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Sydney’s ‘Mini Casino’ Venues Suspected for Money Laundering
Sydney’s 10 “mini-casino” poker venues have been suspected of money laundering activities.
Accord...
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UAE Imposes Fines Exceeding Dh115 Million to Combat Money Laundering in Q1 of 2023
The UAE has imposed a monetary penalty of Dh115 million ($31.3M) in the first quarter (Q1) of 202...
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Canada loses millions in online scams
According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...
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SFMS Reports Blocking Russian Crypto Exchanges
Ukraine’s financial monitoring agency has restricted access to several online crypto exchan...
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US Authorities Accuse Russian Oligarch of Money Laundering and Bank Fraud
US authorities have accused Russian oligarch Viktor Vekselberg of conspiring to launder money and...
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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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Australian Defense Department Hit by Ransomware Attack
Australian Defence Department has been hit by a ransomware attack. No information about former or...
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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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FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes
Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...
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Netflix users targetted by scammers during COVID-19 outbreak
According to a security company, Scammers are increasingly using the likeness of online streaming...
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FCA Puts its Foot Down Against Money laundering in Banking Sector
Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...
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UK Banks and Tech Firms Call on Regulators for Guidance on Tackling Scams
Banks, tech, and telecom firms in Britain have called on lawmakers and regulators to make it easy...
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Irish Businessmen lost More than €10 Million in Invoice Redirect Fraud
Sophisticated invoice redirect fraud in Ireland has resulted in the loss of €10 Million for busin...
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SFC Finalizes Consultation Conclusions on AML Guidelines
Updated AML/CFT guidelines are expected to come into effect from 30 September 2021, except for th...
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Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering
The introduction of the best practices for anti-money laundering by leading MSB industry associat...
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Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches
According to the Interpol, there is a new investment scam on the rise that is targeting the datin...
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Gaming & Investment Firms in Malta Penalised with €4.6M for AML Failures
The financial intelligence Analysis Unit has issued an annual report that shows that the total fi...
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Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan
Regulators seized First Republic Bank and sold a portion of its assets to JPMorgan Chase. This is...
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Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List
Implementing an enhanced AML/CFT framework brings terrific news for Mauritius as they are off FAT...
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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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Visa: CBDC is the most important trend in payments
According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of ...
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FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS)
The report has highlighted key areas of improvement, including effective implementation of a risk...
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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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“Real Estate Is Critical To Money Laundering”, Says BSP
The Governor of BSP bank emphasized the urgent need for brokers to guard real estate against mone...
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Bahrain sentences three money-laundering suspects to prison
Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...
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FMA Sues Tiger Brokers for AML/CTF Breaches
The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...
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£78 Million Stolen in Investment Scams, Warns FCA
FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...
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EU Parliament Proposes Change in AML Bill to Increase Focus on NFTs
Lawmakers in the EU Parliament have proposed new changes for the upcoming AML bill to increase fo...
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FACT Urges Treasury to Implement Landmark Corporate Transparency Act
FACT has urged the treasury department to impose crucial changes to draft regulations and impleme...
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Danske Bank Charged with $413m for Defrauding Investors about AML Shortcomings
The Securities and Exchange Commission has charged Danske Bank $413 million for misleading its cu...
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AML Task Force Samlit Reports Success in Keeping Fraudsters at Bay
SA Anti-Money Laundering Integrated Task Force (Samlit) claims that it is competent in combating ...
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Philippines AML Council Adds POGO to its Non-Compliance List
In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...
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5 Billion Unique Credentials Circulating on Darknet
According to the report released by security firm Digital Shadows, a total of 15 billion user cre...
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Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies
The fine for digital currency money laundering in Brazil is set to be raised to two-thirds of the...
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Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes
Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culp...
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Brazil to Introduce Facial Recognition to Verify People Wearing Masks at Airports
Countries across the globe are taking necessary steps to introduce facial recognition at the airp...
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FATF Discloses Outcomes of October Plenary Meeting
The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...
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Germany to Form a new Anti-Money Laundering Agency
Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...
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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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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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EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk
Financial institutions restricting diamond dealers from banking services to comply with EU’s 2015...
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N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls
The central bank of Italy has banned German digital bank N26 from onboarding Italian customers af...
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Cybercrime to Surge in Cryptocurrency Even in Post COVID-19 Economy
According to a report by Kaspersky Lab about cybersecurity and antivirus, in the post-COVID-19 wo...
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EFCC Enforces Real Estate Agents to Comply with Anti-Money Laundering (AML) Regulations
The Economic and Financial Crimes Commission (EFCC) urges real estate agents to strengthen their ...
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EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022
EFCC has called on designated non-financial businesses and professions to conduct their dealings ...
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European Union to Propose Amendments in AML Package for Corporate Transparency
The European Parliament has proposed a series of amendments to the Anti Money Laundering (AML) pa...
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Deutsche Bank to Revise its Compliance and Risk Management Functions
Deutsche Bank is working on reforming its compliance function and risk management measures. The b...
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UAE to Step Up AML Measures to Avoid FATF’s Gray List
After FATF’s warning to grey list the UAE for AML failures, the region is set to step up complian...
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Revised Financial Regulations in South Korea Now Covers Crypto Investors
The financial regulators in South Korea announced that domestic crypto investors would be covered...
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Bitcoin scam exposes thousands to a data breach
Fraud websites have successfully stolen the personal records of a number of individuals from the ...
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New RBI Guideline: Must Perform Due Diligence for Crypto Transactions
In the latest banking news in India, notable banks were found to have cautioned their customers a...
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U.S. Schools and Colleges Witness a Rise in Data Breaches
Data breaches and cyberattacks continue to grow and now targeting the education sector. Amid the ...
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Cyprus Makes Progress in Implementing AML Measures
There has been “slight progress” made by Cyprus in implementing anti-money laundering measures, b...
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Foxconn Becomes the Victim of Ransomware Attack
A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...
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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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Members of Spalding Club Charged for Money Laundering Through Investment Scheme
Lincolnshire police reported suspected fraud cases in connection with a trading-based investment ...
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The IRS Issues Last Minute-Warning To Avoid Tax Penalties
A new warning has been issued by the IRS with the introduction of an identity protection pin that...
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Swiss Regulator FINMA Issues DLT Act for Digital Securities Market
The Financial Market Supervisory Authority (FINMA) introduced regulatory amendments for digital s...
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Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws
Egypt’s constitutional and legislative affairs committee approved a government drafted bill...
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UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021
The ‘Banking Protocol’ introduced in 2016 has now helped prevent financial fraud worth £174...
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UAE Establishes Anti-Money Laundering Bodies to Enhance Global Monitoring
The United Arab Emirates is enhancing its money monitoring system to combat illicit cash flows, m...
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Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures
Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...
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FATF Highlights the Gaps in New Zealand’s AML Measures
Financial Action Task Force (FATF) has issued a report on New Zealand’s measures to combat money ...
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Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million
Credit Suisse accepted a settlement of 238 million euros to resolve a tax scam and money launderi...
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US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs
The US government is ready to change the process of reporting beneficial ownership. The final rul...
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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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UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions
CBUAE (Central Bank of UAE) has administered new AML/CFT guidance for Licensed Financial Institut...
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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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Over $1 Billion Laundered Through Australia’s Pubs and Clubs Annually
A joint report by media outlets has shown evidence of over AU$1 billion being laundered throughou...
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Taiwan Bans Four Foreign Banks for Breaching FX Regulations
The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...
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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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AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing”
AUSTRAC’s guidance offers indicators for financial institutions, to allow them to detect suspicio...
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