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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China Hits Back Against Sanctions With New Law

On June 10, China passed widely anticipated legislation, dubbed the Anti-Foreign Sanctions law, to counter-sanctions imposed by the US and the EU. Effective immediately, it provides a legal framework for Beijing to more forcefully respond to foreign sanctions.

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Georgia Man Sentenced in BEC Scheme

A man from Atlanta, Georgia, was sentenced to two and a half years in prison for laundering over $247,000 that he received from business email compromise schemes, the US Attorney’s Office of the Northern District of Georgia announced on Tuesday, June 1.

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