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. […]
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Obed Christian Sepulveda Portillo for trafficking high-caliber firearms from the US to one of Mexico’s top drug organizations. Obed Sepulveda was acting on behalf of the Cartel de Jalisco […]
On July 1, 2022, the Financial Action Task Force (FATF) published its objectives for July 2022 – June 2024. Under its new Singapore Presidency, the FATF will prioritize work in the following areas: Strengthening asset recovery Countering illicit finance related […]
The Financial Crimes Enforcement Network (FinCEN) and the Commerce Department’s Bureau of Industry and Security (BIS) have warned financial institutions (FIs) to be aware of entities attempting to avoid US export controls related to the ongoing conflict between Russia and […]
The European Parliament has outlined new legislation that ensures the traceability of crypto-assets. The rules are part of a wider anti-money laundering (AML) package that will align with the Markets in Crypto-assets rules (MiCA). The legislation extends the Financial Action […]
The UK government has issued a review of the UK’s anti-money laundering and combatting the financing of terrorism (AML/CFT) regulatory and supervisory regime as part of a broader effort by the government to crack down on economic crime. In the […]
On June 22, the Financial Crimes Enforcement Network (FinCEN) issued a statement providing clarity to banks on applying a risk-based approach to conducting customer due diligence (CDD) on independent ATM owners or operators consistent with the 2016 CDD Final Rule. […]
Hong Kong’s government has set out amendments to its Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including a virtual asset service provider (VASP) licensing regime. The government is also launching a registration program for dealers in precious metals and stones (DPMS). […]
Nicole Rose, CEO of Australia’s financial intelligence agency, AUSTRAC, has warned that more money laundering prosecutions are needed to bolster the global credibility of Australia’s AML/CFT regime. The warning was issued by Rose at Australasia’s 2nd Annual Anti-Money Laundering (AML) […]
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