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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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Kazakhstan to Regulate Local Cryptocurrency Businesses
Kazakhstan is tightening its KYC and AML regulations for cryptocurrency exchanges to combat money...
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Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions
Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...
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UK Adopts new Methods to Fight Money Laundering Through Sanction Regime
The UK declared a new sanction regime against financial crimes like money laundering. According t...
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FCA Under Pressure for Compliance and Authorisation Delays
The FCA is being approached by regulatory experts due to backlogs in the provision of regulatory ...
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Jamaica Shows Significant Progress in Anti-Money Laundering Compliance
Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...
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UK Government to Crackdown Corruption Under New AML laws
Overseas firms owning land in the UK need to publicly declare the owners, under the new UK laws t...
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“Pension Fraud Hits £1.8 Million so far in 2021”, National Reporting Centre
National Reporting Centre for fraud and cybercrime has reported £1.8 million has already been los...
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Namibia Launches Cyber Security Council to Curb e-Fraud
Namibia has established a cyber security council that would act as a useful forum for discussions...
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“Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS
Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (BAS) have publis...
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Star Casino Faces Class Action for Anti-Money Laundering Failures
The Star casino has been hit with a shareholder class action for its alleged non-compliance with ...
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A Three-fold Rise in AML Penalties in China in 2020
China’s banks and financial institutions have faced an increase in penalties in the year 2020 due...
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Russian Financial Authorities Reach Consensus on Crypto Mining Regulation
Russian financial authorities have adopted a common ground on cryptocurrency mining regulation. 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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Moroccan Charity, Najiba Foundation, Faces Account Termination by ING Bank for AML Failures
Internationale Nederlanden Groep (ING) wants to terminate one of the largest Moroccan charity fou...
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Former US Bank Risk Officer fined for AML oversight
Michael LaFontaine, former chief risk officer at U.S. Bank has been imposed a fine of $450,000 by...
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Danske to face $2 billion fine for money laundering
According to Jyske Bank, Danske will probably be fined around 13.5 billion kroner (around $2 bill...
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Swedbank Estonia Reports High-Risk Client for Laundering $2 Billion
Swedbank Estonia labeled one of its clients a “high-risk” company due to suspicious transactions ...
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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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FATF Issues Guidance for AML/CFT Digitization of FIUs
FATF published a report in collaboration with the Egmont group discussing why and how FIUs should...
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Nepal’s Foreign Employment Sector Witnesses a Surge in Fraudulent Cases
The number of individuals seeking international employment from Nepal has increased, and so do th...
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EU’s New Anti-Money Laundering Watchdog to Monitor the Crypto Space
The European Union is developing a program to impose stringent regulations on the cryptocurrency ...
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Switzerland Introduces New Regulations To Clamp Down on Money Laundering
Switzerland proposed new Anti-Money Laundering (AML) regulations to crack down on money launderin...
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BSP Warns Banks Against Auto Loan Fraud
According to BSP, organized crime groups are using fake identities to sell vehicles under fake li...
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Founders of US Crypto Firm Charged with Assisting North Korean Hacking Group in Laundering Money
Two co-founders of the cryptocurrency firm Tornado Cash, Roman Semenov and Roman Storm, were char...
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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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US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions
The infrastructure bill proposed in the US Congress aims at revamping how crypto exchanges perfor...
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Video KYC: The New Normal in the Insurance Industry
Since everything is moving to digital platforms, the Insurance Regulatory and Development Authori...
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Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns
Coinbase and other crypto exchanges have been invited to establish operations in Hong Kong; the r...
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The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023
The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...
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Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh
On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...
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Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB
With the introduction of global stablecoin like Facebook’s Libra, G20’s watchdog, the Financial S...
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HSBC Fined £64m for “Unacceptable AML Failings”
HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...
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Real Estate is Becoming a Primary Target for Money Launderers in the UK
According to a government report, Luxury London homes are a new method to launder illicit funds. ...
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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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$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021
‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...
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The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience
The UAE and Malta organised training workshops between 12-15 June to strengthen cooperation and c...
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New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI
Introduction of new variations in Business Email Compromise scams netted $43 Billion in losses ca...
