Following February’s plenary, the Financial Action Task Force (FATF) issued new guidance relating to beneficial ownership (BO) for legal persons. In addition to explaining how to identify, design, and implement appropriate measures to prevent the misuse of legal persons, the […]
The Federal Bureau of Investigation (FBI) has released its Internet Crime Report for 2022, revealing the top cybercrime types faced by US networks and the bureau’s efforts to combat rising threats. Based on information submitted to the Internet Crime Complaint […]
On March 6, 2023, Europol announced that a ransomware group behind 37 cyberattacks since 2019 has been dismantled by the German and Ukrainian Police. The gang perpetrated their attacks using DoppelPaymer ransomware, which has the ability to compromise defense mechanisms […]
In the first collective effort of its kind, on March 2, 2023, the Departments of Justice, Commerce, and the Treasury issued a joint compliance note on Russia-related sanctions and export control evasion. The practical guidance aims to inform the private […]
On March 3, 2023, the Monetary Authority of Singapore (MAS) issued a circular on money laundering and terrorist financing (ML/TF) in the wealth management sector. The guidance follows the launch of MAS’ Financial Services Industry Transformation Map (ITM) 2025, which […]
The second Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on February 22-24, 2023. In attendance were delegates from over 200 jurisdictions of the Global […]
On February 22-24, the second Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place. A core focus was the increasing scale and number of ransomware attacks, particularly highlighting the misuse of virtual […]
On February 9, 2023, the Hong Kong Monetary Authority (HKMA) published revised guidance relating to transaction monitoring, screening, and suspicious transaction reporting. The paper replaces previous versions that were published in 2013 and 2018, highlighting key observations from the HKMA’s […]
Following the Financial Action Task Force’s (FATF’s) second plenary under its two-year Singapore Presidency, the global watchdog has published a new report on Money Laundering and Terrorist Financing in the Art and Antiquities Market. The report aims to increase awareness […]
On February 18, 2023, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced it had signed a Memorandum of Understanding (MOU) with two British regulators in an effort to further crack down on international financial crime. The agreements were signed […]
On February 17, the United States Department of Justice (DOJ) indicted a senior oil and gas trader and a Brazil-based intermediary in relation to a bribery and money laundering scheme allegedly centered around securing contracts with the Brazillian energy company […]
In a joint action supported by Europol, a Franco-Israeli organized crime network has been dismantled following its involvement in a cyber-enabled financial scheme that defrauded multiple companies of more than €34 million. Law enforcement agencies across six European countries were […]
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