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UAE Imposes Strict Penalties for AML and CFT Failings
The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...
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Turkey to Face FATF’s Gray List Over Inadequate AML Practices
FATF is set to grey list Turkey over AML shortcomings, a move that is likely to affect the countr...
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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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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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Malta-based Pilatus Bank Fined €5m Over AML & Terrorism Breaches
Pilatus Bank failed on various accounts, including identity verification of customer businesses, ...
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Hong Kong Launches Meta Verse to Combat Crypto Crime
CyberDefender Metaverse is the first metaverse platform launched by Hong Kong Police to combat cr...
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Money Laundering Investigation Leads to Seizure of Canberra Properties, Vehicles, and Cash
Assets worth over $10 million have been seized after an international investigation into money la...
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Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities
Bulgarian officers have launched an investigation against Nexo as the crypto Lender was involved ...
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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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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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UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance
The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...
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Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads
Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...
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American Gaming Association Updates Best Practices for AML
The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Launder...
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DOJ Arrested Three Individuals In A $722 Million Cryptocurrency Ponzi Scheme
The Department of Justice arrested three men on Tuesday, December 10, on charges of running an el...
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Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator
A US federal regulator has said that the first federally-chartered digital asset bank Anchorage D...
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ID Theft to Drive Majority of the Online Payment Frauds in 2021
Online payment fraud losses will exceed $206 billion over the next few years and the majority of ...
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Officials Concerned about the Russian Money Laundering Done Through the UK
The top officials in the UK have shown their concerns about the disturbing regularity of the Russ...
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The Age Verification Software Market to Experience Tremendous Growth by 2025
The increasing number of scams in today’s virtual world needs a better verification system. Prote...
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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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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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Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation
Hong Kong Police arrested 19 syndicate members pertaining to money laundering operations, involve...
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“Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police
According to police investigations, the number of money mule activities in Cork city has doubled ...
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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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US to Rigorously Implement Anti-Money Laundering in Crypto
A rule requiring cryptocurrency firms to share data about their customers will be strictly implem...
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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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FCA Takes NatWest to Court over Money Laundering Charges
The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...
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Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls
Queensland initiates a new investigation to examine the money laundering controls of the Gambling...
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Danish Gambling Operator Reports Tipwin to the Police for AML Failings
Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...
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Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues
Atomic Wallet users have reported losing millions of dollars worth of cryptocurrency. It was anno...
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Denmark’s Gambling Authority Issues Reminder for AML Duties
All licensed businesses are reminded to report suspicious transactions that may be indicative of ...
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Ransomware attack exposes 1.5TB of stolen aerospace data
ST Engineering Aerospace’s US subsidiary experienced a ransomware attack that extracted about 1.5...
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65,000 Australian Credit Cards Discovered on Dark Web
A significant proportion of stolen credit cards contained private information such as addresses, ...
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South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs
All crypto accounts in South Korea are directed to register under their real names. Third-party b...
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Despite the Concerns, Arizona Bans Vaccine Passports for Government
Governor of Arizona, Doug Ducey has restricted the local and state government agencies from askin...
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Singapore replaces passwords and ID documents with facial recognition systems
As reported by Strait Times, Singapore plans to replace passwords and identity documents with bio...
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Crown Casinos Fined $450 Million for AML Failures
Casino operator Crown should pay a fine of $450 million for 546 violations of anti-money launderi...
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AMLC Continues to Address AML Deficiencies as per FATF Guidelines
The AMLC has reported continued efforts to address the deficiencies specified by the FATF to tack...
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IMF Urges Central Bank of Seychelles to Upgrade Transparency and AML Controls
The Central Bank of Seychelles (CBS) has been advised by the International Monetary Fund (IMF) to...
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Kenya Takes First Step to Regulate Virtual Asset Market
The Kenyan government is all set to take the first step to regulate a vast $20 Billion crypto mar...
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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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CBDC Rules to Be Introduced by IMF, World Bank, and G20 Countries
The international financial authorities have teamed up with the Group of Twenty (G20) to create C...
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EU Takes First Step to Set Up Anti-Money Laundering Supervisor
The European Union should contemplate creating an independent agency to supervise anti-money laun...
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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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UK Amends Corporate Act to Combat Economic Crimes
The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...
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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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Rapstar Captured for His Role in Wire Fraud Scheme
A famous rapper from Chicago with his crew members was caught and charged in court for using the ...
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UAE Making ‘Strong Progress’ in Efforts to Prevent Financial Crimes
The Minister of Foreign Affairs said that the UAE is making “strong progress” to prevent illicit ...
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Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia
BNPL (Buy-Now-Pay-Later) policy in Australia has given a rise to identity theft and has doubled t...
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Financial Regulators in China Ban Bitcoin Trading for Financial Security
China imposed a fresh ban on the cryptocurrency sector making the price of bitcoin fall below $34...
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Kenyan Authorities Freeze Accounts of Two Nigerian Companies for Allegedly Laundering Sh6 billion
Kenyan authorities have frozen accounts containing Sh45 million belonging to two Nigerian compani...
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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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$8 Million Worth of Crypto Stolen From BitKeep Wallets
Cryptocurrencies worth $8 Million, including Binance Coin, Tether, Dai, and Ether, were stolen fr...
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Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss
According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...
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BSA-AML Compliance Group Disclose Names of Annual Gaming Conference Speakers
The BSA-AML Compliance group has revealed the names of the speakers attending the annual gaming c...
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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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Japan’s Airports Run Face Verification Trials for Passenger Onboarding
Tokyo’s Narita airport is running trials for a face recognition system for international travelle...
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Cloudflare Discloses Another huge DDoS Attack
Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...
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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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Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF
According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...
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China Raises Penalty, Broadens Scope of AML Laws
The People’s Bank of China (PBOC) has published a revised draft for the country’s AML law which e...
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El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks
El Salvador has become the first country to accept Bitcoin as a legal tender.
On 8 June 2021, El...
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Europol Releases First Financial and Economic Crime Report
Europol has published its first-ever threat assessment report on financial and economic crimes, h...
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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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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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Poloniex Agrees to Pay $7.6M in Settlement of Sanctions Violations
In a settlement with the Office of Foreign Asset Control (OFAC), Poloniex LLC, a former subsidiar...
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Are Educational Institutes Becoming the Next Target for Money Laundering?
According to an investigation by The Times, higher-educational institutes have been unintentional...
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Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe
Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...
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Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report
According to the Police, 725 cases of investment scams occurred within the first seven months of ...
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SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million
The Solicitors Regulation Authority [SRA], India’s Financial Intelligence Unit [FIU], and t...
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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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Ontario’s Casinos Need to Strengthen Efforts to Curb Money Laundering
According to Auditor General Bonnie Lysyk, Ontario’s casinos need to strengthen efforts in order ...
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BitGo settles with US Treasury; Sanctions Violations will Cost $98,830
The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...
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