China and Russia have vetoed a US-led UN Security Council (UNSC) resolution that proposed tougher sanctions on North Korea after the country’s latest ballistic missile tests. This marked the first split in the Council since measures were introduced against Pyongyang […]
The US Treasury has sanctioned two Russian banks, one individual, and a trading company for working with the Democratic People’s Republic of Korea’s (DPRK) weapons of mass destruction (WMD) and ballistic missile programs. The new sanctions follow the launch of […]
The Securities and Exchange Commission (SEC) has charged Wells Fargo Advisors, the broker-dealer arm of Wells Fargo & Company, for failing to file at least 34 suspicious activity reports (SARs) in a timely manner between April 2017 and October 2021. […]
The US Treasury has published its 2022 National Illicit Finance Strategy, addressing the threats, vulnerabilities, and risks to the United States’ financial system identified in March’s National Risk Assessment (NRA). The 32-page document outlines the Treasury’s recommendations on closing regulatory […]
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 […]
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 […]
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 […]
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Kleptocracy and Foreign Public Corruption, advising firms on how to focus their efforts to detect the proceeds of foreign public corruption. Tackling corruption has been a key strategic financial […]
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated 21 entities and 13 individuals as part of a crackdown on Kremlin illicit procurement networks and tech companies who are helping fuel the conflict in Ukraine by […]
The Financial Action Task Force (FATF) has warned that financial flows from migrant smuggling may be at risk of money laundering and terrorist financing (ML/FT) and urged authorities to “follow the money” linked to this criminal activity. In its latest […]
The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
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