On August 5, 2022, defendant Jasminder Singh of Freemont, California, was sentenced to 48 months for bank fraud and money laundering. According to evidence presented at trial, Singh created four businesses and used ten American Express credit cards in those […]
The British Art Market Federation has issued updated guidance on anti-money laundering requirements for UK art market participants (AMPs) and how they can be implemented. Approved by HM Treasury, the advice is designed to provide a detailed explanation of the […]
The Monetary Authority of Singapore (MAS) is currently assessing its approach to stablecoin regulation following the collapse of algorithmic stablecoin TerraUST (UST-USD) in May 2022. According to Central Bank minister Tharman Shanmugaratnam, MAS plans to consult the public in the […]
On July 29, 2022, eight people from New Hampshire and Massachusetts were indicted by a federal grand jury in Boston for their alleged roles in an elaborate money laundering operation and trade-based scheme in the city’s Chinatown area. According to […]
On July 20, 2022, the UK government introduced the Financial Services and Markets Bill to Parliament. To boost the competitiveness of the UK, the Bill proposes significant changes to the regulation of the UK financial services sector. It also addresses […]
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has issued a Finding of Violation (FOV) to MidFirst Bank for violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations (WMDPSR). In the enforcement notice, […]
The Financial Action Task Force (FATF) has released a report highlighting how financial institutions (FIs) can responsibly implement information-sharing initiatives among private sector entities. These initiatives are becoming a key frontier in helping regulators and financial institutions better understand and […]
The Bangko Sentral ng Pilipinas (BSP) has issued guidance for central bank-supervised financial institutions (BSFIs) on conducting institutional risk assessments (IRAs). In addition to setting out firms’ regulatory obligations, the paper offers practical guidance on identifying, analyzing, and understanding the […]
Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), has set out the regulator’s data-led strategy to embrace and mitigate the risks of digital platforms. In a speech delivered at the Peterson Institute of Economics, Rathi outlined the […]
Texas-based money transfer company, Ping Express, has pleaded guilty to federal charges that it failed to adequately maintain an anti-money laundering (AML) program, allowing $167 million to move overseas without appropriate oversight or controls. Two of the FinTech’s executives and […]
The Australian Federal Police (AFP) has announced a campaign targeting outlaw motorcycle gangs (OMCGs) that have fled to South-East Asia to evade law enforcement. The AFP believes groups including the Comanchero, Hells Angels, Bandidos, and Lone Wolf are responsible for […]
The UN’s Special Rapporteur, Alena Douhan, has issued a stark warning on the consequences of over-compliance with sanctions. Douhan notes resorting to extreme measures to reduce legal, business, and regulatory risk has become tempting as governments issue more unilateral sanctions. […]
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