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PCMLTFA Update: FINTRAC Announces Flexible Compliance Approach
On May 28, 2021, FINTRAC announced changes in Canada’s anti-money laundering regime under t...
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Police warns after an increase in online scams selling face masks
The Cleveland Police has warned the public regarding the increasing number of Coronavirus related...
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Nexo to Sue Bulgarian State over Money Laundering Allegations
The Bulgarian crypto lending bank, Nexo, revealed that it would file legal action against the Bul...
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Labor Party Victim of a Second Cyber-Attack
Britain’s Labour Party has informed that it had been a victim of a large-scale cyberattack on its...
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The UAE Central Bank Revokes Dirham Exchange’s Licence for AML Misconduct
Dirham Exchange, an exchange house based in the UAE, has had its licence revoked by The UAE Centr...
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Singapore Monetary Authority to Review Rising Card Scam Cases
The Monetary Authority of Singapore (MAS) is reviewing the liability framework for card scams, gi...
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UK Regulators Obligates Crypto Firms to Submit Financial Crime Report
The UK’s financial watchdog, Financial Conduct Authority (FCA) has expanded financial regulations...
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Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List
The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...
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Qatar to Develop National Strategies for Combating Financial Crimes
Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World...
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2020 Election is coming up! Facebook bans deepfakes
2020 is up and the United States’ presidential election campaign is underway. Prior to these elec...
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FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations
The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator disco...
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Swiss Court Seeks $45m Compensation in Credit Suisse Money Laundering Case
Federal prosecutors in Switzerland are seeking compensation of $45 million in the Credit Suisse m...
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UAE Delegation to Visit the US to Discuss AML Initiatives
The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...
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Cambodia Exits FATF Anti-Money Laundering Gray list, Philippines Remain
The global watchdog has removed Cambodia from its list of jurisdictions under increased monitorin...
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Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions
Swiss FinTech firm LeonTeq has rejected allegations of suspicious transactions with possible link...
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FATF’s New Regulations Will Help Sanctions Find Russian Targets
The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...
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FATF International Cooperation Review Group Meet in Mauritius to Discuss UAE’s Position on the Gray List
Despite ongoing financial crime, the US and several other Western countries have paid no heed to ...
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Australian Government to Extend AML and CTF Regime
The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...
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Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions
Despite the Hong Kong government’s encouragement, two banks have rejected crypto activities...
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SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals
COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...
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EU Lawmakers to Decide Ban on Large Crypto Transfers from Self-Hosted Wallets
European Union lawmakers will vote on limiting crypto transfers from self-hosted wallets on March...
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OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe
The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...
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£2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police
Following information from a Spanish law enforcement agency, the Royal Gibraltar Police have init...
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CBUAE Cancels Registration of Insurance Broker for AML Non-compliance
The Central Bank of the UAE (CBUAE) has cancelled Al Fazaa’s registration as an insurance a...
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Shufti Unveils New Product NFC Verification for NFC Based Identity Verification
Shufti has launched a new product, NFC Verification, that uses Near Field Communication techn...
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Landry’s Inc. warns customers of the potential data breach
Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...
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IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira
The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terr...
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Saudi Central Bank Instruct Banks to Combat Financial Crimes
According to the Central Bank of Saudi Arab, the fraudulent operations are linked with the money ...
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FinCEN Launches Regulatory Process For AML Regulation on Antiquities
The ANPRM discusses how antiquities trade can be exploited by money launderers and terrorist fina...
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Economic and Financial Crimes Commission (EFCC) Notifies Estate Agents of Anti-Money Laundering Procedures
The Economic and Financial Crime Commission (EFCC) has instructed estate agents in Port Harcourt ...
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Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy
Denmark promises to crackdown on money laundering activities across the nation with a new AML str...
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European Commission to Negotiate Scope of NFTs & Private Wallets in Crypto Regulation
Members of the EU Parliament, the European Commission, and state representatives are all set to n...
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Saudi Arabia Permits 9 FinTech Companies to Operate in Regulatory Sandbox
The Saudi Arabian Monetary Authority (SAMA) announced that it has allowed nine more FinTech firms...
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FATF Votes to Graylist Malta
Malta’s Prime Minister announced the news at a conference on Wednesday after local media reported...
