On October 5, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published guidance aimed at helping reporting entities identify and verify sources of funds and wealth as part of their know-your-customer (KYC) processes. The advice was drafted earlier this […]
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On October 10, 2022, the European Parliament Committee on Economic and Monetary Affairs (ECON) endorsed the approved text for the Markets in Crypto-assets regulation (MiCA). While the bill’s main provisions were agreed upon in June, the approved text sets out […]
A former attorney who laundered drug money for the Sinaloa Cartel has been sentenced in San Diego federal court to more than 15 years in prison. The sentencing follows the defendant’s arrest by Mexican authorities while traveling in the state […]
On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published its Sanctions Compliance Guidance for Instant Payment Systems in conjunction with a settlement agreement between the agency and Tango Card, Inc. The guidance […]
The Australian government will formally respond to a report advising banks of their responsibility to provide services to virtual currency trading platforms, FinTechs, and remittance providers. Published in August 2022, the report aims to address de-banking in these industries and […]
On September 30, 2022, President Vladimir Putin announced the attempted illegal annexation of the Ukrainian regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia. In the wake of the announcement, the Council of the EU has announced the adoption of an eighth […]
On September 22, the UK government published the Economic Crime and Corporate Transparency Bill 2022. Following the Economic Crime (Transparency and Enforcement) Act passed earlier this year, the bill is designed to tackle the growing problem of dirty money flowing […]
The Japanese government has announced plans to introduce new rules to mitigate money laundering through crypto. Expected to take effect in May 2023, the regulations will provide Japanese authorities with additional monitoring capabilities to track virtual currency transfers. Japan’s Act […]
According to the Pennsylvania Department of Justice, a Florida resident has pleaded guilty to three counts of conspiracy related to submitting fraudulent health care claims. The defendant faced prosecution in New Jersey, Pennsylvania, and Florida for charges related to Medicare […]
Oliver Furniss, Chief Product Officer To keep our customers up to date with product updates, we’ll be posting a regular update every quarter or more frequently for specific bigger updates. Here’s an overview of the improvements we’ve released recently. If […]
As part of an ongoing effort to promote regulatory collaboration, the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) have entered into a FinTech Co-operation Agreement (CA). Announced on September 18, 2022, the partnership builds […]
On September 13, 2022, the Central Bank of Ireland fined Danske Bank €1.82m for transaction monitoring failures in its anti-money laundering (AML) and terrorist financing systems. Pursuant to the Central Bank’s administrative sanctions procedure, Danske Bank was reprimanded by the […]