On October 27, 2022, the European Commission issued its Supranational Risk Assessment Report (SNRA) to the European Parliament and Counsel regarding the “risk of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities.” […]
On November 9, 2022, the New York Department of Financial Services (DFS) proposed amendments to its Part 500 Cybersecurity Rules in response to increasingly sophisticated technologies and threats to financial institutions. Building on draft amendments released in July, the formally announced […]
In a coordinated operation led by Europol’s European Cybercrime Centre (EC3) and the Merchant Risk Council, 59 scammers have been arrested for using stolen credit card numbers to purchase luxury items. The operation, called e-Commerce Action 2022 (eComm 2022), took […]
German officials have searched UBS bank branches in Munich and Frankfurt as part of a money laundering investigation into Russian oligarch Alisher Usmanov. On November 8, 2022, a spokesman for the Frankfurt prosecutor’s office said Usmanov is accused of arranging […]
Nicole Rose, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), has expressed further concern over “gatekeeper professions” not being subject to the country’s anti-money laundering (AML) regime. Rose argues that a failure to regulate these professions, also known […]
On November 7, 2022, the US Department of Justice (DOJ) announced that the Internal Revenue Service (IRS) had seized over 50,676 unlawfully obtained Bitcoin from defendant James Zhong. According to the press release, the defendant pled guilty to committing wire […]
On October 28, the Wolfsberg Group issued updated guidelines and best practices for financial institutions (FIs) involved in correspondent banking. The guidance replaces the Group’s 2014 edition and widens its scope to address entities other than banks, such as non-bank […]
The Monetary Authority of Singapore (MAS) has issued a statement aimed at licensed digital payment token service providers (DPTSPs), reminding them of their obligation to comply with financial sanctions against Russia. Responding to a query from Channel News Asia, the […]
From October 31 to November 1, 2022, the International Counter Ransomware Initiative (CRI) launched its second summit meeting to discuss the prevention of large-scale cyber attacks and money laundering via digital currencies. Present at the summit were representatives from 36 […]
Credit Suisse agreed to pay a 238 million settlement to end a French probe surrounding an alleged tax evasion scheme between 2005 and 2012. Under General Counsel Markus Diethelm, the settlement is the latest in a series of proactive moves […]
On October 19, 2022, US prosecutors charged five Russian nationals and two oil traders with participating in schemes to evade US sanctions and export controls applicable to Russia. According to the press release, the charges were issued in coordination with […]
The first Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place in Paris on October 20-21, 2022. Discussions centered around: Additions to the blacklist Changes to the grey list Further restrictions placed […]
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