White collar ‘gatekeepers’ such as accountants, real estate agents and lawyers are helping criminals launder billions of dollars, much of it through the housing market, the Australian Criminal Intelligence Commission (ACIC) has warned. ACIC deputy chief executive Matthew Rippon told a Senate […]
In October 2021 the International Consortium of Investigative Journalists (ICIJ) published the results of an explosive investigation known as the Pandora Papers More than 600 journalists from across 117 countries including from the BBC, The Washington Post, and The Guardian, […]
The European Union’s (EU) long-term goal of a pan-European anti-money laundering (AML) program, is moving closer, with the creation of a central EU authority to combat money laundering. The EU Anti-Money Laundering Authority (AMLA) will monitor, support, and coordinate the […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is urging the financial sector to take a risk-based, case by case approach to managing anti-money laundering/counter-terrorism financing (AML/CFT) concerns, as it issues new guidance around the “complex global problem” of de-banking. “Businesses vulnerable […]
New sanctions against ransomware operators and crypto exchanges, along with the seizure of $6.1m in funds tied to ransom payments, have marked an escalation in the US government’s crackdown on hackers and anti-money laundering. The US Department of the Treasury announced a […]
The Financial Action Task Force (FATF) has updated its guidance for the virtual asset (VA) industry following a public consultation. The 111-page 2021 Guidance for a Risk-Based Approach to Virtual Assets and VASPs (virtual asset service providers) has been much-anticipated by regulatory […]
Austria, one of Europe’s major financial hubs, is aiming to turn the page on a series of money laundering scandals that have rocked the country’s banking sector. Peter Weinzierl, the former CEO of Bank Meinl, a leading Austrian bank, was […]
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. […]
Hong Kong’s Financial Secretary Paul Chan has welcomed China’s recently introduced Anti-Foreign Sanction Law (AFSL), strongly indicating that many of its components will also become law in Hong Kong. The AFSL marked China’s first major attempt to set out an […]
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. […]
A man from Sewell, New Jersey, has been sentenced to one year in prison and two years of supervised release for filing false currency reports and helping to defraud a wholesale produce market in Philadelphia. According to the US Attorney’s […]
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. […]
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