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US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry
The US Treasury Department has found the country’s art market to be vulnerable to financial crime...
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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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The UK Law Firms Approve the Use of AI in AML Armoury
The Legal Sector Affinity Group is the governing body of all the UK’s legal regulatory and repres...
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Another Step Taken by the EU to Harmonize AML Rules
The European Banking Authority has proposed new guidance for compliance officers. The attempt is ...
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Brazilian Police Block Crypto Assets Due to Suspected Fraud
Brazilian police have requested the court to block the virtual assets of suspected digital tradin...
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Cryptocurrencies marked as top AML and CFT Priority by FinCEN
FinCEN will soon be publishing regulations on how financial institutions can incorporate cryptocu...
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Yemen Government Accused of Money Laundering by United Nations
Monitors of U.N sanctions have accused Yemen’s government of corruption and money laundering. A r...
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Global Plight: Australia Paves the Way for Money Laundering in the Property
Australia facilitates money laundering through the property, causing a global plight and perpetua...
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Large Korean bank to pay a huge fine for violating AML law
NEW YORK, April 20 (Reuters) – Industrial Bank of Korea 024110.KS, one of South Korea’...
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FCA Reviews UK Small Trade Finance Lenders to Ensure Compliance
FCA is reviewing UK’s small trade finance lenders to assess their due diligence, risk assessment,...
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AUSTRAC Outlines Common Reporting Mistakes at Industry Outreach Event
Australian regulator, AUSTRAC, highlighted important reporting errors in AML/CFT programmes of re...
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Govt assists Struggling Swiss Crypto Valley
Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...
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Pokies are Safe Havens for Criminals to Clean Dirty Money – Says NSW Crime Commission
According to findings of a multi-agency investigation released by the NSW Crime Commission, pubs ...
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“Steer Clear Of Online Shopping Fraud This Holiday Season”, Says Victor Fredung
Following the FTC’s statement regarding online shopping fraud, Shufti’s CEO Victo...
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PayPal Announces Suspension of UK Crypto Purchases from October
PayPal announced a temporary ban on UK cryptocurrency purchases, demonstrating their swift compli...
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Hong Kong regulators looking into possible overcharging by brokers
HONG KONG – Hong Kong’s financial regulators announced on Monday that they would analyze th...
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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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EU Lawmakers to Initiate Discussions on AML Laws for Bitcoin, Ethereum & More
The EU’s parliament, commission, and council are set to initiate discussions on the issue of anti...
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Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure
The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...
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Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs
UK law enforcement authorities recently sentenced a 22-year-old man named Bazyli Rymarz to 5 year...
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FINMA Penalizes Swiss Bank over Money Laundering of $78 Million
The Swiss regulatory authority, FINMA, initiated a lawsuit against the senior management at Juliu...
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Tesla CEO Elon Musk Accuses SEC of Leaking Information in Federal Investigation
Tesla CEO Elon Musk has accused the SEC of leaking information about a federal investigation as a...
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U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism
U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...
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Australian Federal Police Issues Warning on Valentine’s Day Financial Scams
Australian authorities have warned the public of new Valentine’s Day scams aimed at singles...
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UK Parliament Legislates New Digital Identity Verification Services Bill
On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...
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13K Affected in Third-Party Data Breach at Anthem MaineHealth
A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...
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Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal
Westpac’s board will withhold bonuses of all of its senior executives as an ‘interim’ step follow...
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AML Program Risks Highlighted by the Pandora Papers Scandal
Experts have advised compliance officers to divert their focus on EDD, CDD, and UBO verification ...
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China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks
Starbucks and McDonald’s are among 19 businesses that will test China’s new digital c...
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UK’s Financial Watchdog Goes Real-time to Catch Online Criminals
The FCA is sweeping the internet on a day-to-day basis to pull out cybercriminals, as the number ...
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Singapore Scammers Launder Money Through Online Gambling
Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...
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FATF warns Turkey over Lapses in Money Laundering and Terror Financing
Turkey has been warned by Financial Action Taskforce (FATF) because of its ‘serious shortcomings’...
