Changes to AML Rules Take Effect in Australia

Reforms meant to strengthen Australia's AML/CFT rules came into force on Friday, June 18. Dubbed Tranche 1.5, these reforms touch on customer due diligence, correspondent banking, information sharing and cross-border payment reporting.

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Two Arrested in PPP Fraud Scheme

A man from New York and a woman from Oklahoma have been arrested for allegedly obtaining a Paycheck Protection Program (PPP) loan under false pretenses and laundering nearly $1 million, US officials announced on June 11, 2021.

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The European Commission and Luxembourg Go To Court

The European Commission (EC) has taken legal action against Luxembourg for failing to implement AML regulations in a timely manner and has asked the European Court of Justice (ECJ) to enforce punitive measures. Should the ECJ rule in the EC's favor, Luxembourg may have to pay a daily penalty.

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