Our extensive knowledge at your fingertips

On the Web

Over 40 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 subselection.

Latest editions

Search

LawFuel: How ‘Deepfake’ video is fooling lawyers through vendor fraud schemes

Deepfake video and sophisticated scams that manipulate video and audio to create highly convincing fake identities or messages from what appear to be trusted individuals are creating a major risk for law firms. The SRA issued a caution to lawyers who heavily rely on video calls for client identification, highlighting the growing threat of ‘deepfake’ technology…

The Cable: Nigerian Federal High Court orders Binance Holdings Limited to provide the EFCC with the comprehensive data or information of all persons from Nigeria trading on its platform

The team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its value against other currencies. The damage the platform has caused was clearly explained to the operators of the platform…

Scheghen Visa News: Confidential Memo unveils risks of money laundering & tax evasion in Ireland’s Golden Visa Scheme

90% of applicants for Ireland’s Golden Visa program were from China and lacked any identifiable link to Ireland. They were recruited through agents who specialized in finding applicants for the Immigrant Investor Program (IIP), a recent examination of these schemes has found…

KNEWS: Limassol bust unveils alleged money laundering operation, resulting in multiple arrests and the seizure of significant sums of cash

The police arrested several individuals and seized large sums of money, luxury vehicles, and other assets. The investigation suggests that the suspects were involved in illegal activities, including drug trafficking and organized crime. The operation was carried out by a joint task force, including the police, customs, and financial authorities.

The Economic Times: KYC rules to change: Uniform KYC for all – opening bank account to buying insurance to investing in stocks, mutual funds

This new system aims to simplify the verification process for various financial transactions, such as opening bank accounts, buying insurance, and investing in stocks or mutual funds. Currently, customers are required to provide separate KYC documents for each financial institution, leading to duplication and inconvenience…

Reuters: Top US official warns Austria over banking with Russia

Morris is the latest U.S. official to visit Austria, one of the European countries with the closest ties to Russia. Her stark warning represents another attempt to pressure RBI, which processes large volumes of payments to and from Russia…

Compliance Week: NYDFS fined cryptocurrency exchange Gemini Trust Company $37M over alleged compliance failures related to lapses in safety and soundness

As part of a settlement, Gemini committed to return at least $1.1 billion to customers of its “Earn” program through bankruptcy proceedings for Genesis Global Capital, the NYDFS announced in a press release…

allAfrica: The Central Bank of Nigeria revokes the operational licences of 4,173 Bureaux De Change operators in the country over failure to adhere to AML/CTF Guidelines

The bank said the affected institutions failed to pay for licence renewal, submit returns or comply with CBN directives on anti-money laundering, countering financing of terrorism, and counter proliferation financing regulations. The CBN said it is revising the regulatory guidelines of BDCs…

Reuters: French banking watchdog flags possible fraud at Leonteq to prosecutors

As per the report, the watchdog noticed shortcomings in investment services company Leonteq’s disclosure of suspicious transactions to authorities, and insufficient checks linked to accounts and transactions of clients in high-risk countries, as determined by global money-laundering task force FATF…

Reuters: Bank of Japan Chief warns of financial risks amid Asia’s digitalisation surge

Digital financial services have spread dramatically in the Asia-Pacific region as many people living in emerging nations, who still do not have access to face-to-face financial services, jumped at the convenience of smartphones to make daily payments…

 

 

Euroactiv: EU sanctions on Russia ‘massively circumvented’ via third countries

A research note by the Lille-based IÉSEG School of Management found “statistical evidence that the EU sanctions are massively circumvented” for so-called “high priority items”, which are subject to EU export restrictions and include manufacturing equipment and electrical components with potential military applications…

The Guardian: UK Home Office accused of cover-up over ‘golden visas’ for super-rich Russians

The government has been accused of a cover-up for refusing to publish a review of the so-called golden visa scheme that allowed wealthy investors, including at least 10 sanctioned Russian oligarchs, to take up residency in the UK. The Tier 1 visa scheme, whereby super-rich individuals…