Log in/out

Our extensive knowledge at your fingertips

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.

Browse the resource database or make a sub-selection:

Menu

Latest editions

Search

U

FinCEN issues notice to Financial Institution Customers on Beneficial Ownership information requirements

July 26, 2024

The notice provides answers to key questions about: (1) reporting beneficial ownership information to FinCEN under the Corporate Transparency Act; and (2) providing beneficial ownership information to financial institutions in connection with Federal customer due diligence requirements. FinCEN encourages financial institutions to share this reference guide with customers that may be required to report beneficial ownership information…

NCA and seven UK banks have initiated a major project to detect criminal activity through banking data and take action against organised crime

July 26, 2024

The participating banks are providing the NCA with account data indicative of potential criminality. Subject matter experts and investigators from the NCA and the banks have formed a joint team to analyse the data, alongside the NCA’s own data. Any intelligence outputs will inform the NCA’s investigative work and help the banks to identify risk…

FCA fines cryptoasset firm for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers

July 25, 2024

Despite the restrictions in place, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers. Approximately 31 per cent of these customers deposited around USD $24.9 million. These funds were used to make withdrawals and then execute multiple cryptoasset transactions via other Coinbase Group entities, totalling approximately USD $226 million…

FinCEN, OFAC, and FBI issue joint notice on timeshare fraud associated with Mexico-based transnational criminal organisations

July 24, 2024

Cover the methodologies, financial typologies, and red flag indicators associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations, such as the Jalisco New Generation Cartel (CJNG).

Council of EU announces MONEYVAL is recognising advancements in combating ML and terrorism financing

July 24, 2024

Council of Europe’s AML body  praises UK Crown Dependency of Jersey for enhancing its legal and regulatory framework to combat AML/CFT, and proliferation financing. This also brings into light to strengthen the practical implementation of its investigative and prosecutorial frameworks for ML and to better enforce sanctions related to AML/CFT measures…

ESA publishes a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR)

July 22, 2024

Establishes templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.

Europol publishes the 10th edition of the Internet Organised Crime Threat Assessment (IOCTA), providing an in-depth assessment of the key developments, changes and emerging threats in cybercrime in 2023

July 22, 2024

The report highlights relevant trends in crime areas such cyber-attacks, child sexual exploitation and online and payment fraud schemes. It also provides an outlook of what can be expected in the near future, especially regarding new technologies, payment systems, AI, cryptocurrencies and illicit content online…

UNODC publishes report on Drug Trafficking Dynamics across Iraq and the Middle East highlighting the trends and responses

July 22, 2024

The report sheds light on the increasingly complex and dynamic drug trafficking landscape across the Near and Middle East region, and the efforts invested by Iraq and other countries in the region in confronting this threat. This can serve as a roadmap to assist national, regional, and international counterparts in implementing coordinated strategies to prevent and reduce drug production, trafficking, and consumption…

AUSTRAC urges stricter regulations to address the growing use of cryptocurrencies in criminal activities in Australia

July 22, 2024

The Australian Government is dedicated to collaborating with international partners to exchange intelligence and bolster defenses against ML threats at domestic, regional, and global levels. This effort is supported by various multilateral and bilateral agreements managed through its agencies…

FinCEN and other agencies have issued an interagency statement on proposed rulemakings aimed at strengthening and modernising financial institutions’ AML/CFT programmes

July 20, 2024

The proposed amendments are based on changes to the Bank Secrecy Act as enacted by the Anti-Money Laundering Act of 2020 (the “AML Act”) and are a key component of Treasury’s objective of building a more effective and risk-based AML/CFT regulatory and supervisory regime…

INTERPOL and Europol investigators from 25 countries dismantle an international operation against art trafficking, resulting in 85 arrests and the recovery of more than 6,400 cultural goods

July 19, 2024

During Pandora VIII, several thousand checks were carried out at airports, ports and border crossing points, as well as in auction houses, museums and private residences. Law enforcement also patrolled the web and conducted 6,000 online checks, leading to the recovery of 580 stolen goods. A total of 113 criminal and 137 administrative cases are still ongoing, with more arrests and seizures expected…

Bloomberg: ECB is pushing UK Fintech Revolut to bolster EU Bank controls amid review

July 19, 2024

The European Central Bank is urging Revolut to enhance financial crime controls and governance at its EU unit following similar issues to those delaying the UK fintech’s banking license bid. Having recently taken direct supervision of Revolut Holdings Europe UAB, the ECB has identified several deficiencies in the unit’s control environment and is demanding improvements…

No results found.