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“The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme
A sixth member of “The Community” was sentenced to 10-month imprisonment and over $120,000 fine f...
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The Bahamas to Launch a Payment Card for Central Bank Digital Currency
Bahamas’ Central Bank has joined hands with Mastercard and digital payment startup Island Pay to ...
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Australians Lost a Record Amount of Over $3 Billion to Scams in 2022
The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...
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Israel Enforces New Regulations for the Transfer of Digital Currency
The new digital currency regulations will allow Israeli banks to profit from cryptocurrency tradi...
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Germany to Implement the 6th AML Directive to Secure Financial Firms
The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...
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ECB Will Be Launching Digital Euro Project
An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...
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FATF Urges Qatar to Increase its Efforts Against Money Laundering
A recent FATF evaluation of Qatar’s anti-money laundering procedures says local regulators must w...
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Ledger Owners Scammed worth 1.1 Million XRP
Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...
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SEC Charges $79 Million Penalties on Broker Companies for Deficiencies in Recordkeeping
The Security and Exchange Commission (SEC) has imposed $79 million worth of penalties on brokerag...
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Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations
Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...
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Cryptocurrency criminals are lurking on Youtube
Cryptocurrency criminals are lurking on YouTube, a recent lawsuit filed by Apple co-founder Steve...
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China’s Central Bank Fines ICBC & Bank of Chongqing for AML Shortcomings
Chinese banks including industrial and commercial banks of Chongqing have been fined by regulator...
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UAE Court Convicted 13 Indian Nationals and 7 Companies for Money Laundering Offenses
Thirteen Indian nationals and seven companies were charged with money laundering by the Abu Dhabi...
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HKMA imposed a HK$6 million fine on Commerzbank for AML Failure
HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...
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Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites
The Saudi Ministry of Commerce is reiterating warnings about fake news websites looting people by...
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UK’s National Crime Agency Builds a Specialised Crypto Investigation Team
The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...
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UK Government Proposes New Cybersecurity Laws
The UK government proposed new laws for cybersecurity last week to increase security standards in...
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Phishing Scams Spike As Holiday Season 2021 Approaches
64% of the top courier companies have insufficient protection against phishing scams and other fr...
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Iran’s President Has Called for Legal Framework For Crypto Trading
Hassan Rouhani, the Iranian President, wants to legalize crypto trading and safeguard national in...
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KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions
The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...
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Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices
Ireland’s Central bank has found that certain financial firms are lacking in regards to anti-mone...
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FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities
FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...
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Skyrocketing NFT Sales Raise Concerns for Tax, Law Enforcement
Last month, the sales for a digital art piece was surprisingly high and raised many questions for...
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UK Parliament Legislates New Digital Identity Verification Services Bill
On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...
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Nigeria Remains on FATF Gray List Due to Compliance Failures
Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...
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FATF: US largely complacent with virtual currency regulations
The Financial Action Task Force (FATF) has rated the U.S. “largely compliant” with its revised cr...
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EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks
The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...
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Council of Europe Urges Montenegro to Step Up AML Measures
The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...
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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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UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms
The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...
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Bank of England Introduces New Regulatory Approach for Crypto
The Bank of England is formulating the UK’s first regulatory framework for crypto assets and stat...
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NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network
The National Crime Agency has found a forfeiture order for 15 gold bars that are worth £650,000. ...
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Swedbank cuts former CEO’s Golden Parachute over Money-Laundering
STOCKHOLM – Swedbank has canceled the severance pay of former CEO, Birgitte Bonnesen after ...
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NFT Market Skyrockets to $44 Billion as Money Laundering Increases
The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...
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SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown
Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures re...
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UK watchdogs launch ad-scam alert system to control online fraud
The United Kingdom Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB...
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Council of Europe Urges Montenegro to Step Up AML Measures
The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...
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India and the United States Collaborate to Combat Financial Crime
The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...
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US Imposes First-Ever Sanctions on Bitcoin Mixer for Money Laundering
The US Treasury recently announced that it has imposed the first-ever sanctions on a bitcoin mixe...
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KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions
The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...
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