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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 and US Banking regulators clarify that qualifying govt-issued digital credentials can be used for customer verification under existing CIP rules, including remote a/c opening

September 8, 2026

The FAQs confirm that these credentials can support both in-person and remote account opening, provided institutions can reliably authenticate the information and establish the customer’s true identity. Verifiable Digital Credentials remain optional, but banks must consider signs of fraud or unreliable credentials when determining whether identity has been sufficiently verified…

AUSTRAC removes 45 remittance and virtual asset businesses from its registers as it intensifies scrutiny of high-risk payment sectors

September 7, 2026

The regulator cancelled, suspended or refused to renew registrations over the past year where businesses were inactive, lacked operational capacity, failed to meet registration requirements or presented significant money laundering or terrorist financing risks. AUSTRAC highlighted its cancellation of crypto provider GetCoins, which was allegedly exploited by organised cryptocurrency investment scams, and has referred individuals associated with some affected businesses to domestic and overseas enforcement partners. The action forms part of increased regulatory attention on payments, remittance and virtual asset providers identified as presenting heightened financial crime risks.

World Bank launches a Global Hub for BO Transparency, with FATF, IMF, UNODC & other partners, to improve data sharing and strengthen the fight against ML, corruption, fraud and sanctions evasion

September 6, 2026

The World Bank and international partners have launched the Global Hub for Beneficial Ownership Transparency (GloBOT), intended to improve coordination and help jurisdictions make beneficial ownership reforms effective in practice. The initiative brings together organisations including FATF, IMF, UNODC and Open Ownership to develop evidence, share implementation experience and support countries in identifying who ultimately…

AMLA holds a public hearing on 9 Sept on draft ITS for reporting suspicions and transaction records to FIUs, aimed at harmonising reporting formats and supporting greater automation; comments by 20 Sept

September 4, 2026

The aim is to address the current fragmentation between Member States, making reporting clearer for firms particularly those operating across borders and giving FIUs more complete, structured and comparable intelligence that can be processed and acted on more efficiently. Importantly, the templates are intended to be implemented by all FIUs and by obliged entities that choose to automate their internal reporting processes rather than use an FIU’s reporting platform, meaning firms should consider the potential impact on their STR data fields, reporting workflows, systems…

Luxembourg CSSF’s Annual Report reveals 6,135 AML/CFT supervisory measures and 504 observation letters, with inspections finding sanctions-alert backlogs, delayed SARs and compliance gaps

September 4, 2026

CSSF highlights significant AML/CFT weaknesses identified in 2025 inspections, including large backlogs of sanctions-screening alerts left untreated for months, incomplete customer and screening databases, and suspicious activity reports filed several months late. The regulator also found weaknesses in Compliance Officer controls and follow-up, warning firms that AML/KYC must go beyond document collection to assess whether customer activity remains consistent with their risk profile…

CoLP’s Annual Fraud Report reveals a 395% surge in AI-linked fraud, rising from 193 to 956 cases in 2025/26, with losses reaching £9.6M as criminals deploy deepfakes, cloned voices and crypto in investment scams

September 4, 2026

The assessment highlights a sharp rise in AI-enabled fraud, with reports citing AI increasing from 193 to 956 and losses rising from £1.2m to £9.6m. Investment fraud was the leading AI-enabled fraud type, with criminals using AI-generated videos, cloned voices and fake websites to create convincing scams. Cryptocurrency also remains closely linked to investment fraud and the movement of illicit funds. Meanwhile, victim support improved, with more than 180,000 victims receiving outcomes between January and June 2026, average processing times falling from 37 days to five days, and over 10,600…

FinCEN warns financial institutions about digital asset investment scams after identifying nearly $13 billion in transactions linked to suspected overseas scam centres

September 3, 2026

FinCEN’s analysis examines Bank Secrecy Act reporting associated with industrial-scale investment fraud, including schemes commonly described as “pig butchering”, romance baiting or cryptocurrency confidence scams. The accompanying alert provides financial institutions with typologies and indicators intended to improve detection and suspicious activity reporting, with particular attention to transnational criminal organisations operating scam compounds in Southeast Asia.

FinCEN’s new Financial Trend Analysis links $12.7B in suspected digital-asset scams to 33,904 BSA reports, exposing growing use of stablecoins, money mules & professional money launderers

September 3, 2026

Analysis of 33,904 BSA reports covering September 2023 to December 2025 shows the scale at which these operations have become industrialised, with shell companies and professional laundering networks helping move proceeds after victims are persuaded to transfer funds. FinCEN has issued new red flags to help firms identify both victims and associated financial flows…

JMLSG updates Part I AML Guidance, clarifying CDD requirements for bank insolvencies, customers acting on behalf of others and pooled client a/cs, including “unusually” large or complex transactions

September 3, 2026

The revisions affect paragraphs 2.9, 5.2.4A, 5.3.94A, 5.3.99 and 5.3.142 and Annex 5-V, and have been submitted to HM Treasury for Ministerial approval. The amendments cover the interpretation of “unusually” complex or large transactions, an exception relating to bank insolvencies, pooled client accounts and provisions for customers acting on behalf of others…

U.S. DOJ indicts man for allegedly operating a $25M hawala network moving funds between the U.S. and Yemen through dozens of business a/cs, highlighting risks from unlicensed money transmission

September 3, 2026

The scheme allegedly used dozens of bank accounts held through businesses he controlled, including trading companies and convenience stores, to facilitate the transfers outside the formal banking system. The case highlights the ML risks posed by informal value transfer systems, multiple business accounts and cross-border transactions…

FinCEN clarifies SAR confidentiality rules, allowing banks to discuss suspicious transactions, fraud concerns and a/c closures with customers, provided they do not reveal that a SAR was filed

September 2, 2026

FinCEN and US banking regulators have issued a joint statement clarifying that SAR confidentiality requirements do not prevent banks and credit unions communicating with customers about the underlying facts, transactions and documents behind suspected fraud or other suspicious activity. Firms can request CDD information, question the purpose or source of funds, explain restrictions or account closures and warn customers about fraud…

FinCEN imposes new GTO requiring certain southwest-border MSBs to report and retain records on $1,000–$10,000 cash transactions, strengthening controls against ML and cartel-linked illicit finance

September 2, 2026

The reissued Geographic Targeting Order (GTO) requires certain MSBs in designated ZIP codes across eight counties in Texas and New Mexico to file Currency Transaction Reports for cash transactions between $1,000 and $10,000. Effective for 180 days following publication in the Federal Register, the measure is intended to increase visibility of cash flows linked to Mexico-based cartels, drug trafficking and associated laundering…

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