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UAE’s AML Body Adopts Regulatory Framework for Virtual Assets
The new rule for virtual assets has been devised in accordance with the crypto travel rule issued...
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UAE Freezes Assets of Irish Crime Syndicate for Laundering Money Through Dubai
The UAE has frozen the assets of Ireland’s Kinahan Crime Syndicate, mounting the pressure on an o...
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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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CBN Introduces New Anti-Money Laundering Rules for Microfinance Banks
The Central Bank of Nigeria has issued a guidance note that is aimed to prevent money laundering ...
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UAE Adopts Facial Recognition for ID Verification Instead of Emirates ID Card Readers
Facial recognition instead of Emirates ID card readers will now verify identity.
The Federal Auth...
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EU Contemplates New Anti-Money Laundering Body in the Wake of Scandals
Brussels plans to pursue the strengthening of powers of the EU agencies to combat money launderin...
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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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Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges
Hong Kong’s legislative council has amended its Anti Money Laundering and Countering Terrorist F...
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Massive Cyberattack on Australia Uses Cryptojacking Exploits
According to the Australian Cyber Security Centre, a group of “state actors” hacked Australian ne...
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Swedish gambling regulator seeks high money-laundering fines
The Swedish Gambling Authority (SGA) has taken a tough stance against money laundering and reques...
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LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Shut Down After 10 Years
LocalBitcoins, the crypto firm named by the US treasury in the Bizlato exchange case, has announc...
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CBA Fails to Disclose AML Non-Compliance to Investors, A Court Hears
A court has heard that the CBA should have informed the market that it may have engaged in “law-b...
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US Takes Steps to Regulate Digital Currency Amid Russian Sanction
President Biden signed an executive order on Wednesday wherein the federal government was urged t...
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UAE Issues Deadline for Businesses to Register for AML System
The Ministry of Economy has highlighted the businesses that must register for the AML system. All...
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The IRS Issues Last Minute-Warning To Avoid Tax Penalties
A new warning has been issued by the IRS with the introduction of an identity protection pin that...
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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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Conveyancers Used for Laundering Millions of Pounds across the UK
Government warns that hundreds of millions of pounds are being laundered by criminals across the ...
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FinTech Market Gaining Traction in Asia, Slowing Down in US
The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...
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Biden Increases 50% Budget for FinCEN to Omit Financial Crimes
President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...
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SA Government Passes New Legislation to Avoid FATF Gray list
South African government has passed two crucial legislations to prevent potential greylisting by ...
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Qatar Takes Steps to Strengthen its AML/CFT and Sanctions Compliance
A webinar organised by ICC Qatar emphasised the efforts of Qatar to strengthen its AML/CFT and sa...
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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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Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations
Coinbase, The American cryptocurrency exchange platform, has agreed to pay $100 million in a sett...
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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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MGA Issues 10 Warnings and Revokes 6 Licenses of Gaming Operators
MGA issued ten warnings and revoked six gambling licences in 2022. According to the report, the M...
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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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Cayman Island Businesses Urged to Maintain Beneficial Ownership Information
Cayman companies are urged to maintain beneficial ownership information in accordance with intern...
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Egypt Government to Establish Central Bank Unit for AML and CFT
On Wednesday the cabinet approved a draft law amending some regulations within the Anti-Money Lau...
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FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes
The Financial Action Task Force has announced that it will shorten its fifth round of mutual eval...
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UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022
UAE’s AML task force has imposed fines of over Dh41 million ($11m) in the first six months of 202...
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France to Test Digital Currency in the First Quarter of 2020
The digital currency race is building up and every country wants to take part in it. Now, Banque ...
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William Hill to Pay £19M for Social Responsibility and AML Failings
The Gambling Commission has fined William Hill Group Businesses £19 million for failing to uphold...
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Banks take measures to serve customers amid COVID-19
The banking industry is stepping up to serve customers as well as their employees as the Coronavi...
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Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law
The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...
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Mauritius to Step Out of FATF Gray List Following Key Regulatory Changes
Mauritius, which was previously known for being a tax haven, might be out of the FATF’s grey list...
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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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France to Test Digital Currency in the First Quarter of 2020
The digital currency race is building up and every country wants to take part in it. Now, Banque ...
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Shufti Relocates its London Office to Facilitate the Company Growth
March 2021, Shufti is pleased to announce the relocation of its London office to a larger and...
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AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines
The Anti-Money Laundering Council (AMLC) is pushing for more strict due diligence measures on del...
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UAE and UK Initiate Large-Scale Crackdowns Against Money Laundering
The UAE has set up an AML task force that is currently pursuing hundreds of cases, and Cambridges...
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Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection
It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...
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Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)
Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...
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30 Swiss Banks Failed Money Laundering Regulatory Analysis Test
The Swiss financial regulatory authorities overviewed the security of the banking sector and noti...
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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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UAE Authorities to Coordinate Efforts Against ML/TF Among NPOs
The UAE’s Ministry of Community Development and the Financial Intelligence Unit have established ...
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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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Iranian President Calls for National Crypto Mining Strategy
The Iranian President, Rouhani, recently informed the officials from the Central Bank of Iran (CB...
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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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The UK’s NCA Establishes New Unit to Clamp Down on Corrupt Elites & Money Launderers
The UK’s National Crime Agency (NCA) created a new unit with the aim to target and investigate co...
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FATF Issues New Set of AML and CTF Recommendations for EU States
The Financial Action Task Force (FATF) has offered a new set of guidance for European Union (EU) ...
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Pakistan Launches Contactless Biometric Verification for Banking
Pakistan has become one of the first countries in the world to implement biometric verification t...
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FCA Unveils Three-Year Anti-Money Laundering Strategy to Curb Financial Crime
The FCA unveiled in its new report a three-year anti-money laundering strategy which includes a n...
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UAE Confiscates Assets Worth $354 Million to Crack Down on Money Laundering
UAE stepped up and seized $354 million worth of assets from March to mid-July 2023 in the fight a...
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Danske Bank Facing the Long-term Cost of Money Laundering
Danske Bank is still facing the consequences of its involvement in the €200 billion worth of mone...
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US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry
The US Treasury Department has found the country’s art market to be vulnerable to financial crime...
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Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues
Uganda is facing the risk of being added to a global blacklist for money laundering and terrorism...
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Instagram is Adding Age Verification to Protect Minors
Instagram is adding age verification in order to provide a safer online community to the minors. ...
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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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Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations
Coinbase, The American cryptocurrency exchange platform, has agreed to pay $100 million in a sett...
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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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Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures
Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...
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Sri Lanka removed from the high-risk money-laundering list
COLOMBO – Sri Lanka was recently removed from the list of high-risk countries for money lau...
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German FinTech N26 Notches $100M Amid COVID-19 Uncertainty
A funding deal for an extra $100 million has been closed by a German challenger bank N26 as it pr...
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Deepfakes on TikTok raise new security concerns
Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...
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South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents
SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing ...
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Singapore Now Requires Developers to Comply with New AML/TF Regulations
The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...
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RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening
KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...
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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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IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC
New Delhi: On Tuesday, June 1st, the Internet and Mobile Association of India (IAMAI), announced ...
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TD Banking Group Expects US Penalties for Money Laundering
TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...
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FinCEN Says Russia Cannot Evade Sanctions with Crypto
Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...
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Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws
Abu Dhabi Global Market (ADGM) financial regulatory authority fined $486,000 to digital UAE bank ...
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