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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Anti-Money Laundering
UK FCA Fines Santander for “Persistent Gaps” in AML Controls
By Editors | 13/12/2022
The FCA said Santander did not manage business banking accounts correctly and did not promptly deal with automated monitoring alerts.
Fraud, Scams & Cybercrime
UK Court Convicts Three for Defrauding Libyan Sovereign Fund
By Mark Johnston | 13/12/2022
The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.
Anti-Money Laundering
ASIC Commences Proceedings Against Star Entertainment Execs
By Editors | 13/12/2022
ASIC says Star board members and key executives breached their duties by failing to address known money laundering risks.
Anti-Money Laundering
Chinese Police Arrest 63 Members of Crypto Money Laundering Gang
By Editors | 13/12/2022
The gang is estimated to have laundered up to CNY 12 billion for both domestic and foreign criminal groups using cryptocurrency.
Anti-Money Laundering
EU Council Agrees Position on AML/CFT Reform Package
By Manesh Samtani | 11/12/2022
The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.
KYC & CDD
Luxembourg Restores Partial Access to Beneficial Owners Register
By Editors | 10/12/2022
Access is being reinstated for journalists and certain professionals that require beneficial ownership information for AML/CFT.
KYC & CDD
AUSTRAC Issues Guidance to Help Customers Without Standard IDs
By Editors | 09/12/2022
The guidance will help FIs develop alternative customer identification and verification procedures to help customers that are unable to meet standard ID requirements.
Anti-Money Laundering
Europol Issues Recommendations on Crypto-related Money Laundering
By Sanday Chongo Kabange | 08/12/2022
Europol recommends close cooperation between enforcement bodies and crypto providers to curb associated crime and money laundering.
Anti-Money Laundering
Hong Kong Legislative Council Passes AML/CTF Amendment Bill
By Manesh Samtani | 08/12/2022
New licensing regime for VASPs will start on 1 June 2023. New registration regime for precious metals dealers will start on 1 April 2023.
Anti-Money Laundering
AUSTRAC Launches Federal Court Proceedings Against SkyCity
By Sanday Chongo Kabange | 08/12/2022
The proceedings against SkyCity are the third AUSTRAC has brought against casino operators, after similar cases were launched against Star and Crown casino entities.
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