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Monetary Authority of Singapore (MAS) Fines Four Financial Institutions for Breaching AML Laws
A fine of S$3.8 million (Singapore dollar) was handed down by the Monetary Authority of Singapore...
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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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The United Kingdom implements new Anti-Money Laundering regulations
The United Kingdom’s finance and economics department has announced the incorporation of new Anti...
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UK Fraud Agency Warns Money Launderers are Targeting Under-21s
Cifas recently reported an economic downturn allows fraudsters to target young people, under 21, ...
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Uganda Remains Greylisted by FATF for Money Laundering
There will be no change to Uganda’s status on the “grey list” due to the countr...
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CBN Adds Cameroon, Croatia, Korea, and Vietnam to Money Laundering Watchlist
A circular issued to Deposit Money Banks (DMBs) states the Central Bank of Nigeria has added Came...
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US Government Announces Reward for Identifying Sanctioned Russian Assets
The US government has announced financial rewards of up to $5 million for information leading to ...
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The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau
The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...
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Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions
The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...
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Facebook Built a Facial Recognition App To Identify Employees
Facebook is again under fire for its controversial facial recognition technology. The tool used f...
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TSA to test self-service facial recognition technology in the pilot program
The Transportation Security Administration (TSA) is now testing self-service facial recognition t...
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U.S. Treasury Identifies Emerging Money Laundering Risks and Vulnerabilities
The US Department of the Treasury recently issued its National Risk Assessment for Money Launderi...
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EGBA Introduces New Guidelines to Prevent Money Laundering in Gaming Industry
EGBA (European Gaming and Betting Association) has announced new guidelines to improve the anti-m...
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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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UK Authorities Accuse Attorneys of Failure in Combating Financial Crimes
The UK regulatory authorities asserted that new data revealed prosecutors inadequately comply wit...
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South Korea to Penalize the Non-Compliant Crypto Companies
Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...
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FirstBank of Nigeria Continues Commitment to Combating Money Laundering
Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...
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Singapore Seizes $2 Billion Worth of Assets in Money Laundering Investigation
Singaporean regulatory authorities officials accused lax immigration policies of large inflows of...
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Danske Bank Under Fire Over AML Shortcomings
The FSA has reprimanded Sweden’s Danske Bank over ‘shortcomings’ in its anti-money laundering con...
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Indonesia Becomes Member of International Watchdog, FATF
The international money laundering watchdog, FATF, includes Indonesia as its member state, in a g...
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Prevailing Financial Crimes Make London a Safe Haven for Money Launderer
The UK’s capital is exposed to multiple financial crimes including money laundering and thefts wi...
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UAE adopts digital identity and blockchain to fight COVID-19
Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...
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SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine
Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...
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Capital One Penalized $390M for ‘Willful’ Violation of the Bank Secrecy Act
Financial Crimes Enforcement Network (FinCEN) has imposed $390 million as penalty on Capital One ...
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People’s Bank of China to Monitor Metaverse and NFTs
The Chinese financial watchdogs are all set to expand cryptocurrency crackdown as Gou Wenjun sugg...
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Blue Star Planet to Pay £620,000 for AML Failures Uncovered by Gambling Commission
Blue Star Planet which was trading as 10Bet to pay £620,000 ($746,716) after it was found guilty ...
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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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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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Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering
Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...
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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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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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SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks
The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...
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HKMA Reveals Phishing Fraud Went Up by 145% in 2021
Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.
Hon...
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AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk
The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.
AUST...
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Phishing attacks hidden in Google Cloud Services
Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...
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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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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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UAE Central Bank Issues AML/CFT Guidance For Exchange Houses
The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...
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UK to End “Golden Visa” Regime to Tackle Money Laundering
The UK is looking to scrap its so-called “Golden Visa” regime in a short period as Russian action...
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UK Watchdog Fines Al Rayan Bank 4M Pounds Over AML Control Failures
FCA, Britain’s financial watchdog, revealed on Wednesday, 11th Jan 2023 that it had imposed...
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Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered
Millions in crypto seized, 300 criminal syndicates raided and arrested.
In today’s financial cri...
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FATF Highlights the Increasing Risk of Trade-Based Money Laundering
FATF- Financial Action Task Force is warning businesses of the risk they face regarding trade-bas...
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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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AML and Crypto Fines Surge to £4bn in Regulatory Crackdown
The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked d...
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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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Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel
Intel has confirmed the findings of CISC’s report saying that Canadian real estate is a safe have...
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Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers
Seychelles, known for being a tax haven, was recently removed from the EU’s blacklist and is purs...
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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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Identity Thieves on the Hunt for Universal Credit Payments
The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...
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UAE startup relies on Blockchain to flatten COVID-19 curve
In5, UAE based start-up incubator, is assisting to design blockchain-based techniques to suppress...
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Chinese regulators extend financial support to bring Hong Kong, Macau closer
China’s financial regulators revealed an extensive plan to ease investments and cross-border tran...
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US Treasury Department Issues AML Study for the Art Market
The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...
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The Czech Republic Government Amends Beneficial Ownership Law to Meet AML Obligations
The Czech Republic government revised Beneficial Ownership Law upon the European Commission’...
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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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Morgan Stanley, Interactive Brokers Under Money Laundering Probe
The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...
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Facial Recognition Market to Grow 12.5% Annually Through 2024
According to a new report by Mordor Intelligence, the facial recognition market is expected to gr...
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FIU Imposes a Fine of L$21 Million on Insurance Companies for AML Failings
The Liberian financial intelligence unit (FIU) has imposed a L$21 million fine against all the in...
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US Seizes 18 Crypto ATMs Bought With Fraudulent Loans
US law enforcement has seized 18 cryptocurrency automated teller machines previously purchased vi...
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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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EBA revised its guidelines on ML/FT risk factors
The European Banking Authority (EBA) issued revised money laundering and terrorist funding (ML/TF...
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Ukraine Issues 14 Million Biometric Passports
According to Ukrinform, more than 14 million biometric passports have been issued in Ukraine so f...
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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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“Student” Occupation Flagged for Money Laundering in Canadian Real Estate
Son of “wanted for defrauding 60,000 investors” Chinese parents laundered millions of dollars int...
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Standard Chartered Is Fined $13.6 Million by India’s AML agency
Standard Chartered Bank is fined $13.6 million by India’s anti-money laundering agency for 2007 d...
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Cyprus to Test UBO Registration System for AML Compliance
The government of Cyprus has indicated it will test a system for registering ultimate beneficial ...
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FATF to Blacklist Uganda Over Money Laundering
The Executive Director of the Finance Intelligence Authority, Sydney Asubo stated that the FATF h...
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Foxconn Becomes the Victim of Ransomware Attack
A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...
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Hackers Leak Stolen Patient Data After Ransomware Attack on Medibank
Medibank has warned its customers to be extra cautious after hackers started disclosing private m...
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Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually
Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...
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ABLV Asset Management Fined with €57,217 for AML/CFT Violations
FCMC (Financial and Capital Market Commission) has enforced a fine of €57,217 on ABLV Asset Manag...
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Silly Season Scams to Rise as AFP Forewarns Fake Delivery Texts
The Australian Federal Police (AFP) has warned of fake delivery texts. Scammers use legitimate-lo...
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FATF Issues New Guidance on Mitigating Proliferation Financing Risk
The new guidance puts a spotlight on the need for effective onboarding processes, ongoing monitor...
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