The Financial Action Task Force (FATF) has published its mutual evaluation of Japan, which graded the country as in need of “enhanced follow-up.” 18 other countries share this designation including the US, China, South Korea, and Australia. Here, we explore […]
BitMEX exchange has agreed to a $100 million settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The fine was imposed after the exchange failed to carry out sufficient checks on its customers. […]
The UK Financial Intelligence Unit (UKFIU) has published its August guide on how suspicious activity report (SAR) intelligence is being used by law enforcement. The report aims to demonstrate SAR filing best practices, and show what actions are taken in […]
On June 30, 2021, FinCEN published the first U.S. government-wide list of national priorities for anti-money laundering and counter-terrorism financing (AML/CFT) and the Bank Secrecy Act (BSA). FinCEN collaborated with the staff of several offices in the Department of the […]
On August 2nd the European Banking Authority (EBA) announced a three-month public consultation on a new set of guidelines for the role, tasks, and responsibilities of compliance officers responsible for anti-money laundering (AML) and countering the finance of terrorism (CFT). […]
Two subsidiaries of Swedish company Alfa Laval AB will pay a combined total of just over $432,000 for apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR), the US Treasury’s Office of Foreign Assets Control announced Monday, July 19. […]
Bank Negara Malaysia will now allow money services businesses (MSBs) to onboard corporate clients digitally, using electronic Know Your Customer (e-KYC) and non-face-to-face verification processes. Previously, remittance and money-changing businesses were only permitted to use e-KYC techniques for individual customers. […]
The EU’s European Commission (EC) is readying plans to create a new anti-money laundering agency to oversee AML/CFT efforts across the EU, according to recent reports. If created, this agency would replace the current dedicated unit established within the European […]
On June 25, the Financial Action Task Force (FATF) wrapped up its fourth virtual plenary under the German presidency and finalized regulatory reports and guidance on several different aspects of financial crime. Of particular note is FATF’s recent 12-month review […]
The Australian government is weighing how it can extend AML/CFT regulation to cryptocurrencies, Nicole Rose, the CEO of AUSTRAC, confirmed on May 25. Specifically, and among other measures, the government agency is exploring whether to apply the Financial Action Task […]
The Philippine Anti-Money Laundering Council (AMLC) is weighing disciplinary action against entities who filed incorrect STRs, according to a statement made by the executive director of the regulatory body, Atty. Mel Georgie Racela. Racela made the remark during an interview […]
BaFin put N26 on warning once again for their lax anti-money laundering controls, according to an announcement made by the German regulator on Tuesday, May 11. The digital bank has been ordered to “rectify deficiencies both in IT monitoring and […]
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