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House Bill Passed in Philippine to Enforce AML LAW
House of Representatives has approved legal amendments to regulate the developers, metal dealers,...
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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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Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals
Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...
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Corrupt Countries Tend to Have a Higher Number of Crypto Users, Says IMF
A recent International Monetary Fund (IMF) study shows that counties that have more corruption ha...
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Money Laundering Proceedings Against Pilatus Set Back Indefinitely
Money laundering proceedings against Pilatus Bank and its former top officials will likely be set...
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President Biden Takes the Reins with Halting Digital Assets’ Rule Making
Regulatory proposal regarding digital assets has been frozen by President Joe Biden. Biden took h...
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Canada’s Federal Agencies to Consult on Anti-Money Laundering and Counter-Terrorism Measures
The Canadian government has launched a public consultation to strengthen the country’s anti...
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Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each
Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...
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Ripple CEO urges US Regulators to embrace Crypto
Brad Garlinghouse, CEO Ripple has encouraged the US regulator “to step up and lean into digital c...
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US Courtrooms Ponder Over the Photo ID Requirement for Voters
The US courtrooms are again facing the debate over the use of photo identification for voters. A ...
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FCA Bans Crypto-Related Investments in the UK
Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...
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Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List
Implementing an enhanced AML/CFT framework brings terrific news for Mauritius as they are off FAT...
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MAS Imposes Capital Requirements on OCBC for Inadequate Scam Response
Additional capital requirements have been imposed on the OCBC bank by the Monetary Authority of S...
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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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Yemen Government Accused of Money Laundering by United Nations
Monitors of U.N sanctions have accused Yemen’s government of corruption and money laundering. A r...
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Panama & the Cayman Islands’ AML Efforts May Lead to Removal From FATF Gray List
According to the Paris-based watchdog, Financial Action Task Force (FATF), Panama and the Cayman ...
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Growing List of Countries are Introducing Regulations on Crypto
Ukraine’s Parliament officially adopted the Draft Law On Virtual Assets. Prior to this, cryptocur...
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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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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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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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Shanghai police warn citizens to beware of online romance frauds
Shanghai police are warning people to be aware of Romantic Internet scams in which victims lose a...
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MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime
The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling busi...
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Chinese Bank trials the test interface for PBoC’s Digital Currency
One of China’s largest state-owned banks, the Agricultural Bank of China (ABC) is testing a new i...
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Switzerland Falls Behind in the Fight Against Money Laundering
The Parliament of Switzerland has voted against the requirement of performing due diligence on la...
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Action Fraud alerts shoppers about COVID-19 scams
Retail stores and other non-essential shops are recommencing across the United Kingdom, but many ...
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Clearview AI will be facing the legal claims after critical NYT report
Clearview AI is an artificial intelligence firm providing facial recognition technology to US law...
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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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ProtonMail added an encrypted calendar to its encrypted Gmail competitor
Previous year Google faced a hefty fine of $170 million by the Federal Trade Commission following...
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Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations
The Financial Conduct Authority of the UK has imposed fines of £5.8 million on Ghana Internationa...
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Malta’s Justice Minister Ammends Legal Framework to Lighten Financial Crime Proceedings
Malta’s Justice Minister announces amendments in the court proceedings for financial crimes...
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Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations
Boylesports, an online gambling operation is facing £ 2.8 million in fines for violating the regu...
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The UAE and Malta Organise a Joint Workshop to Share AML/CFT Knowledge & Experience
The UAE and Malta organised training workshops between 12-15 June to strengthen cooperation and c...
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IMF Seeks Tighter Checks on Kenyan Banks Amid Money Laundering Concerns
The International Monetary Fund (IMF) is tightening the checks to prevent money laundering and wa...
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South Korea Extends AML Compliance Deadline for Crypto Sector
The deadline has been extended to ensure regulators are able to process all the applications subm...
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EBA Issues Guidance on the Roles of AML/CFT Compliance Officers
The European Banking Authority has published guidelines that state the roles of Anti-money launde...
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Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings
The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...
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Switzerland Falls Behind in the Fight Against Money Laundering
The Parliament of Switzerland has voted against the requirement of performing due diligence on la...
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London’s Mayor Assures of the Strong Regulations Despite Brexit
Bankers in the UK are looking towards the leniency in regulations and tax cuts due to Brexit. How...
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Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts
Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...
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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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U.S. Schools and Colleges Witness a Rise in Data Breaches
Data breaches and cyberattacks continue to grow and now targeting the education sector. Amid the ...
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LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People
Canadian laboratory testing company, LifeLabs, disclosed on Tuesday that it had been a victim of ...
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US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs
The US government is ready to change the process of reporting beneficial ownership. The final rul...
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Over $700M Embezzled From Iraq’s Public Fundings – Anti Corruption Commission
The Iraq Anti-corruption commission has pointed out the illegal use of people’s funding fro...
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AML Program Risks Highlighted by the Pandora Papers Scandal
Experts have advised compliance officers to divert their focus on EDD, CDD, and UBO verification ...
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Low-orbit internet banking fraud claim supposed to be a bunch of space junk
A case of supposed low-orbit digital banking fraud has taken a turn, with the US Attorney’s...
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The FATF Gives The Philippines 2-3 Months to Address Remaining Deficiencies
Chuchi G. Fonacier, Deputy Governor of the BSP, said 4 of the 8 remaining Financial Action Task F...
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Singapore Scammers Launder Money Through Online Gambling
Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...
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Guyana Joins Sister Caribbean Countries to Stop Money Laundering
“Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...
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South Korea Demands Crypto Exchange Data from Banks for Tighter Regulations
The financial regulators in South Korea are seeking crypto exchange data from the banks in order ...
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UAE Delegation to Visit the US to Discuss AML Initiatives
The UAE and the US put forward their efforts to minimize the risks associated with virtual assets...
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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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Danske Bank Charged with $413m for Defrauding Investors about AML Shortcomings
The Securities and Exchange Commission has charged Danske Bank $413 million for misleading its cu...
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FinCEN Wants Banks to Submit SARs to Affiliates Under AML Act 2021
FinCEN proposed a new rule that will allow banks to share suspicious activity reports with foreig...
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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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Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions
Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...
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Seattle Airport Resists Federal Push for Facial Recognition
Facial recognition technology won’t be installed at the boarding gates of the Seattle-Tacoma Inte...
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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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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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Arizona Bank Used to Funnel 11 Million USD in a Money Laundering Scheme
According to Federal prosecutors, a money-laundering scheme has been successful in funneling $11 ...
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ICO Warns Public Bodies Over Failure to Respond FOI Requests
ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...
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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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Czech Republic Ramps Up Efforts to Combat Financial Crimes
According to a Moneyval report, the Czech Republic is showing progress in improving its complianc...
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US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency
The US Department of Justice (DOJ) announced several enforcement actions against cryptocurrency a...
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UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations
The UAE has fined six companies Dh3.2 million for failing to comply with Anti-Money Laundering an...
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UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators
The report covers crucial aspects of crypto regulation, aiming to foster growth in the sector wit...
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PBOC Issues New Financial Rules to Curb Money Laundering Risks
The People’s Bank of China (PBOC), The China Banking and Insurance Regulatory Commission, a...
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The UK Introduces New Bill to Combat Identity Fraud and Financial Crime
The UK government has launched a bill to prevent the flow of dirty money through its economy by c...
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Medical Testing Postpones Money Launderer’s Sentencing
The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...
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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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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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UAE police show how fraudsters can access your bank account
Abu Dhabi Police has alerted people against the download of unknown apps so they can secure their...
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