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FCA Fines Nigeria’s Guaranty Trust Bank Over AML Control Failures
The (FCA) Financial Conduct Authority has charged 7.6 million pounds ($9.3 million) to the UK sub...
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CBUAE Issues New AML/CTF Guidelines for the Insurance Sector
The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...
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New Zealand Encounters Spike in Online Identity Theft
Recent research of New Zealand’s financial market has shown a spike of 86 percent in identity fra...
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British Government Prepares Task Force to Halt Financial Crimes
After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...
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Latvia’s Bank Rietumu Fined EUR 5.85M Over Money Laundering Failures
The Financial and Capital Market Commission has fined Bank Rietumu EUR 5.85 million over failures...
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Dubai Court Sentences Gang of 18 for Charges of Money Laundering
The Dubai Criminal Court has convicted a gang of 18 individuals belonging to different countries ...
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RBI Gives Stark Warning Against Emerging KYC Fraud
RBI states that sensitive details should not be disclosed via unverified or unauthorised channels...
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Vietnam Govt to Introduce Crypto Research Group to Evaluate Policy
Vietnam’s Ministry of Finance has plans of establishing a research group with the aim of studying...
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China Pledges “Zero Tolerance” for Financial Fraud
Top financial regulators in China pledged to introduce stricter controls following the recent dis...
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IMF Urges Philippines to Enhance AML Measures to be Removed from Grey List
The International Monetary Fund (IMF) stated that the Philippines government should adopt an enha...
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BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering
BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...
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Philippines to Exit FATF Gray List Next Year, Says Governor BSP
Felipe M. Medalla, the governor of BSP, says that the Philippines have one year to exit the FATF ...
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Online Gaming Used by Criminals to Groom Minors into Drug Mules
Criminal networks are now applying the use of online video game, Fortnite, to groom minors around...
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Rise in Fraud from COVID-19 Bounce Back Loan Scheme
Fraudsters are stealing the money around £400M from taxpayers in the UK through the support loans...
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Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins
CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...
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Lloyds Banking Group Initiates “Pilot Scheme” to Combat Frauds
Lloyds bank initiates a “pilot scheme” with the London police to counter criminal act...
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Bank of England Introduces New Regulatory Approach for Crypto
The Bank of England is formulating the UK’s first regulatory framework for crypto assets and stat...
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UK watchdogs launch ad-scam alert system to control online fraud
The United Kingdom Advertising Standards Authority (ASA) and the Internet Advertising Office (IAB...
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Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes
China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...
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JFSC Penalizes Jersey Firms £700,000 for Violating AML Regulation
Three jersey based firms have been forced to pay a fine of more than £700,000 for breaching anti-...
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Enhancing Transparency and Beneficial Ownership in the Fight Against Trade-Based Money Laundering
Criminals use trade-based money laundering (TBML) to move illicit money across jurisdictions. TBM...
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EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon
France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...
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Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud
Hong Kong Authorities claimed they received over 23,000 complaints against the Dubai-registered c...
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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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Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai
Prosecutors have uncovered a money laundering scheme dubbed “The Shadow Exchange” worth USD 12 mi...
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UK to Apply Digital Identity Verification Across Government Services
Michael Gove, Cabinet Office Minister has written to Whitehall departments about obligating the u...
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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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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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G20 Summit Agrees to Establish a Unified Global Crypto Framework to Prevent Digital Money Laundering
The G20 Summit signed to establish a global unified regulations framework to regulate digital tra...
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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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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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Germany and Austria to Adopt Digital KYC for Customer Onboarding
Banks and financial institutions are always searching for ways to impress the customers and the d...
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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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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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Data of Half-Million Chicago Students Exposed in a Ransomware Attack
The personal information of more than half a million Chicago students and the staff was accessed ...
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UAE banking sector unites with law enforcement agencies to tackle fraud
Dubai: UAE’s first national fraud awareness campaign has been initiated with the collaboration of...
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Swedbank Fined And Remains Under Investigation by US Authorities
As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...
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Archipelago Trading Fined $1.5 Million for SAR and AML Failings
The US Security and Exchange Commission (SEC) fined the Archipelago Trading company over the shor...
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United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities
United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...
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Philippines AML Council Adds POGO to its Non-Compliance List
In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...
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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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Ransomware attack on insurance MSP Xchanging affects customers
DXC Technology, a global IT solutions provider reported a ransomware attack to the US Exchange Co...
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FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK
UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...
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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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New York’s Attorney General Bent on Shutting Fraudulent Crypto Platform
New York’s attorney general has filed a lawsuit against a cryptocurrency platform, known as Coins...
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Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes
Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) is all set to enact revi...
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China’s Law Enforcement Authorities Issue Warning Against NFTs to Curb Financial Crimes
China’s three major banking regulators have issued a warning against non-fungible tokens (NFTs) w...
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Hong Kong Arrests 13 in HK$53 million Money Laundering Case
13 people in Hong Kong have been arrested for money laundering and operating illegal gambling sit...
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Ghana Records $4.33m Financial Losses to Cyber Fraud in Q1’23
Ghana suffered direct financial losses of US $4.33 million due to cyber fraud activities between ...
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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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BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering
BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...
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International Student Sues Commonwealth Bank for Money Laundering Scam
An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...
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European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering
The parliament members adopted a comprehensive set of regulations stemming from the previous reco...
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COVID at EURO 2020 Reinforced the Need for Digital COVID Pass
With 2 infected players infiltrating the entire stadium, many are fearing the spread of COVID-19 ...
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CIBC Fined C$1.3M by Canadian Anti-Money Laundering Authority
Canadian regulatory authorities imposed a $1.3m penalty on the Canadian Imperial Bank of Commerce...
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The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers
The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...
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Gaming & Investment Firms in Malta Penalised with €4.6M for AML Failures
The financial intelligence Analysis Unit has issued an annual report that shows that the total fi...
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PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud
PSR has advised UK banks to compensate customers who have been the victims by APP (authorized pus...
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Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources
Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...
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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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Cryptocurrencies marked as top AML and CFT Priority by FinCEN
FinCEN will soon be publishing regulations on how financial institutions can incorporate cryptocu...
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Amazon patents block chain-based product authenticator
The U.S. Patent and Trademark Office approved Amazon’s three-year-old “Distributed ledger certifi...
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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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Livestreaming Helps Shanghai Police Crack Money Laundering Case
There has been an arrest of a live streamer by Shanghai police who had been tipped off by a live ...
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BANGKO SENTRAL ng Pilipinas (BSP) Cancels Licences of Two Firms
THE BANGKO SENTRAL ng Pilipinas (BSP) has cancelled two virtual asset service provider (VASP) fir...
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New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela
A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...
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E-krona – Rising Cashless Sweden Sights Virtual Currency
Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...
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Britain Court Urges Binance for Better Financial Crime Prevention
The Court of London in an order emphasised that Binance should develop policies and procedures to...
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AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations
The Anti-Money Laundering Council in the Philippines has frozen the accounts of 16 organizations ...
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South Korea Seizes $47M Worth of Crypto from Tax Evaders
South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...
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Bahrain sentences three money-laundering suspects to prison
Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...
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US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures
The US Treasury Department designed a beneficial ownership report form to strengthen the security...
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