Anti-Money Laundering

    Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.

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    Anti-Money Laundering

    Italy Uncovers Major VAT Fraud Linked to Chinese Money Laundering Network

    By Nithya Subramanian | 29/10/2024

    The operation spanned 20 Italian cities, leading to the seizure of high-end assets and the arrest of seven suspects, including two alleged ringleaders.

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    Anti-Money Laundering

    FinCEN Fines Hotel-Casino $900,000 for AML Failures

    By Thisanka Siripala | 27/10/2024

    Lake Elsinore Hotel and Casino in California failed to maintain an effective AML programme over a four-year period.

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    Anti-Money Laundering

    FATF Plenary Adds Four Countries, Removes One from Grey List

    By Manesh Samtani | 27/10/2024

    The FATF also revised its national ML risk assessment guidance, agreed to consult on revisions to support financial inclusion, and launched three new projects.

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    KYC & CDD

    BNM Fines MSB Licensee for Circumventing CDD Process

    By Mark Johnston | 27/10/2024

    BSB Darussalam personnel deliberately split transactions into amounts below MYR 3,000 to avoid CDD requirements.

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    PEPs & Sanctions

    DOJ Can Prosecute State-Owned Turkish Bank, Court Rules

    By Editors | 25/10/2024

    Halkbank was accused in 2019 of helping Iran to evade US sanctions, but the possibility of legal immunity surrounding the case has been ongoing until now.

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    Anti-Money Laundering

    Nigeria Releases Binance Executive, Drops Money Laundering Charges

    By Nithya Subramanian | 24/10/2024

    Tigran Gambaryan had been detained since February on money laundering charges, which have now been dropped.

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    Anti-Money Laundering

    FinCEN Issues New Alert on Countering Hezbollah Activities

    By Editors | 24/10/2024

    The alert builds on a May advisory on Iran-backed terrorist groups and sets out indicators to assist FIs in identifying and reporting activity involving Hezbollah.

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    Anti-Money Laundering

    MAS, ABS Issue Guidance on Conducting AML/CFT Audits

    By Nithya Subramanian | 22/10/2024

    MAS issued a circular offering guidance for AML/CFT audits at FIs, while the ABS released a best practice paper to enhance audit standards.

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    Anti-Money Laundering

    MAS Updates AML/CFT Guidelines to Support COSMIC Initiative

    By Editors | 22/10/2024

    The Guidelines to Notice 626 and Notice FSM-N02  were revised to align with requirements related to the COSMIC information sharing platform.

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    PEPs & Sanctions

    FATF Due to Consider Adding Russia to Blacklist – Reports

    By Editors | 21/10/2024

    Ukraine is calling on the FATF to blacklist Russia, citing its close financial and military cooperation with UN-sanctioned North Korea and Iran.

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