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Cyprus to Test UBO Registration System for AML Compliance
The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...
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A Trust Company Penalised for Opening a Doorway to Money Laundering
A team of accountants and economists have been fined by a court in Channel Island for neglecting ...
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US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout
Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...
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Japan’s regulator verifies 2 new digital currency alliances
Financial regulators in Japan have approved two organizations to act as digital currency associat...
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EU Parliament Committee Backs MiCA Deal to Effectively Manage Crypto
The MiCA deal has been approved by the economic committee of the EU Parliament. The committee has...
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FATF Finalizes Key Working Areas in its Fifth Plenary Meeting
FATF’s fifth plenary meeting consisting of 206 members of the Global Network and Observer organiz...
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Bank of Valletta Fined EUR 2.6 Million for UBOs Reporting Failure
FIAU imposed a penalty of EUR 2.6 million on the Bank of Valletta for failing to report Beneficia...
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FinCEN Implements Stringent KYC Regulations For Digital Wallet
The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...
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Aussies Bombarded With Scams in 2022 – ACCC Report
The Australian Competition and Consumer Commission (ACCC) reported Aussies as the top target of s...
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Brazilian Police Confiscates $33 M in Crypto Money Laundering Probe
Brazilian authorities have seized R$172 million from an investigation carried out into money laun...
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Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List
A Beneficial Ownership Register (BOR) has been inaugurated by the Corporate Affairs Commission (C...
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FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs
FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...
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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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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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COVID-19 Vaccines at the Risk of being Illegally Obtained by Fraudsters
There is nothing more awaited than the coronavirus vaccine this year. The international agencies ...
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Chinese Watchdog Taking Action Against Many in the Massive Bank Fraud
The biggest bank fraud in China pushed the government to arrest hundreds of suspects. Regulators ...
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Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs
Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...
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AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines
The Anti-Money Laundering Council (AMLC) is pushing for more strict due diligence measures on del...
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European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms
The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...
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Rabobank’s Profits Drop Over Shut Down in Russia and Increased AML Costs
Dutch Cooperative Rabobank revealed that its profit plunged more than a quarter in the first half...
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Indiana Witnesses a Spike in Identity Theft and Data Breaches
Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...
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Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”
The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...
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El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks
El Salvador has become the first country to accept Bitcoin as a legal tender.
On 8 June 2021, El...
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US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance
Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...
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Barclays Prohibits UK Clients from Sending Debit and Credit Payments to Binance
Barclays has stopped UK customers from transferring funds to Binance after the Financial Conduct ...
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FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern”
FinCEN recognises Bitzlato Limited, a Hong-kong based virtual crypto exchange network, as a prima...
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Kazakhstan to Regulate Local Cryptocurrency Businesses
Kazakhstan is tightening its KYC and AML regulations for cryptocurrency exchanges to combat money...
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UK Regulatory Authorities Warns Crypto Firms to Comply with Latest AML Obligations
The UK regulatory department, Financial Conduct Authority (FCA), has warned cryptocurrency platfo...
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Cyprus Adopts Transparency in Registration of Company Owners
Cyprus has planned to introduce a register in the coming weeks to unveil the identity of thousand...
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Zoom improves user security by incorporating 2FA for all users
Zoom confirmed adding 2-factor authentication (2FA) for all the users of the platform. This marks...
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North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack
North Korean hackers behind the Harmony Bridge attack continue to attempt to launder crypto funds...
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FATF puts Morocco on the Gray List for Pervasive Money laundering
Financial Action Task Force, the global regulatory watchdog for money laundering, has placed Moro...
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Italy Launches Money Laundering Investigations into Qatargate Associates
Italian prosecutors have launched a probe related to the EU parliament Qatargate affair as a new ...
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Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations
Malaysian financial institutes are leading other South Asian countries in complying with anti-mon...
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US Regulators to Sharpen AML Expectations For Crypto Sector
The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...
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Vietnam Govt to Introduce Crypto Research Group to Evaluate Policy
Vietnam’s Ministry of Finance has plans of establishing a research group with the aim of studying...
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Indiana Witnesses a Spike in Identity Theft and Data Breaches
Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...
