Laurentian Bank of Canada has been sanctioned by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in light of its breach of Part 1.7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Imposing a […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued new guidance to help firms tackle the criminal abuse of digital currencies and stop ransomware attack payments. The new guidance follows a number of recent updates from the regulator, including […]
Challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. Others do not have adequate risk assessments in place for customers, the UK’s Financial Conduct Authority (FCA) has […]
The US Office of Foreign Asset Control (OFAC) is expanding its sanctions regime to cover additional alleged North Korean wallets, following the hack of blockchain game Axie Infinity’s Ronin bridge, which saw the theft of around $600m in cryptocurrency. OFAC […]
Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money through. According to the latest available estimates from The United Nations Office on Drugs and Crime (UNODC), billions […]
Years of economic and political instability have resulted in tighter sanctions being placed on Venezuela by most of the major countries that issue sanctions. A decades-long over-reliance on oil reserves and widespread political corruption are but two long-standing contributors to […]
India’s Finance Minister has highlighted the importance of technology in the regulation of cryptoassets during a panel discussion hosted by the International Monetary Fund (IMF). Nirmala Sitharaman told the panel that there were concerns about digital assets in her country […]
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Kleptocracy and Foreign Public Corruption, advising firms on how to focus their efforts to detect the proceeds of foreign public corruption. Tackling corruption has been a key strategic financial […]
UAE regulator the Dubai Financial Services Authority (DFSA) has announced a new regulatory framework for whistleblowing that will enable those reporting misconduct to access better protection. Comprehensive whistleblower protections and processes are a cornerstone of anti-money laundering (AML) efforts and […]
An internationally coordinated operation has seen the US place sanctions on notorious Irish organized crime group Kinahan, key members of its controlling family, associates, and associated businesses. A $5m reward for information leading to the arrest or conviction of gang […]
The EU has issued new guidance on the risks associated with foreign direct investments (FDI), targeting Russia and Belarus in light of military aggression against Ukraine. With five packages of sanctions already imposed on Russia, the EU emphasizes that FDI […]
Singapore’s significant Financial Services and Markets (FSM) Bill has been approved by the country’s parliament. The bill is set to expand the powers of the Monetary Authority of Singapore (MAS) and address regulatory weaknesses in the cryptoasset space. It marks […]
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