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The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator
According to the US bank regulator, banks and the fintech alliance for a seamless customer experi...
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IRS Deploys Effective Filters to Detect and Prevent Tax Evasion
The Treasury Inspector General for Tax Administration released an interim filing season report on...
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Global AML Watchdog FATF Puts UAE on the Grey List
The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...
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Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law
The Japanese government is getting ready to incorporate the Financial Action Task Force (FATF) cr...
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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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Comparitech Report Ranks Biometric Data Use: China Tops the List
Comparitech, a pro-consumer technology website, conducted a study including 50 countries and thei...
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Malta Faces 200% Spike in Money Laundering Cases
Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...
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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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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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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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Alfa-Bank to Offer Blockchain-Based Services for the Self-Employed People and Freelancers
Alfa-Bank is one of the largest private commercial banks in Russia which is exploring blockchain-...
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Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms
Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...
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FCA Fines Bastion Capital For Serious AML Failings
The Financial Conduct Authority (FCA) has imposed a fine on Bastion Capital London for serious AM...
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Nepal at Risk of ‘Graylisting’ for Allowing Money Laundering
Nepal could be added to FATF’s greylist as the global AML watchdog has found a number of deficie...
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US Officials allege student defrauded Apple as part of SIM swap attack
Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...
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Pandemic Fraud Crackdown: US Bank Employees Indicted Over Document Fraud
Bank employees and tax preparers fraudulently applied for $3M+ in pandemic relief loans through f...
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Banks Introduce Confirmation of Payee to Tackle Fraud
The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delaye...
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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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US Senators Push Congress to Regulate Crypto Amid FTX Turmoil
US senators have urged Congress to regulate cryptocurrencies under current financial regulations ...
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Ukraine to Scale-up Fight Against Financial Crimes
Ukraine’s Cabinet of Ministers has approved a plan that will strengthen the measures to prevent f...
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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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With Rising Fintech Adoption, FI’s are Investing in AI for AML Compliance: Report
Reduced rates of false positives and the resulting decline in operational costs have caused an in...
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HMRC Fines Real Estate Agencies £500,000 for Anti-Money Laundering Violations
HMRC has issued a total of £519,645 in fines to 68 estate agents that failed to comply with rule...
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CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct
The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...
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OCBC Fines Money Laundering Suspect $19.7million
The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s ...
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EU Lawmakers to Decide Ban on Large Crypto Transfers from Self-Hosted Wallets
European Union lawmakers will vote on limiting crypto transfers from self-hosted wallets on March...
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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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FinCEN Launches Regulatory Process For AML Regulation on Antiquities
The ANPRM discusses how antiquities trade can be exploited by money launderers and terrorist fina...
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Canadian Anti-Money Laundering Agency Fines RBC $7.4M
Canada’s anti-money laundering regulatory body imposed a C$7.4 million penalty on the Royal Bank ...
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Google Pay Transactions Just Got More Secure
Previously, when you used Google Pay for transactions, it would only ask you to enter your PIN. A...
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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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Americans Lose $3.82 Billion to Crypto and ‘Phantom Property’ Investment Scam
The American public is being alerted to the proliferation of fraudulent investment schemes. Crypt...
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China Introduces 5-Point Strategy to Enforce Crypto AML Measures
China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...
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Taiwan’s Ministry of Justice Proposes Amendments in AML Laws to Strengthen Fraud Measures
The Ministry of Justice (MOJ) called for adequate measures in AML compliance and a streamlined sy...
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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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DIA Warns Auckland Real Estate for Lax Money Laundering Prevention
The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...
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Authorities Warn that the Current Crypto Landscape is Plagued with Scam
According to the Connecticut State Police, the emerging virtual cryptocurrency market is prone to...
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Star Entertainment Group Experiences $1.26B Loss after Money Laundering Investigation
Star Entertainment Group experienced a major loss of $1.26 billion during the first half of 2023,...
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FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes
The acting director of FinCEN has highlighted the fact that the existing AML/CFT regulatory frame...
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Buy Now Pay Later Service Openpay Warned for AML Violations
Te Tari Taiwhenua, the Department of Internal Affairs, has issued a warning to an Australian Buy ...
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WhatsApp accounts hacked to acquire bank card details
Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...
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SPP Observes Rapid Increase in Money Laundering Cases Prosecuted Nationwide
The Supreme People’s Procuratorate (SPP) has observed a rapid increase in money laundering ...
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Police busted a massive £215m money laundering ring in the Northern Ireland
PSNI police arrested 7 individuals following one of the biggest money-laundering investigations i...
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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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Japan Considers Facial Recognition to Trace Contact at Large Scale Events
According to the Japan Times report, the country is planning to introduce facial recognition at l...
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Japan Calls for Disclosure of Major Company Shareholders
Japan’s Ministry of Justice will require firms to submit details of their major shareholders, als...
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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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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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The Law Society of Kenya Discusses Legalisation for Reporting of AML Cases
The annual conference of the Law Society of Kenya (LSK) was held at the weekend in Diani, the Pre...
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NDAA Passed to Strengthen the Financial Crime Monitoring in the USA
The House of Representatives has passed the National Defense Authorization Act to strengthen the ...
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Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance
The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs) ...
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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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Bitcoin ATMs face stricter regulations over money laundering
According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...
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Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case
Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...
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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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Portuguese Banks Restrict Services for Crypto Exchanges, Citing Risky Grounds
Portuguese banks have restricted services of multiple crypto exchange firms operating in the coun...
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National Assembly Passes Revised AML Law and Thrift Practice Resolution
The National Assembly (NA) has passed the revised law on Money Laundering Prevention and Control ...
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MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols
Over 100 companies were either turned down or had to withdraw their applications for a license to...
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NY Lawmakers Approve Legislation Against Financial Fraud
Michael Gianaris, Deputy Leader of the Senate, recently announced his legislative measures to pro...
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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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FinCEN Extends the Comment Period of Virtual Currency Regulations
FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...
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USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures
Two federal regulatory authorities have fined USAA a collective $140 million for failure to imple...
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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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Reports Reveal NAB Contract Workers Received Little to No AML Training
The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...
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UAE Receives Observer Status at APG For Money Laundering
UAE becomes the first Arab country receive an observer status at the Asia/Pacific Group of Money ...
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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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Facebook’s New AI Can Help You Circumvent Facial Recognition
Facial recognition technology is primarily used to detect and identify people but in a turn of ev...
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Taiwan Finalise New Regulations for Offshore Crypto Exchanges
Taiwan is set to disclose new obligations for offshore crypto exchange companies, with rigid Anti...
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OCBC Fines Money Laundering Suspect $19.7million
The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s ...
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Singapore Proposes Additional AML/CFT Requirements for FIs
Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...
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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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Swiss Watchdog FINMA Mandates AML Policies on Crypto
The new legislation is trying to combat money-laundering following a series of major scandals in ...
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