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Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft
Amazon said on Thursday, that it is going to challenge a $10 billion contract awarded to Microsof...
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Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals
Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...
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Saudi Arabia Uncovers Massive Fraud worth SR11.5 Billion
Law enforcement authorities in Saudi Arabia arrested at least 32 suspects including businessmen, ...
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FinCEN Extends the Comment Period of Virtual Currency Regulations
FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...
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Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams
Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...
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South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation
Tax Consulting SA’s report has revealed that greylisting has caused disquietude surrounding...
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SMS Phishing Scams are Impersonating State Agencies – FTC Warns
FTC issues warning against SMS phishing attacks that are impersonating state workforce agencies t...
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FATF Reveals Qatar’s Failure to Enforce Crypto Ban to Combat Money Laundering
Qatari authorities have taken naive action against crypto companies that violated a ban announced...
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Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam
The American public is being alerted to the proliferation of fraudulent investment schemes. Crypt...
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KYC Alliance between Dubai Economy and six banks
As reported by Gulf News, Dubai Economy along with Emirates NBD, Emirates Islamic, HSBC, RAKBANK,...
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Department of Justice Charges Russian Oligarch with Violating US Sanctions
The Justice Department reportedly charged a Russian oligarch with violating US sanctions and reve...
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US Authorities Impose Anti-Money Laundering Crackdown on Offshore Lenders
The US Financial Crimes Enforcement Network (FinCEN) threatened offshore lenders with Anti-Money ...
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Argentina Proposes VASP Registry as Part of Updated AML Law
Argentina is preparing to update its AML and CTF law and has proposed to include a registry for v...
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Australian Government Announces Development of Gambling Regulations Commission
Australian spokespersons for Gambling and Harm Reduction forced the New South Wales (NSW) governm...
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EU to Disclose the Names of the Non-Compliant Banks
EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...
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Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden
The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, whic...
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Danish Gambling Operator Reports Tipwin to the Police for AML Failings
Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...
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South Korea Seizes $47M Worth of Crypto from Tax Evaders
South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...
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UAE Central Bank to Take Action Against Unregistered Hawala Operators
From 2nd December 2020, the Central Bank in UAE will begin taking action against the unregistered...
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US Regulators to Sharpen AML Expectations For Crypto Sector
The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...
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Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower
The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...
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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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Barclays Prohibits UK Clients from Sending Debit and Credit Payments to Binance
Barclays has stopped UK customers from transferring funds to Binance after the Financial Conduct ...
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Brexit Deal Decides the Future of Financial Service in the UK and the EU
Marketers have finally realized the full text of the deal between the UK and Brussels regarding t...
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Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance
A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sa...
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MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response
Additional capital requirements have been imposed on the OCBC bank by the Monetary Authority of S...
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Low-orbit internet banking fraud claim supposed to be a bunch of space junk
A case of supposed low-orbit digital banking fraud has taken a turn, with the US Attorney’s...
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Taiwan FSC to Ease Authentication Rules through Biometric Verification
According to new rules, banks will be using biometric authentication methods to fulfil ID authent...
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UK MPs Call for Improved Crypto Regulations to Prevent Losses
Ministers of the UK Parliament are calling for more rigid cryptocurrency regulations from the ASA...
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NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission
The New South Wales Crime Commission says that some of the state’s gambling laws have increased t...
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FCA Fines ADM Investors for Violating Anti-Money Laundering Regulations
The UK regulatory department Financial Conduct Authority (FCA) fined $7.9 million to the commodit...
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IRS Criminal Investigation Uncovers Approx. $10 Billion Worth of FinCrime
IRS-CI FY 2021 highlighted $2.19 billion in tax fraud, $8.18 billion in financial crimes, 1497 wa...
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WhatsApp accounts hacked to acquire bank card details
Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...
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Court Dismisses Appeal in New Zealand’s First Criminal Prosecution Under AML/CFT Act
Court of Appeal dismisses an appeal on 1st July against New Zealand’s first criminal prosecution ...
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Indiana Witnesses a Spike in Identity Theft and Data Breaches
Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...
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