customers, and additional documentation requirements for transactions involving dual-use items. These measures aim to prevent financial institutions from being exploited for ML, terrorism, or human rights abuses…

AML Intelligence: UAE’s ‘Falcon Economy’ thrives as Emirates finalize third milestone of financial crime strategy with NRA set for imminent launch

The UAE’s “Falcon Economy” is thriving with strong foreign investment and major infrastructure projects. Concurrently, the country is advancing its Anti-Financial Crime (AFC) and AML efforts, including the upcoming release of its National Risk Assessment (NRA). Key milestones also include the publication of a National AML/CFT Strategy and the establishment of a new AML super-agency, the General Secretariat…

FCA issues crucial insights on strengthening cryptoasset AML/CTF Applications

FCA provides feedback on the good and poor quality applications, including importance of qualified MLROs, tailored sanctions controls, and transparent marketing practices…

 

 

FATF urges Argentina to enhance prosecutions, bolster risk understanding, improve FIU resources, increase high-risk sector reporting, and adopt a RBA to NPOs

Latest report notes steps taken with respect to international cooperation, domestic agency coordination, AML/CFT supervision, and money laundering convictions and confiscations. However, Argentina will remain in enhanced follow-up, with next report due in 2025.

 

BBC: Bangladesh’s AML agency has requested banks to provide account and transaction details linked to Treasury Minister Tulip Siddiq

The Bangladesh Financial Intelligence Unit has requested account details linked to Tulip Siddiq, her family, and her aunt Sheikh Hasina the former prime minister, following allegations of embezzlement of £3.9bn from Bangladesh’s infrastructure funds. Siddiq, named in the investigation last month, has denied the claims. Her spokesperson stated that no evidence has been provided and she has not been contacted regarding the matter…

Reuters: Portugal’s Novo Banco fires Chief Risk Officer over ‘suspicious transactions,’ reports matter to regulator

Novo Banco has dismissed its chief risk officer, Carlos Jorge Ferreira Brandao following an internal investigation and reported concerns about his conduct to Portugal’s banking regulator. The bank also filed a complaint with the Public Prosecutor’s Office, which has initiated an investigation. Novo Banco clarified that the suspected issue is not connected to the bank or its operations…

AML Intelligence: Malta’s FIAU chief Alfred Zammit discusses 2025 priorities and navigating legal challenges

Alfred Zammit, director of Malta’s FIAU is keen for a European court case against the agency to clarify its authority to impose penalties. He highlighted the FIAU’s efforts to strengthen ties with law enforcement, sharing more intelligence to support ML investigations. Zammit emphasized the agency’s focus on enhancing collaboration and efficiency in tackling financial crime…

EPPO Spain dismantles a transnational criminal network involving €17m VAT fraud through luxury car sales, leading to the arrest of 30 individuals

Thirty arrests were made and assets worth €11 million were seized, including cars, properties, and cash. The operation supported by German and Spanish authorities revealed a complex system of shell companies used for tax evasion and ML with over 200 bank accounts blocked across multiple countries…

 

 

 

SFO charges five men, including two solicitors following the collapse of the law firm Axiom Ince and alleged improper use of over £60m of client money

The firm’s CEO and director Pragnesh Modhwadia is charged alongside co-director Shyam Mistry and Chief Financial Officer Muhammad Ali with two counts of fraud by abuse of position. They are alleged to have misused client funds and exposed thousands of the firm’s clients to losses…