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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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National Audit Office Plans to Review FCA’s Responsibilities
The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...
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14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized
Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...
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Banks warned against profiteering from UK coronavirus crisis
British institutions, including banks, have been urged to avoid profiteering from the Coronavirus...
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Chinese Officials to Face Scrutiny Over their Financial Affairs in Hong Kong
Hong Kong’s banks will take extra measures to monitor transactions by Chinese politically connect...
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UAE to Include Crypto Framework in their 2021 Business Agenda
The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...
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South Africa Anticipates Removal from FATF Gray List in 2025
The South African government is anticipating that they will address all the FATF international st...
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Cyprus Makes Strides in Restoring its Reputation by Dealing with AML Concerns
According to the US Ambassador to Cyprus Judith Garber, Cyprus has shown progress in dealing with...
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IMF Advocates CBDC and Global Crypto Regulations for Financial Stability
The new policies advocated by the IMF seek to minimize financial risks associated with the global...
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MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime
The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling busi...
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New Zealand Encounters Spike in Online Identity Theft
Recent research of New Zealand’s financial market has shown a spike of 86 percent in identity fra...
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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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ASIC Expands its Team to Enhance Cryptocurrency Regulations
Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...
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After China, Japanese Officials Considering to Introduce Digital Currency too
China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...
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BPI Crackdowns on Money Mules to Secure Financial Institutions
The Bank of Philippine Islands (BPI) was flagged on Wednesday as it was suspected to be involved ...
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Germany and Austria to Adopt Digital KYC for Customer Onboarding
Banks and financial institutions are always searching for ways to impress the customers and the d...
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Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering
Turkey’s Minister of Social and Labour Security Department stated they are conducting an in-depth...
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FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance
The Financial Action Task Force (FATF) highlighted a regulatory gap in the compliance system for ...
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Coinbase Attorney Urges SEC to Announce Crypto Rules
Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...
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Central banks urged to introduce digital alternatives to cash
According to a recent report from Positive Money, Central banks across the globe should issue a d...
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US Firm Fined with Half a Million Dollars for Violating US Sanctions
A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...
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A European Money-Laundering Network Captured by French National Gendarmerie
A money-laundering network in France was under investigation for 18 months by French National Gra...
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US Treasury Official Urges Iraq’s Central Bank to Act Against Money Laundering
The US Treasury officials stated Iraq’s central bank should design new measures to combat the mis...
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Singapore offers $70M to aid the fintech industry during COVID-19
Singapore has allocated SG$125 million ($70.89 million) to assist its financial services industry...
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Singapore Now Requires Developers to Comply with New AML/TF Regulations
The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...
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Banks warned against profiteering from UK coronavirus crisis
British institutions, including banks, have been urged to avoid profiteering from the Coronavirus...
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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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BSP Seeks to Tighten Rules on Reporting ML/TF Threats
The Bangko Sentral ng Pilipinas (BSP) is seeking to tighten guidelines on reporting threats relat...
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Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings
The Touch Games, a gambling firm that operates 11 websites, has been fined £6.1 million over fail...
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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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Rabobank Fined EUR 500K for Ineffective KYC Compliance
The Dutch Central Bank (DNB) instructed Rabobank to enhance their CDD, transaction monitoring, an...
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Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS
Offshore tax loopholes are safe havens for wealthy Americans to cheat the Internal Revenue Servic...
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FATF Updates Guidance on Strengthening Beneficial Ownership Information
The Financial Action Task Force (FATF), in recommendation 24, established the first international...
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OCC Warns Federal Banking System of Crypto & Cybersecurity Risks
The OCC has warned the federal banking associations, branches and agencies on crypto-asset and cy...
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TSB Fined $3.5M on Account of Four AML Breaches
New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...
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Internet fraud complaints went up by 30% last year
As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...
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UK Cryptos Have Eight Months to Get their AML Measures In Order – FCA
UK – The Financial Conduct Authority (FCA) has pushed back the end date of crypto company’s...
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Financial Regulators in Uganda Demands Government to Set Crypto Regulations
Uganda’s financia regulators, Financial Intelligence Authority (FIA), want the government to take...
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G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies
Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...
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UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering
UAE stepped up and seized $354 million worth of assets from March to mid-July 2023 in the fight a...
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Leading Japanese Crypto Exchange Loses $100 Million to Hackers
Liquid Global, a leading cryptocurrency exchange in Japan was hit by a hacking attack and the exc...
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UAE Confiscates Dh4.73 Bn Worth of Assets in Fight Against Financial Crimes
In the past 12 months, the United Arab Emirates has seized assets worth Dh4.73 billion ($1.29bn) ...
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Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations
Two more cryptocurrency firms – mining pool Simplecoin and bitcoin gaming platform Chopcoin...
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Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively
Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...
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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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AUSTRAC Throws in Hands in their Fight Against Money Laundering through Casino Junk Operators
Australian regulatory bodies to fight financial crimes have known for quite a time that casino ju...
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The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”
The chairman of the CFTC discussed that his agency would regulate the crypto market. Digital Com...
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ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE
The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...
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The UK Introduces Beneficial Ownership Register for Overseas Entities
The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...
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Ransomware attacks three US universities
A ransomware group has successfully stricken three universities within the week. They claim that ...
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NYDFS States Signature Bank’s Closure Was Not Linked to Crypto
According to the head of NYDFS, the decision to close Signature Bank last month had nothing to do...
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Jamaica Passes a New Bill to Counter Money Laundering
The Senate has approved the Company (Amendment) Act 2023, which will enable Jamaica to meet inter...
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IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies
IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...
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UK’s Victoria Gate Casino Fined $613K over AML Failings
The Source of funds for 10 customers were left unidentified by UK’s Victoria Gate Casino, resulti...
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Cyberhack Discloses Data on Over 600,000 Medicare Beneficiaries
A data breach in May 2023 exposed the personal information of 612,000 Medicare beneficiaries, inc...
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FTX Customers File Class Action Against Bankrupt Crypto Exchange
FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Ba...
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South Africa Enforces New Rules to Transfer Funds Abroad
The South African Revenue Service (SARS) has made regulatory changes to transfer funds overseas, ...
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Court Filing Reveals that Hundreds of Roblox users Are Laundering Money Using In-Game Currency
Roblox, one of the popular video game platforms having over 58 million users, is being used to la...
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Bank of Spain Issues New Cryptocurrency Regulations
Virtual asset service providers, banks, and other financial institutions are now required to regi...
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ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE
The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...
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Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes
Vietnam regulatory departments are redefining their AML compliance measures to supervise cryptocu...
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Global Banks Slapped with a Total of $14.21 Billion Fines in 2020
Finbold released a report on the global banks that were fined in 2020. According to the report, a...
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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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Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks
A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...
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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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Rise in Fraud from COVID-19 Bounce Back Loan Scheme
Fraudsters are stealing the money around £400M from taxpayers in the UK through the support loans...
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IMF Joins Hands with Philippines on Wholesale CBDC Project
IMF has announced the collaboration with BSP (Bangko Sentral ng Pilipinas) for the development of...
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Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity
Canada’s government announces public consultation for creating a federally regulated digital iden...
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Interpol Launches New Center to Combat Financial Crime
Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...
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The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List
The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...
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Optus Data Breach Leaves Millions of Australians at Risk of Identity Theft
The APF is investigating Optus’s data breach that involves millions of customers’ per...
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Singapore Passes Stringent Regulations to Clamp Down on Money Mules
Singapore has passed stringent regulations to clamp down on money mules and those who give contro...
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