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Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports
‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...
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Global Drug, Money Laundering Hub Busted in Las Vegas
Federal law enforcement officials in Las Vegas have dismantled an international money laundering ...
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Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering
Arthur Hayes, Benjamin, Delo, and Samuel Reed – the co-founders of BitMEX charged for viola...
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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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Binance Tightens KYC Verification to Meet Regulatory Compliance
Customers that fail to meet the new requirements will only be allowed to withdraw funds, close po...
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U.K. Parliament Introduces New Online Safety Bill to Curb Push Payment Fraud
The UK Parliament introduces a new Online Safety Bill, to mitigate push payment fraud and increas...
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HSBC Fined £64m for “Unacceptable AML Failings”
HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...
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Members of Spalding Club Charged for Money Laundering Through Investment Scheme
Lincolnshire police reported suspected fraud cases in connection with a trading-based investment ...
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Ukraine Passes Anti-Money Laundering Law based on FATF
The Government of Ukraine has passed the final version of a money laundering law based on the gui...
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Economic & Financial Crime Bureau Gets Legal Powers as an Independent Authority
The Economic & Financial Crime Bureau and Financial Intelligence Unit [Bailiwick of Guernsey]...
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Nigeria’s Senate Passes Bill to Tighten Money Laundering Rules
Nigeria’s Senate has passed a bill that is aimed at improving the country’s money laundering regu...
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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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Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online
The Australian Cyber Security Center (ACSC) revealed that they received one cybercrime report eve...
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New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures
New York’s top financial regulator has fined Robinhood $30 million for failures and shortcomings ...
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UAE Extends the Deadline for DNFBPs to Register for AML Regulations
The Ministry of Economy (MoE) in Abu Dhabi has announced the deadline extension for the registrat...
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Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules
Japan’s JVCEA has been warned by the Financial Services Agency of the delays in the introduction ...
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Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again
A federal indictment accusing FTX Co-Founder Sam Bankman-Fried of committing widespread fraud has...
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Investment platforms on target of Criminals to Launder Stolen COVID Relief funds
Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...
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Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks
The Australian Law Council claimed they noticed in the survey that lawyers uphold rigorous regula...
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EU to Introduce Uniform Legal Framework for Crypto Assets
The EU is negotiating on new rules for introducing a uniform legal framework for crypto assets wi...
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Increasing Money Laundering Fines for Banks After Lockdown
Despite the delays in enforcement activities due to lockdown, the globally issued money launderin...
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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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HKMA Reveals Phishing Fraud Went Up by 145% in 2021
Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.
Hon...
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Money Mule Initiative Results Announced by the US Department of Justice
As a part of the Money Mule Initiative, the law enforcement depart of the USA has taken action ag...
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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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Fake Zoom Invite Collapsed Australian Hedge Fund with a CyberAttack
A fake zoom invite has taken out $8.7 million in fraudulent invoices by the trustee and administr...
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Shufti Crosses One More Milestone With Its New Ukraine Office
May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...
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FCA Probe into Barclays for Anti-Money Laundering Failings
The Financial Conduct Authority opened a probe into Barclays for suspected failings in compliance...
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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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RoC of the Cayman Fines Companies failing to Reveal Beneficial Owner’s Name
Cayman Island’s Registrar of Companies has begun penalizing the financial firms for not disclosin...
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FINRA Issues Guidelines Regarding Penalties for Anti-Money Laundering Violations
FINRA has issued its first-ever guidance to its member broker-dealers about the penalties that wi...
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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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5 Billion Unique Credentials Circulating on Darknet
According to the report released by security firm Digital Shadows, a total of 15 billion user cre...
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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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Data Security at Risk Due to the Fake Lending Apps
Gained network access, pictures, and contact information are at threat due to the fake lending ap...
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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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FIAU Charges ECCM Bank €310,000 for Weak AML Controls
FIAU charged Silema-based ECCM Bank €310,000 over failings in money laundering controls, revealin...
