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Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture”
Australian corporate watchdog imposed $113 million fine on Westpac bank for charging dead people ...
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Facebook affirms Libra commitment with new job openings
According to the Irish Times. Facebook is planning to hire 50 people for its payment app Calibra ...
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FCA Spends $650K to Beef up its AML Control for the Crypto Industry
FCA spends $670,000 on training cryptocurrency exchange staff along with strengthening AML requir...
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US Accuses Crypto Firms for Serving as Money Laundering Hub
The US Treasury’s department targeted the crypto mixers to combat internationally operated financ...
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Investment Scams Rising Through Fake Celebrity Endorsements
Financial fraud through celebrity endorsement is becoming a primary concern as one in six firms o...
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UAE to be Removed from FATF Gray List in 2024
The UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee hope...
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SEC Orders Finance, Lending Companies to Submit AML Plans by 21 June
Philippine’s SEC has ordered all financing and lending companies to submit their plans for the im...
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US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide
The Money Laundering Bureau of the US Treasury Department issued the latest guide to assist small...
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DISA is Working on a Digital Identity, Credential, and Access Management Tool
According to Nextgov reports, the Defense Information System Agency (DISA) in the US has announce...
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Delta county bank president guilty of bank fraud
SHERMAN Texas – According to U.S. Attorney Stephen J. Cox, A 57-year-old former bank presid...
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Cyprus Aligns with EU Regulations by Adopting Strong AML/CFT Measures
Cyprus has established a new digital registry and requires the businesses to identify their true ...
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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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UAE Central Bank to Take Action Against Unregistered Hawala Operators
From 2nd December 2020, the Central Bank in UAE will begin taking action against the unregistered...
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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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6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam
Six alleged members of Plustokem scam were prosecuted according to the court filing submitted on ...
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Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK
The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...
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EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud
The European Union (EU) has issued new measures to limit use of cash and cryptocurrencies to tack...
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Media Industry Suffer Huge Increase in Cyber-Attacks
The media industry is increasingly under the threat of cyberattacks. It suffered 17 billion crede...
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Facebook affirms Libra commitment with new job openings
According to the Irish Times. Facebook is planning to hire 50 people for its payment app Calibra ...
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UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub
The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...
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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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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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Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister
A panel of regulators and bankers at the World Economic Forum stated that cryptocurrency need to ...
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Brazil’s financial regulator launches regulatory blockchain
The Banco Central do Brasil (BC) recently declared the launching of a new blockchain platform cal...
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Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules
After Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, 14th February, the Dep...
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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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Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN
Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...
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DC lawyers can now accept crypto for legal fees
According to a report by Bloomberg Law, cryptocurrency can now be used to pay for legal services ...
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IRS Highlights Potential Risk of Fraud in NFTs and Cryptocurrencies
IRS highlights Non-Fungible Token (NFTs) and crypto as the potential risk of financial crimes, in...
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Council of Europe Shows Support to Serbian Authorities For Combating Money Laundering
The Council of Europe stays dedicated to showing support to authorities for fighting money-launde...
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Financial regulators assure further assistance to the industry during COVID-19
Global financial regulators guarantee to provide ease in the regulations to deal with the COVID-1...
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BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit
BC has released a money laundering report that carries multiple recommendations and includes the ...
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Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency
Australia is looking at the laws that would require cryptocurrency providers to record the inform...
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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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UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks
The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and...
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NFT Market Skyrockets to $44 Billion as Money Laundering Increases
The non-fungible token (NFT) market value has increased from $106 million in 2020 to $44 billion ...
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Money Service Businesses Tighten AML/CFT Measures Amid Challenges
Microfinance firms, remittance services, and cambios have reported success in upgrading AML/CFT m...
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Zipmex Crypto Trading Platform Suspends All Activities in Thailand
Zipmex cryptocurrency exchange firm withdrew all activities in Thailand until 31st January 2024 t...
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India to Impose $2.65M Fine and Jail for Violating Cryptocurrency Bill
India’s financial watchdog has proposed a new crypto bill to impose a $2.65M fine and jail for vi...
