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Financial Times: Barclays has disclosed fresh misconduct allegations including an FCA probe into its AML and financial crime controls

February 13, 2025

The probe which was detailed in Barclays’ annual report alongside its fourth-quarter earnings canters on the historical oversight and management of certain high-risk customers. Barclays said it is cooperating fully with the FCA. The bank also announced a £90mn provision linked to a separate FCA investigation into potential mis-selling in its car finance business…

The Paypers: Spain-based Banca March has been under scrutiny, facing over €6m fine due to suspected breaches of AML regulations

February 10, 2025

Regulators fined Banca March for failing to apply enhanced due diligence and conduct a mandatory special examination, labelling these as serious AML violations. The case involves the bank’s handling of an account tied to clients who had previously regularized funds through Spain’s Tax Agency. Banca March denies wrongdoing, arguing it followed proper due diligence and that the transaction had prior approval from the Tax Agency…

The Guardian: KPMG under investigation over audit of gambling company Entain

February 10, 2025

The FRC’s enforcement division is examining the audit process though details of the investigation remain unclear.The investigation caused Entain’s shares to drop nearly 2% on Monday, making it the worst-performing stock on the FTSE 100, as investors remain uncertain about the probe’s scope. In August 2023 Entain disclosed setting aside £585 million to cover the settlement, which ultimately amounted to £615 million…

VOA News: Thailand’s move to legalise online gambling, has sparked concerns that criminal gangs may exploit the industry to launder illicit proceeds as seen in neighbouring countries

February 8, 2025

Critics warn that like in the Philippines, online gambling could become a hub for ML and other criminal activities unless strict regulations and enforcement are implemented. The government’s plan includes introducing a casino bill and online gambling licenses, but concerns remain about the effectiveness of law enforcement and potential corruption in managing the industry…

BBC news: Canada and Mexico have agreed to enhance efforts against organised crime to secure a one-month pause on proposed US tariffs

February 4, 2025

Canada will deploy new technology and personnel along its US border and boost cooperation on financial crime. Meanwhile, Mexico will reinforce its northern border with 10,000 National Guard troops to curb illegal migration and drug trafficking….

Dutch News: Dutch Anti-corruption law needs to be amended to make it easier to prosecute public officials, say Prosecutors and Police

February 4, 2025

The push for reform follows corruption investigations including a probe into former EU commissioner Neelie Kroes and her alleged involvement with Uber and the Dutch tax office. The investigation initially launched in December 2023 was dropped due to insufficient evidence that services were provided in exchange for a gift. Similarly, a corruption case against The Hague politician Richard de Mos was dismissed for lack of legal grounds…

Tokyo Reporter: Cybercrime – Rise in Japan and How Tech Companies are being targeted

February 3, 2025

The rise in internet accessibility has fuelled a surge in cybercrime across Japan with malware, phishing scams, password theft, and denial-of-service attacks being the most prevalent threats. In response, the Japanese government is strengthening security measures to combat cybercrime and support tech companies in protecting their customers from cyberattacks…

BBC News: In a Swiss landmark case, the ex-Trafigura boss is convicted of bribery connected to Angola

January 31, 2025

Wainwright who also has a racing career received a 32-month prison sentence, while the company was fined $148 m. The case which involved complex offshore shell companies and nearly $5 m in bribes to an Angolan official, marks the first time a company has been convicted by Switzerland’s highest court for bribery. Trafigura denies the charges and plans to appeal. The case is seen as a warning to commodity brokers in Geneva where Trafigura…

Dutch news: Finance minister wants banks to be able to share information about their customers as part of AML investigations, despite privacy concerns

January 30, 2025

Finance Minister Eelco Heinen is calling for more targeted monitoring and potential legislation to boost competition in the savings market while addressing inefficiencies in privacy laws that hinder AML efforts. He highlighted the €1.4 billion cost of current practices with 13000 bank employees focusing on identifying suspicious spending. Heinen warned that privacy concerns are clashing with the need to keep the financial system…

Reuters: Donald Trump signed an executive order to establish a cryptocurrency working group focused on new regulations and exploring a national crypto stockpile

January 24, 2025

The order also ensures banking services for crypto firms and bans central bank digital currencies (CBDCs) to prevent competition with cryptocurrencies. Additionally the SEC rescinded a costly crypto asset guidance, responding to industry pressure. The move contrasts sharply with the Biden administration’s crackdown on crypto exchanges, earning praise from the industry…

Syria orders freeze of bank accounts linked to former Assad regime amid financial crackdown

January 23, 2025

Syria’s central bank has ordered a freeze on accounts tied to individuals and companies linked to the ousted Assad regime, aiming to sever financial ties with the former government. The directive issued targets entities like the Katerji Group, involved in Syria’s oil trade and led by US sanctions-designated brothers. Banks must report the details of frozen accounts within three days…

Reuters: Singaporean man was charged on for assisting foreigners in forging documents and falsifying accounts linked to a US$3 billion ML operation