Anti-Money Laundering

Anti-Money Laundering

FinCEN Issues Advisory to Help FIs Detect Terrorist Financing

By Manesh Samtani | 08/05/2024

The Advisory describes how Iran finances terrorist organisations and provides red flags to aid in detection, prevention, and reporting.

PEPs & Sanctions

Iran Reliant on Malaysia to Finance Terrorist Proxies: US Official

By Editors | 08/05/2024

US officials express concern about the use of Southeast Asian service providers to route illicit sales of Iranian oil.

Anti-Money Laundering

MAS Fines Swiss-Asia Financial Services for AML Breaches

By Nithya Subramanian | 08/05/2024

The CEO and COO were also reprimanded for failing to ensure compliance with the AML/CFT requirements.

Anti-Money Laundering

Egmont Group Tackles NPO Abuse for Terrorist Financing

By Manesh Samtani | 08/05/2024

New Egmont Group report describes how NPOs are exploited for TF purposes and offers recommendations to address this risk.

Fraud, Scams & Cybercrime

Thailand Targets Mule Accounts in Scam Crackdown

By Mark Johnston | 07/05/2024

Over 300,000 mule accounts have been closed since November. Further measures to address mule accounts in development.

Anti-Money Laundering

Australia to Allocate A$166m Towards AML/CTF Reforms

By Sanday Chongo Kabange | 07/05/2024

The budget allocation will enable AUSTRAC to implement reforms to extend the AML/CFT regime to “Tranche 2” entities.

Anti-Money Laundering

UPDATED: MONEYVAL Publishes Six AML/CFT Progress Reports

By Editors | 07/05/2024

Cyprus, Lithuania and Poland were each upgraded on one recommendation.  Croatia was upgraded on seven recommendations.

Anti-Money Laundering

US Prosecutors Secure Guilty Plea from Ex BTC-e Operator

By Editors | 06/05/2024

Alexander Vinnik was facing up to 55 years in prison, but due to a plea bargain he is expected to receive a prison term of less than ten years.

Anti-Money Laundering

BSP Mandates 24-Hour Reporting for Significant Risk Events

By Mark Johnston | 06/05/2024

New BSP rules require bank and non-bank FIs to report significant ML/TF/PF risk events within 24 hours.