The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a network of individuals and entities across Iran, the People’s Republic of China (PRC), and Hong Kong for facilitating the procurement of critical materials in support […]
On June 6, 2023, the Office of Foreign Assets Control (OFAC) designated three individuals and one entity in connection with the notorious Jalisco New Generation Cartel (CJNG). Two senior members of the criminal group were sanctioned for arms trafficking and […]
The US Department of Homeland Security is establishing a new wildlife trafficking unit to disrupt the flow of wildlife commodities that are illegally traded to help fund terrorist organizations. Following the 2023 Homeland Security Appropriations Bill, $7.5 million was allocated […]
On May 19, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions and export controls on Russia to further impair the country’s capacity to wage war against Ukraine. The new measures were announced […]
Obtaining banking services as a Money Service Business (MSB) or fintech providing services similar to an MSB can be challenging. We’ve created this guide to help you achieve this goal by drawing on the experience of our regulatory and compliance experts, in-house practitioners who have advised MSBs and fintechs.
On May 3, 2023, the Department of Justice (DOJ) sentenced defendant Leroy Holmes to five years in federal prison for his connection to a counterfeit card encoding scam that resulted in the fraudulent creation of nearly 600 credit cards, debit […]
On May 2, 2023, the Department of Justice (DOJ) sentenced defendant Michael Ansezell Tolliver to ten years in prison for his connection to a COVID-19 fraud scheme that resulted in him obtaining over $1.1 million in Paycheck Protection Program (PPP) […]
On April 19, 2023, the Department of Justice (DOJ) announced the sentencing of the former National Treasurer of Venezuela and her husband for their roles in a money laundering and international bribery scheme dating back to 2008. According to unsealed […]
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 […]
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 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 […]
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