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In a romance fraud scheme dating back to 2017, the Department of Justice (DOJ) has noted that a Florida resident has pleaded guilty to manipulating an 87-year-old Holocaust survivor into sending her over $2.8 million. After meeting on a dating […]
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Australia’s Albanese government has announced it is now reviewing the findings from the Senate’s inquiry into the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. As part of the inquiry, participating firms were presented with a […]
On April 17, 2023, the Wolfsberg Group issued updated guidelines and best practices for financial institutions (FIs) on developing, implementing, and maintaining an effective anti-bribery and corruption compliance (ABC) program. The guidance replaces the Group’s 2017 edition, updating the red […]
In a charter released by Westminster City Council on April 6, 2023, a new initiative has been launched to tackle London’s international reputation as a haven for money laundering. Supported by the New West End Company (NWEC), the Heart of […]
On March 30, 2023, the Bangko Sentral ng Pilipinas (BSP) released a circular outlining amendments to existing customer due diligence (CDD) requirements for supervised financial institutions (FIs). The updates include new electronic know your customer (eKYC) rules detailing how digital […]
The Government of Canada has published an updated assessment of the country’s inherent risks of money laundering (ML) and terrorist financing (TF), replacing the previous assessment conducted in 2015. The updated report analyzes various ML and TF threats from 2015 […]
On March 30, 2023, the Financial Crimes Enforcement Network (FinCEN) published a Financial Trend Analysis report detailing patterns relating to business email compromise scams in the real estate sector (RE-BEC). Using Bank Secrecy Act (BSA) data from January 2020 to […]
On March 30, 2023, Senator Andrew Bragg introduced a private bill proposing standards for the cryptocurrency industry in Australia. Known as The Digital Assets (Market Regulation) Bill 2023, the regulation aims to “protect consumers and promote investors” by installing three […]
On March 30, 2023, the UK Government published its three-year economic crime plan. Building on the foundations of the previous strategy published in 2019, the updated report takes a “more comprehensive” approach to improve the effectiveness of UK money laundering […]
On March 24, 2023, the Financial Crimes Enforcement Network (FinCEN) issued new guidance related to upcoming beneficial ownership information (BOI) reporting requirements due to take effect on January 1, 2024. Primarily geared toward the small business community, the guidance includes […]
On March 20, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) moved into its first reading in parliament. The proposed amendments to this legislation will help create a regulatory framework for […]
On March 23, the UK Financial Intelligence Unit (UKFIU) issued its second Suspicious Activity Reporting (SAR) Booklet of 2023. Published two or three times a year, the UKFIU’s SAR Reporter Booklets are produced in line with the National Crime Agency’s […]