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Pinterest Enhances Age Verification Measures to Protect Users Under 16
Pinterest reveals a new series of security features to make its platforms secure for teens. These...
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SEC Charges $79 Million Penalties on Broker Companies for Deficiencies in Recordkeeping
The Security and Exchange Commission (SEC) has imposed $79 million worth of penalties on brokerag...
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US Launches National Cryptocurrency Enforcement Team
The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...
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The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”
The chairman of the CFTC discussed that his agency would regulate the crypto market. Digital Com...
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Central Bank Of China Tightens Financial Regulations to Curb Money Laundering
The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...
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Fed Board Issues Directives Restricting Member Banks Holding Crypto as Principal
The US Federal Reserve rule cemented the Central bank’s caution about crypto asset activities, pr...
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Updated AML Regulation for Australian Digital Currency Exchange
The attorney-General proposed changes to AML/CTF frameworks in April 2023. The Australian Governm...
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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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Cabinet Pressurizing BVI to Improve its Financial Laws
Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...
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Shufti Bagged “Product Leader” Award with 92% Customer Satisfaction
Shufti, an AI-powered identity verification services provider has won the Product Leader 2020...
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Italian banking association ready to accept digital euro
The Italian Banking Association (ABI) has disclosed that it is willing to support the introductio...
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FinCEN Alerts FIs on Nationwide Surge in Check Fraud Targeting U.S Mail
The FinCEN (Financial Crime Enforcement Network) issues an alert to all the FIs (Financial Instit...
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B.C. Real Estate Company Fined $230K for Multiple AML Violations
Nu Stream Realty Inc. has been fined $230,423 for failure to comply with federal Anti-Money Laund...
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Fraudsters exploiting Coronavirus panic have scammed £1.6 million
United Kingdom investigators have reported more than 500 COVID-19 associated scams and over 2,000...
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Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks
Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...
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AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High
According to the anti-money laundering council, the Philippines’ terrorist and terrorism fi...
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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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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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US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme
The US Department of Justice has arrested two in a $1.1 million non-fungible token fraud and mone...
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Singapore Monetary Authority to Review Rising Card Scam Cases
The Monetary Authority of Singapore (MAS) is reviewing the liability framework for card scams, gi...
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EU Fines Hungary for Declining to Lift Restrictions on Foreign Funded NGOs
European Union, in Brussels, took an important step to penalize Hungary for not lifting restricti...
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Regulators Express Concerns on TD Bank’s AML Practices Leading to Merger Termination to Acquire First Horizon Bank
TD Bank was being examined by the Office of the Federal Reserve and the Comptroller of the Curren...
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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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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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Chinese Officials to Face Scrutiny Over their Financial Affairs in Hong Kong
Hong Kong’s banks will take extra measures to monitor transactions by Chinese politically connect...
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French Magazine XXI to Reveal ICIJ’s Take on Tax Havens
In an interview with ICIJ, XXI editor David Servenay says that the offshore world is more powerfu...
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MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants
Professionals in Malta, lawyers, accountants, and auditors, etc. are resisting the new rules that...
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Two More Crypto Firms to Shut Down Over EU Money Laundering Regulations
Two more cryptocurrency firms – mining pool Simplecoin and bitcoin gaming platform Chopcoin...
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UK has Suffered Fraud and Cyber Crime Losses Worth £1.3 Billion in 2021
London incurred the highest amount of losses to cybercrime and fraud in the first half of 2021, a...
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Standard Chartered Is Fined $13.6 Million by India’s AML agency
Standard Chartered Bank is fined $13.6 million by India’s anti-money laundering agency for 2007 d...
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EBA Restricts Diamantaires from Banking Services to Curb ML/TF Risk
Financial institutions restricting diamond dealers from banking services to comply with EU’s 2015...
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Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’
The Russian government has banned the new website Bits.media for allegations of promoting illicit...
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FINRA Issues its Examination and Risk Monitoring Program Report 2023
FINRA published its 2023 report on its Examination and Risk Monitoring Program, covering all the ...
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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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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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