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North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack
North Korean hackers behind the Harmony Bridge attack continue to attempt to launder crypto funds...
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Scottish Firm Blacklisted by the World Bank for Fraudulent Practices
An anonymously owned Scottish firm has been blacklisted by the World Bank for being involved in f...
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UAE Regulatory Authority Enforces Import Invoice Verification to Fight Trade-Based Money Laundering
United Arab Emirates (UAE) has implemented the latest compliance regulations for importing commod...
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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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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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US Launches First Criminal Prosecution for Alleged Cryptocurrency Sanctions Case
Criminal charges are issued by the US Justice Department for the first time for transmitting more...
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Sri Lankan Regulatory Authorities Enforce AML/CFT Measures to Avoid FATF Grey and Black List
The Financial Action Task Force (FATF) started cracking down on Sri Lanka’s financial institutes ...
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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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AUSTRAC to Update Guidance for Threshold Transaction Reporting
AUSTRAC has made it mandatory for reporting entities to include a threshold transaction report (T...
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EBA Report Uncovers Risks of Money Laundering & Terrorist Financing Associated With Payment Institutions
The European Banking Authority (EBA) published findings on money laundering and terrorism financi...
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Singapore Central Bank to Utilize AI Technology to Combat Money Laundering
The Monetary Authority Singapore (MAS) seeks to utilise AI technology to bolster the security of ...
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FMA Blacklists Krypto Security, Bay Exchange, and CTRL Investments Limited
New Zealand’s FMA has warned investors against services and products being offered by unauthorize...
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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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Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering
Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...
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Delta county bank president guilty of bank fraud
SHERMAN Texas – According to U.S. Attorney Stephen J. Cox, A 57-year-old former bank presid...
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Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach
UAE’s exchange house has weak measures to fight money laundering and terrorism financing and requ...
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Nigeria: Senate Bans Establishment and Operations of Shell Banks
The Senate is banning the establishment and operations of shell banks in Nigeria as an attempt to...
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Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs
UK law enforcement authorities recently sentenced a 22-year-old man named Bazyli Rymarz to 5 year...
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Expanding Fraud in Digital Space—Florida’s Government Raises Awareness
The Florida Department of Agriculture and Consumer Services issued a newsletter to alert people r...
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G-20 impels countries to adopt tough FATF Regulations on Cryptocurrencies
Bankers and finance ministers in the G-20 (Group of Twenty) are urging for greater acceptance of ...
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EU to Disclose the Names of the Non-Compliant Banks
EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...
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CCPA in effect – Mozilla firefox will let users delete their collected data
The California Consumer Privacy Act came into effect on Wednesday, Jan 1. Being obliged by the ne...
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Mishcon de Reya fined £232,500 for AML Failures
London’s leading firm, Mishcon De Reya has been fined EUR 232,500 over failing Anti-Money Launder...
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Global Banks Slapped with a Total of $14.21 Billion Fines in 2020
Finbold released a report on the global banks that were fined in 2020. According to the report, a...
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CSIR Reports Surge in Cybercrimes Pertaining to Work-from-home Culture
The Council for Scientific and Industrial Research (CSIR) has reported that cyberattacks have inc...
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Man arrested for money laundering offenses related to COVID-19
A 39-year-old Singaporean man has been apprehended for his suspected involvement in money launder...
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Credit Suisse Held Accountable for Money Laundering in Swiss Cocaine Cash Case
Credit Suisse was declared guilty by the Swiss Federal Criminal Court of deficient measures again...
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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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FATF Report Highlights Weaknesses in South Africa’s AML Systems
South Africa has a solid legal framework to combat money laundering and terrorist financing but h...
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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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Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership
The Swiss government plans to set up a central registry for beneficial ownership, a step that ind...
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UBS to Restrict Credit Suisse Bankers After Takeover
The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...
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Nevada Takes Measures to Combat Unemployment Insurance Fraud
District of Nevada’s Office of U.S Attorney has shown concerns about the rise in unemployment ins...
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