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Reuters: RBB Bancorp announces that US regulators have lifted the October 2023 consent order

August 22, 2024

RBB Bancorp announced that the consent order issued by US regulators in October 2023 has been lifted. This comes after resolving deficiencies in its AML and CFT program. The order was imposed by the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation…

ESMA publishes the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms

August 21, 2024

The objective of the Guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims in fund names, and to provide asset managers with clear and measurable criteria to assess their ability to use ESG or sustainability-related terms in fund names…

BaFin seizes €25million in a nationwide crackdown on illegal crypto ATMs

August 21, 2024

BaFin’s crackdown involved coordinated raids across 35 locations in Germany, seizing 13 unregistered cryptocurrency ATMs operating illegally under Section 32 of the German Banking Act. These ATMs facilitated euro-crypto exchanges, posing significant risks to the financial system, particularly in fraud and ML. BaFin’s actions reinforce its mandate to regulate Germany’s financial market and ensure compliance with the law…

UNODC Member States finalise a new cybercrime convention that will enhance international cooperation, law enforcement efforts, technical assistance, and capacity-building relating to cybercrime

August 20, 2024

The aim of this draft convention is to strenghen international cooperation for combating certain crimes committed by means of information and communications technology systems and for the sharing of evidence in electronic form of serious crimes…

NCA issues its August Edition of the SARs Reporter Booklet

August 15, 2024

A reporter submitted a DAML SAR to exit their relationship and pay away funds to a customer (the subject) they suspected of opening multiple accounts using fraudulent identity documents, and being in receipt of credits where the subject was not the intended beneficiary. The UKFIU fast-tracked the SAR to an LEA and refused the DAML as the subject was already under investigation….

US DoJ announces life sentenced for 25 years to an attorney in federal prison for embezzlement and fraud related to the collapse of Washington Federal Bank

August 14, 2024

Former attorney Robert M. Kowalski was sentenced to 25 years in federal prison for embezzling funds from Washington Federal Bank which failed in 2017. He misappropriated money falsely recorded it as loans and later tried to hide his assets through fraudulent bankruptcy and tax filings. Kowalski must pay US $7.2m in restitution to the FDIC and US $424,047 to the IRS.

Eurojust supports large-scale anti-mafia operation leading to arrest and freezing of EUR 50 M

August 13, 2024

Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.

US Treasury publishes Counter ISIS Finance Group leaders joint statement

August 8, 2024

On July 23 and 24, the United States, Italy, and Saudi Arabia hosted virtually the 20th meeting of the Counter ISIS Finance Group (CIFG) under the auspices of the Global Coalition to Defeat ISIS. The U.S. Treasury Department and the U.S. Department of State jointly represented the United States at this event, which included over 50 member states and observers.

Romanian and Moldovan authorities have jointly dismantled an organised crime group that, since 2022, has defrauded over 150 victims through a fake investment scheme, gaining access to their bank accounts

August 8, 2024

The OCG started their scam by posting false advertisements on the internet that promoted an investment plan that would lead to secure, quick and substantial earnings in virtual currencies. To ensure the credibility of the advertisements, pictures of well-known people, logos of banks and specialised economic publications were added…

INTERPOL assists Singaporean authorities in making their largest-ever recovery of funds, of over USD 40m, which were stolen in a business email compromise scam

August 6, 2024

A commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account…

Home Office undertakes 2024 economic crime survey

July 31, 2024

The Home Office is undertaking a survey of UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it. The research will inform government policy on economic crime and how the government works with businesses to mitigate associated risks.

FCA calls on firms to improve treatment of politically exposed persons (PEPs)

July 30, 2024

The findings concluded that banks, payment firms, lenders and other financial firms need to do more to ensure MPs, public servants and their families are treated fairly. At the same time, the FCA has also launched a consultation on amendments to its PEP guidance, but warned firms to make any required updates now, not to wait for the revised guidance…

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