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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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Bank of England fines Citigroup £44m Over Poor Financial Information
The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...
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Dubai Court Sentences Gang of 18 for Charges of Money Laundering
The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...
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Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance
The Reserve Bank of Zimbabwe (RBZ) Deputy Governor disclosed that most banks are losing clients d...
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Two foreign nationals charged with Cryptocurrency laundering
The United States Department of Justice has charged two Chinese nationals with laundering $100 mi...
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AUSTRAC Partners With UK Counterpart to Fight Fraud
The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...
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Peru’s Former and Current President under Investigation for Alleged Money Laundering
Peru’s former and current presidents are under investigation for alleged money laundering a...
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Another COVID-related lure: Phishing Scam Targeting Email Users
Amid the COVID-19 outbreak, email users are constantly warned against fraudulent emails and scams...
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Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million
Ransomware attacks are on the rise, and Garmin is the latest big name to take a hit.
A hacker gro...
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Reddit follows Facebook suit and bans impersonation on its platform
Earlier this week, Facebook announced its new policy to ban manipulated pictures and videos known...
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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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Regulators Criticise Deutsche Bank over Forex Mis-selling Probe
ECB and BaFin have told Deutsche Bank that they are “not satisfied” with its probe into mis-selli...
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The Biggest Theft in Crypto History: $600 Million Stolen
Binance and Tether have also joined the recovery plan to help minimize the consequences of the at...
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$8.6 Million Worth of Syrian Sanctions Settled by a French Bank
A French bank, Union de Banques Arabes et Françaises has paid the 8.6 million USD for violating o...
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Unlisted Crypto Exchange, JPEX, Investigated for Criminal Charges by SFC
The Hong Kong Security and Futures Commission (SFC) warned an unlisted crypto exchange platform, ...
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Shufti Crosses One More Milestone With Its New Ukraine Office
May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...
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Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures
Anti-fraud experts are reporting concerns regarding the Liberals’ newly announced Canada Financia...
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The US publishes a list of North Korea’s supposed Crypto crimes
The US government, on Wednesday, outlined an aggressive set of countermeasures it said could hamp...
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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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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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Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’
The Kinahan Cartel is under great pressure after the European Union (EU) places the UAE on the ‘b...
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BSP Warns Banks Against Auto Loan Fraud
According to BSP, organized crime groups are using fake identities to sell vehicles under fake li...
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FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements
US Treasury Department’s FinCEN has issued a highly anticipated final rule for the implementation...
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Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi
A defendant was convicted of money laundering and tax evasion by Abu Dhabi Criminal Court and sen...
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AGA Issues Updated AML Compliance Guidelines for the Gaming Industry
American Gaming Association (AGA) launches the third edition of the Best Practices of AML Complia...
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Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities
A gang of a Chinese national and 20 other people got arrested by Chandigarh Police. Investigation...
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Reserve Bank of Zimbabwe Reveals Most Banks Lose Correspondent Deals Due to AML Non-compliance
The Reserve Bank of Zimbabwe (RBZ) Deputy Governor disclosed that most banks are losing clients d...
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Indonesia to Pass Regulations to Control Money Laundering
Indonesia is looking to develop a strong regulatory framework to curb money laundering and terror...
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United Nations Ranks Kenya at Position 24 in the Dirty Money Business
Every year, the United Nations conducts surveys on how the countries are performing. One of the U...
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$9.8 Million Lost, 40 Arrested in Twitch Money Laundering Scheme
On Tuesday, 4th January, Turkish police took 40 suspects into custody from 11 provinces for alleg...
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New South Wales (NSW) Government to Make Poker Machine Reforms after Victoria Introduces Strict Anti-Money Laundering Restrictions
The New South Wales (NSW) government of Australia continues to pressure gambling companies to str...
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Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering
Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...
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FIAU Fines Maltese Investment Fund €300,000 for ‘disregard’ of AML Rules
The FIAU said that Southern Cross Sicav showed ‘disregard’ for its anti-money laundering obligati...
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11 Arrested for the First Money Laundering Case Using Digital Yuan
Chinese security officials have arrested 11 suspects in the first Central Bank Digital Currency (...
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