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 […]
On October 17, 2022, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) and the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued a joint statement announcing a new strategy to collaborate further on economic sanctions implementation and […]
The Office of the Comptroller of the Currency (OCC) has stated that bank-FinTech partnerships “are here to stay.” Acting Comptroller of the Currency Michael J. Hsu’s announcement follows his warning that such arrangements can present an increased risk for the […]
The Hong Kong Special Administrative Region’s government has announced it will present a policy statement on the city’s digital assets market during Hong Kong’s upcoming FinTech Week. Financial Secretary Paul Chan Mo-po said the statement will cover several key topics, […]
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