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The market for Digital Identity Solutions expected to double by 2024
The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...
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Exchanges in Nigeria to Take Measures Against Crypto Scams
Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...
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AFM Fines Robeco €2 Million for AML Compliance Failure
The Netherlands’ financial regulator AFM has fined Robeco €2 million for failing to implement ade...
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California’s EDD is Falling Behind in Legitimate Unemployment Claims
According to a report by Calmatters, California’s Employment Development Department is lacking be...
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MFSA, SEC, Along with FCA Introduces New AML Guidelines for Money Laundering Officers and Virtual Asset Service Providers
The Malta Financial Services Authority (MFSA), Securities and Exchange Commission (SEC), and Fina...
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HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations
HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...
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UK Approves New Age Verification Laws to Protect Children
The UK government approved the “Online Safety Bill,” which contains measures to protect children ...
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UAE Issues Deadline for Businesses to Register for AML System
The Ministry of Economy has highlighted the businesses that must register for the AML system. All...
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Malta Faces 200% Spike in Money Laundering Cases
Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...
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Increasing Money Laundering Fines for Banks After Lockdown
Despite the delays in enforcement activities due to lockdown, the globally issued money launderin...
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The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague
The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...
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Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism
Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...
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Identity Thieves on the Hunt for Universal Credit Payments
The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...
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Binance Pulls Out its Rival Exchange Huobi from Money Laundering Attempt
Binance helped its rival crypto exchange, Huobi Global, recover the amount taken in a bridge expl...
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EU Confirms its Firm Stance on All Digital Currencies
The EU has confirmed its firm stance on all the digital currencies until the associated risks hav...
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US State joins international task force targeting COVID-19 investment scams
The Oregon Division of Financial Regulation has recently joined an international enforcement task...
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Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency
A stringent set of anti-money laundering measures will be implemented in Japan starting June 1st,...
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FATF Urges Japan to Implement Stronger AML Measures
The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...
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FATF Updates on South Africa’s AML Compliance Progress
A report on South Africa’s progress in implementing AML procedures to prevent money launder...
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MAS Ramps Up Efforts Against Financial Crimes With the Help of Data Analytics
Singapore’s central bank has revealed in a report on Wednesday that financial criminals will be p...
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Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry
Legislators in Sweden will consider increasing penalties for gambling operators who violate the n...
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Russian Government to Fight Cybercrimes for Digital Economy
A report by TASS news agency states that the Russian government plans to develop a center to figh...
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Data Breach Exposes 515,000 IDs, More Cases of Synthetic ID Fraud to be Expected?
Hackers broke into the servers at the International Committee of the Red Cross and accessed perso...
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UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai
An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...
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The Anti-Money Laundering Solution Market is Expected to Double by 2025
According to the latest AML solution market report 2020-2026, the post coronavirus pandemic had a...
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AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks
AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...
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MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling
Malta Gaming Authority is set to introduce player protection guidelines after being placed on the...
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Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model
According to the AFI model, digital IDs and biometric KYC verification must be deployed by busine...
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Shufti Unveils New Product NFC Verification for NFC Based Identity Verification
Shufti has launched a new product, NFC Verification, that uses Near Field Communication techn...
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Investment Bank Fined by FCA for Failing with Due Diligence Requirements
An Investment Bank in London, Sapien Captial, has been penalised by the financial regulator, Fina...
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Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime
The Central Bank of Turkey is to ban the use of cryptocurrency payments by 30th April. This initi...
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Money Laundering Proceedings Against Pilatus Set Back Indefinitely
Money laundering proceedings against Pilatus Bank and its former top officials will likely be set...
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Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million
The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...
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Qatar to Develop National Strategies for Combating Financial Crimes
Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World...
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New Study by NIST Reveals Biases in Facial Recognition Technology
The National Institute of Standards and Technology (NIST) recently did a study on the effects of ...
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EMI Flagged Nearly 40% of UK’s E-Money Exchanges for Money Laundering Risk
A report from Transparency International revealed that nearly 40% of the UK’s e-payment companies...
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Elon Musk proposes regulations on artificial intelligence
”Organizations developing artificial intelligence must be regulated”, says Elon Musk. This is not...
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Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities
The Central Bank of Bangladesh has raised concerns over licensed bank dealers for late submission...
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