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AML Intelligence: BaFin fines Nexi Germany GmbH €30,000 for lapses in its AML controls

April 4, 2025

According to the regulator, between 2023 and May 2024, the company’s electronic monitoring systems were not fully operational. As a result, it was not possible to promptly review potentially suspicious transactions, undermining the effectiveness of its internal control framework…

 

BBC News: Police seize £500K in illicit cash during raids on barbershops suspected of operating as fronts for ML and fraudulent financial activity

April 2, 2025

The raids are part of an ongoing investigation aimed at dismantling organized criminal operations that manipulate legal businesses to facilitate money laundering, fraud, and illegal financial transactions. Authorities have uncovered a network of individuals using barbershops to funnel and launder illicit funds, taking advantage of the businesses’ cash-heavy nature to disguise illegal financial flows…

AML Intelligence: Swiss Govt reports rise in frozen Russian assets to $8.38bn amid tighter sanctions enforcement — underscoring ongoing global efforts in FCC and asset tracing

April 1, 2025

The Swiss government has reported a significant increase in the value of Russian assets frozen under international sanctions. The total value of these frozen assets surged to 7.4 billion Swiss francs ($8.38 billion), up from 5.8 billion francs ($6.49 billion) a year prior. The notable 1.6 billion franc increase reflects intensified efforts to track and block illicit funds linked to Russian entities in response to global sanctions…

CNN News: Marine Le Pen barred from 2027 presidential race after EU funds embezzlement conviction – fined €2m, sparking concerns over political integrity and EU financial oversight

March 31, 2025

The conviction comes after a lengthy legal battle, in which Le Pen and her National Rally (RN) party were accused of embezzling over €4 m of European Parliament funds. The court ruled that the funds were improperly used to pay party staff working in France rather than in Brussels, violating EU financial rules…

Reuters: FDIC eases crypto rules, allowing banks to operate without prior approval, signaling a shift in U.S. oversight with implications for risk and compliance

March 28, 2025

This change provides banks with more flexibility to explore cryptocurrency services, but also raises concerns about the balance between innovation and regulatory oversight in an increasingly complex financial landscape…

Reuters: US banks pushed to raise AML transaction reporting threshold

March 27, 2025

Viewing the $10,000 threshold as outdated and overly burdensome, leading US banks are backing a proposed increase to $75,000–$100,000, aligning with a wider Trump-era push to ease regulatory burdens and better target higher-risk activity…

BBC: Ex-FIFA chief Sepp Blatter and Michel Platini cleared of corruption as Swiss appeals court affirms “gentlemen’s agreement” defense in fraud case

March 25, 2025

The Swiss appeals court cleared former FIFA president Sepp Blatter and former UEFA president Michel Platini of all corruption charges related to a controversial 2 million Swiss francs payment made to Platini in 2011. The court affirmed that the payment which had been at the center of an investigation into alleged fraud and misconduct, was part of a “gentlemen’s agreement” between the two, dating back to the early 1990s…

Reuters: Switzerland fines Credit Suisse’s former Chief Compliance Officer CHF100K for failing to report a suspicious $7.9m transaction linked to Mozambique’s ‘tuna bond’ scandal

March 19, 2025

This scandal, involving over $1.5 billion, led to a financial crisis in Mozambique. Warner, who served at Credit Suisse from 2015 to 2021, is contesting the fine, stating that the decision not to file a money laundering report was not hers. Credit Suisse, acquired by UBS in 2023, previously settled the Mozambique case out of court…

Euro news: Five persons charged in a corruption investigation related to Huawei, with Belgian prosecutors suspecting the company of bribing EU lawmakers

March 18, 2025

This headline underscores the central figures involved in the investigation—five individuals charged with corruption and money laundering—while drawing attention to the key subject of the probe, which is Huawei, a Chinese telecommunications giant. The mention of the European Parliament places this case within a broader context of alleged political corruption and foreign influence in EU policymaking…

 

The Paypers: ING Spain fined EUR3.91m for failing to comply with AML regulations, especially in reporting suspicious transactions

March 14, 2025

The fine specifically relates to ING Spain’s failure to report potentially illicit activities as required under Spanish law (Article 18 of Law 10/2010), which mandates immediate notification to authorities in cases of suspected ML or terrorism financing. The violation demonstrates the critical role of financial institutions in monitoring and reporting suspicious transactions to prevent criminal activities such as ML and financing terrorism…

AML Intelligence: BaFin gathers 100 experts to tackle Hawala banking, emphasising global cooperation against ML/TF

March 14, 2025

The focus is on the urgent need for international collaboration to address this significant money laundering risk. The countries should be aware of increasing global efforts to curb illicit financial networks and the importance of cross-border cooperation in tackling such challenges…

 

Reuters: India arrests a crypto exchange administrator at US request, accused of ML, sanction violations, and running an unlicensed money-transmitting business

March 13, 2025

The arrest of a cryptocurrency exchange administrator in India at the request of US authorities highlights a significant escalation in international efforts to target illicit crypto activities, including money laundering and sanctions evasion. This action follows the recent takedown of Garantex, a Russian exchange, by the US, Germany, and Finland…

 

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