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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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FinCEN delays fines for missed beneficial ownership filings, ensuring clarity and reducing burden on businesses, until new deadlines are set

February 27, 2025

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported…

 

EBA approves the European Commission’s changes to MiCAR RTS but urges future updates to include key supervisory measures like market abuse policies and independent DLT audits

February 27, 2025

While the EBA accepts the amendments, including the deletion of certain elements and the clarification of internal governance requirements, it urges further updates to include essential supervisory measures like independent third-party audits for Distributed Ledger Technology (DLT) and a more comprehensive assessment of the management body’s suitability, especially regarding the concept of “good repute” for key personnel.

CPS convicts former Co-Op Bank director Paul Flowers, who was jailed for defrauding a vulnerable friend of £100K by misusing power of attorney and estate funds

February 27, 2025

Flowers misappropriated funds over several years using them for personal expenses including luxury items and leisure activities, even continuing the fraud after her death. The case highlights the risks of financial exploitation through power of attorney and underscores the need for stricter oversight to protect vulnerable individuals from similar abuses…

Swiss OAG imposes $1m fine on Morgan Stanley for failing to prevent laundering Greek bribery proceeds

February 27, 2025

The bank failed to detect suspicious activity and conduct adequate due diligence on source of funds deposited into accounts of a cousin of former Greek defence minister Apostolos-Athanasios Tsochatzopoulos, in 2010…

FinCEN urges banks to crack down on surging investment scams exploiting romance, dating apps, and social media

February 26, 2025

In support of the multi-agency #DatingOrDefrauding campaign, FinCEN urges financial institutions to stay vigilant against suspicious activity related to relationship investment scams, which contributed to over $650 million in reported losses in 2023. The campaign aims to raise awareness about scams targeting victims via dating apps, social media, and wrong-numbered texts.

FATF consults on complex proliferation financing risks and sanctions evasion to enhance understanding of typologies, identify enforcement challenges and risk mitigation strategies 

February 26, 2025

The resulting report will focus on providing a comprehensive up-to-date understanding of typologies in complex sanctions evasion schemes relevant to PF and identifying enforcement challenges and best practices, which helps to inform countries’ PF risk assessment and risk mitigation. The deadline for comments on the consultation is 21 March 2025…

 

EU new report on “Algorithmic Discrimination under the AI Act and GDPR,” warns of growing legal uncertainty as the AI Act (Aug 2024) collides with strict GDPR data rules

February 26, 2025

Regulatory uncertainty over AI’s role in credit scoring, AML, and fraud detection grows as the AI Act permits processing sensitive data to detect bias, while GDPR imposes strict restrictions. Authorities, including the EDPB and national DPAs, are working on guidance, but no timeline has been set…

FATF amends Rec.1, 10 and 15 to better promote financial inclusion with increased focus on proportionality and simplified measures 

February 25, 2025

These changes aim to help financial institutions feel more confident in providing services to underserved populations, ultimately improving access to financial services for the 1.4 billion unbanked individuals worldwide…

SEC launches Cyber and Emerging Technologies Unit (CETU) to combat AI, Crypto, and Tech fraud, safeguarding retail investors

February 25, 2025

Led by Laura D’Allaird, the unit comprises approximately 30 fraud specialists and attorneys. CETU focuses on areas such as fraud involving emerging technologies like artificial intelligence and machine learning, misuse of digital platforms for fraudulent activities, unauthorized access to nonpublic information, retail brokerage account takeovers, blockchain and crypto asset fraud, compliance with cybersecurity regulations among regulated entities, and fraudulent cybersecurity disclosures by public issuers…

 

 

 

 

FATF launches 2nd Consultation on R.16 to strengthen Payment Transparency to ensure technology-neutral standards and improve cross-border transaction efficiency

February 24, 2025

These updates aim to maintain technology neutrality and uphold the principle of “same activity, same risk, same rules” while enhancing the speed, cost-efficiency, transparency, and security of cross-border payments, in line with the G20 Priority Action Plan…

 

Europol unveils 7-Step Ethical Framework for Law Enforcement Tech – Balancing Innovation with Transparency & Accountability

February 20, 2025

The report presents a value-based framework to help law enforcement assess the ethical implications of emerging technologies, focusing on identifying moral concerns, risks, and benefits, while ensuring lawful and proportional use. It explores case studies of technologies like video analytics, AI risk assessment, and automated online investigations, examining privacy, fairness, and legal issues…

Europol dismantles Russian hawala money laundering network €1m seized, 14 arrested in Spain & Portugal

February 20, 2025

Supported by Europol, Spanish National Police officers collaborated with Portugal on joint operations aligned with the EU Security Union Strategy. This strategy focuses on enhancing security, addressing evolving threats, and protecting Europeans from terrorism and organized crime. Through coordinated efforts, EU Member States, with the help of the European Commission, EU agencies, and funding, target criminal networks and their business models…

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