Appearing at FINSIA’s “The Regulators” event on May 13 2022, AUSTRAC CEO, Nicole Rose, outlined the regulator’s priorities for 2022. The key focus areas pertain to high-risk, cash-intensive sectors such as pubs, clubs and betting agencies. To achieve this, AUSTRAC […]
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the cryptocurrency mixer service Blender.io, on account of it being used in a heist backed by the Democratic People’s Republic of Korea (DPRK) to fund the […]
Singapore-based cryptocurrency platform Coinhako has been granted a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) Services under the Payment Services Act (PSA). The exchange is one of five firms […]
In a new report, MONEYVAL, the Council of Europe’s financial crime research body, has called for stricter and more coordinated regulations to combat insufficient anti-money laundering (AML) compliance standards across 18 European jurisdictions. The report acknowledges that the growing use […]
On May 2 2022, Australian Transaction Reports and Analysis Centre (AUSTRAC) accepted an enforceable undertaking (EU) from National Australia Bank Limited (NAB) to improve the bank’s compliance program and bring it into line with Australia’s anti-money laundering and counter-terrorism financing […]
On April 28 2022, the House of Commons Treasury Committee issued responses from the government, Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) to its report on fraud, scams and economic crime. The original report, published in February 2022, […]
Laurentian Bank of Canada has been sanctioned by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in light of its breach of Part 1.7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Imposing a […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued new guidance to help firms tackle the criminal abuse of digital currencies and stop ransomware attack payments. The new guidance follows a number of recent updates from the regulator, including […]
Challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. Others do not have adequate risk assessments in place for customers, the UK’s Financial Conduct Authority (FCA) has […]
Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money. According to a 2023 report, the global art market grew from $441 billion in 2022 to $579 billion […]
Years of economic and political instability have resulted in tighter sanctions being placed on Venezuela by most of the major countries that issue sanctions. A decades-long over-reliance on oil reserves and widespread political corruption are but two long-standing contributors to […]
India’s Finance Minister has highlighted the importance of technology in the regulation of cryptoassets during a panel discussion hosted by the International Monetary Fund (IMF). Nirmala Sitharaman told the panel that there were concerns about digital assets in her country […]
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