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Money Laundering & Terrorist Financing

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IRS convicts cryptocurrency founder for wire fraud and ML in the AML Bitcoin scheme for defrauding investors through fraudulent marketing and sales

March 12, 2025

The conviction stems from fraudulent marketing and misrepresentation of AML Bitcoin’s technology and business, including false claims about its partnership with the Panama Canal Authority. Andrade diverted over US $2 m in investor funds for personal expenses, such as property and luxury cars…

 

 

 

FCA expands the APP fraud synthetic dataset, with new scam types, enhanced consumer profiles & advanced insights to boost fraud detection and compliance

March 12, 2025

With £485 m lost to APP fraud in 2022, these updates provide individuals with stronger data to develop fraud detection models and strengthen compliance efforts…

UK Govt to abolish the Payment Systems Regulator, shifting its oversight to the FCA to streamline financial oversight, reduce regulatory burdens, and enhance payments efficiency

March 11, 2025

The move signals a shift in regulatory oversight for payment systems, impacting firms handling Faster Payments and Mastercard transactions…

FinCEN issues geographic targeting order to disrupt Mexico-cartel ML networks, tightening cash reporting requirements for MSBs in high-risk border areas

March 11, 2025

FinCEN’s new Geographic Targeting Order (GTO) mandates that money services businesses (MSBs) in 30 ZIP codes along the US Mexico border report cash transactions exceeding $200. This targeted measure is aimed at curbing ML activities linked to Mexican drug cartels, especially those trafficking fentanyl…

Australia’s NASC Scams Report 2024 shows a 25.9% drop in scam losses, with social media being the most common contact method and phone and bank transfer scams causing the highest losses

March 11, 2025

These organisations have been working collaboratively to strengthen public awareness campaigns, educating individuals on how to recognize and avoid scams. In addition, they have made significant advancements in improving scam detection systems, utilizing advanced technology and data analytics to identify potential threats more swiftly. This includes the development of real-time monitoring tools and AI-powered algorithms to spot suspicious…

GFI highlights progress in BO transparency across the Cayman Islands, Montserrat, and Bermuda but warns of persistent gaps in public access, enforcement, and verification processes

March 10, 2025

To enhance BO transparency, Caribbean BOTs should expand public access with tiered levels while safeguarding privacy. Strengthening cross-border data sharing with the UK and FATF-compliant jurisdictions can improve AML/CFT cooperation. Enhanced verification through national registries and legal partnerships will ensure data accuracy. Increasing audits in high-risk sectors will help detect fraud and prevent corporate misuse…

 

 

 

Sweden’s FI targets sectors with elevated ML risks in 2025, including digital banking services, crypto actors, and small to mid-size banks, with a focus on strengthening controls and compliance

March 10, 2025

The risks are currently assessed to be located in firms that offer digital banking services, crypto actors, and small and mid-size banks. We also observe risks in areas such as in correspondent relationships and in the provision of client funds accounts. Some of the risks are also sector-wide, such as the use of companies as instruments for crime, the continued elevated risk of terrorist financing, and deficiencies in compliance with international sanctions…

 

OCCRP uncovers $35m crypto fraud and ML scheme – Georgian Call Centre used deepfakes and fake identities to defraud 6,000 victims

March 7, 2025

The scammers utilised deepfake videos featuring celebrities like Ben Fogle to promote fraudulent cryptocurrency investments, The operation, linked to the Georgian telemarketing firm AK Group, employed deceptive tactics, including false identities and forged documents, to perpetrate the fraud Georgian prosecutors have initiated a criminal investigation into A.K. Group…

CPS convicts four individuals for laundering £266m in criminal proceeds through a gold dealership – NatWest was fined for it

March 7, 2025

Cash couriers delivered large sums of illicit money in sports bags and holdalls to business addresses managed by the defendants. The money was counted on-site using specialist machines and then sent via G4S or the Post Office to NatWest for deposit into Fowler Oldfield’s account. This operation was used to launder criminal proceeds…

 

 

NCA Operation Venetic jails two for £190m cocaine trafficking, laundering illicit profits through famous ‘Hatton Garden’ gold merchant

March 7, 2025

The pair used the encrypted communications platform EncroChat to discuss their offending, with Byrne using the handles ‘slickvalley’ and ‘officialcleaner’ and Devlin known as ‘scalpcleaner’. EncroChat messages showed that the pair had attempted to import around five tons of cocaine between March 2020 and June 2020 via a number of ports in Europe including Antwerp, and the UK.  This major operation also uncovered links to a prison break…

FCA strengthens FG21/1 Guidance to enhance protections for vulnerable consumers amid rising fraud and financial crime

March 7, 2025

The FCA’s updated FG21/1 guidance on fair treatment of vulnerable consumers – particularly timely given the rising exploitation of vulnerable individuals by fraudsters. The FCA outlines 4 key drivers of vulnerability that heighten risks, including Health – Physical/mental conditions affecting decisions, Life Events – Bereavement, job loss, or financial shocks, Resilience – Low savings, high debt, or instability and Capability – Limited financial/digital literacy…

 

 

 

 

FINRA fines Robinhood $26m and orders $3.75m restitution to customers for violations related to AML, supervision, and disclosure

March 7, 2025

Key violations include mishandling market orders by improperly converting them to limit orders, failing to implement robust AML programs that resulted in the inability to detect suspicious activities (including manipulative trading, suspicious money movements and instances where customers’ accounts were taken over by third-party hackers) and inadequate supervision of social media promotions, including misleading statements made by paid influencers…

 

 

 

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