The criminal offense of money laundering (Section 261 of the German Criminal Code) was profoundly restructured by the “Act to Improve Criminal Law Combating Money Laundering” (Money Laundering Act) which came into effect on March 18th 2021. This new regulation […]
The Philippines’ Anti-Money Laundering Council (AMLC) has issued guidance to banks and financial institutions to include the identities of beneficial owners or account holders in their suspicious transaction reports (STRs), as it continues its fight against money laundering and terrorist […]
A Nigerian national living in Oklahoma has been sentenced to four years in prison for operating a money-laundering network that defrauded elderly Americans to the tune of at least $2.5m. Between 2017-2019, Afeez Adebara used online dating websites and social […]
From Central Bank Digital Currencies (CBDCs) to non-fungible tokens (NFTs) financial service use cases enabled by blockchain are evolving rapidly. For virtual asset service providers (VASPs), the rate of change is both exhilarating and overwhelming. How do you establish best […]
The Australian financial intelligence regulator AUSTRAC has revealed some of the most frequent reporting mistakes compliance teams are making when submitting suspicious matter reports (SMRs) – and many of them are very basic errors. At a recent outreach event, AUSTRAC […]
Luxembourg, labeled a tax haven following recent investigations, is taking steps toward tightening its AML systems, with new legislation aimed at sanctioning money laundering and tax evasion. While the details are still being confirmed, a new draft bill from the […]
In the first post in this series, we discussed how Robinhood and Monzo have struggled to align their compliance activities with their speed of growth. We also promised to explore how the next generation of solutions have been designed to […]
On a call in January to discuss JP Morgan’s quarterly results, an analyst suggested to the bank’s CEO Jamie Dimon that sky-high fintech valuations could mean incumbent providers are at risk of losing their grip on the market. While insisting […]
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 […]
First Bank SA, a Romanian lender, and its US parent company JC Flowers & Co have agreed to remit $862,318 for First Bank’s processing of transactions that violated US sanctions on Iran and Syria. In a post on the US […]
FATF June 2021 Plenary: Key initiatives and takeaways The global anti-money laundering and counter-financing of terrorism (AML/CFT) standard setter, the Financial Action Task Force (FATF), held its latest plenary in June 2021. The plenary brought together the FATF and its […]
While Turkey has been an ally to Western countries since the mid-20th century, recent geopolitical developments have created tensions with the United States (US), the United Kingdom (UK), and the European Union (EU). Turkey is a member of several global […]
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