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US Treasury Sanctions Official Linked to Corruption in Serbia

The designation of Aleksandar Vulin (Vulin) underscores the US determination to hold accountable those engaged in corrupt dealings that further their own political agendas and personal interests at the expense of peace and stability in the Western Balkans. These corrupt…

Federal Court of Australia orders Crown Melbourne and Crown Perth to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them AML offences

As part of the settlement, Crown admitted that it operated in contravention of the AML/CTF Act, including that Crown Melbourne and Crown Perth’s AML/CTF programs were not based on appropriate risk assessments, did not have appropriate systems and controls to manage…

Betfair Faces Enforcement Action for AML Violations in Denmark

Betfair International Plc, a subsidiary of Flutter Entertainment, has been hit with three enforcement orders and a reprimand by the Danish Gambling Authority, Spillemyndigheden, for breaching Denmark’s Anti-Money Laundering (AML) Act…

White House issues notice on the continuation of the national emergency with respect to Hong Kong

The situation with respect to Hong Kong, including recent actions taken by the People’s Republic of China to fundamentally undermine Hong Kong’s autonomy, continues to pose an unusual and extraordinary threat to the national security, foreign policy, and economy…

FCA continues crackdown on unregistered crypto ATMs in the UK

Since the start of 2023, the FCA has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.

FINRA fines Merrill Lynch $6m for longstanding AML program failures

Merrill Lynch failed to apply the correct threshold to report suspicious activities for more than 10 years and, as a result, failed to file nearly 1,500 Suspicious Activity Reports (SARs).

EBA issues competent authorities approaches to the supervision of banks with respect to AML/CTF (Round 3)

Each review focussed on how competent authorities assess the ML/TF risks associated with banks under their supervision, and on how competent authorities are using these risk assessments to inform their supervisory practices. It also examined the steps prudential…

HM Treasury issues Policy Paper ‘Building a Smarter Financial Services Regulatory Framework for the UK: Plan for Delivery’

This plan sets out how the government is delivering a Smarter Regulatory Framework for the UK by replacing retained EU law on financial services. It also reports that HMT is commencing the repeal of statutory restrictions which prevent the UK’s financial services regulators…

GABAC publishes Mutual Evaluation of Chad

Identifies numerous ML/TF weaknesses, with threats stemming from aggravated robbery, cattle rustling, corruption, embezzlement of public funds, breach of trust, fraud, forgery, counterfeiting, drug trafficking, arms trafficking, human trafficking, illegal exploitation…

Guernsey regulator updates AML/CFT handbook

The update also adds the requirement to establish an independent audit compliance function, and includes provisions for the transparency and beneficial ownership of legal arrangements, such as trusts and limited partnerships with no legal personality…

FCA to review how banks treat politically exposed persons (PEPs)

Chancellor Jeremy Hunt was refused a bank account with Monzo last year, which the chancellor said was an example of the “barriers” faced by people wanting to work in public life. He said he believed he was denied the account before he became chancellor because he was a PEP…

EU Civil Liberties Committee adopts a draft negotiating mandate on violating and circumventing EU sanctions

The law would ensure that EU sanctions are enforced uniformly across member states, with common definitions and dissuasive penalties.