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China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months
China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...
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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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UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures
Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...
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Phishing Scams Spike As Holiday Season 2021 Approaches
64% of the top courier companies have insufficient protection against phishing scams and other fr...
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Hong Kong regulators looking into possible overcharging by brokers
HONG KONG – Hong Kong’s financial regulators announced on Monday that they would analyze th...
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Vietnam Enhances Anti-Money Laundering Laws to Prevent Financial Crimes
Vietnam regulatory departments are redefining their AML compliance measures to supervise cryptocu...
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UK Approves New Bill to Enhance Security in the Cryptocurrency Sector
The UK government has approved a bill to grant power to the authorities to seize cryptocurrency p...
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$8 Million Worth of Crypto Stolen From BitKeep Wallets
Cryptocurrencies worth $8 Million, including Binance Coin, Tether, Dai, and Ether, were stolen fr...
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China Warns of Money Laundering Risks Arising from NFTs
China has warned of the financial risks associated with non-fungible tokens (NFTs) as three indus...
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Amazon Sued Over Illegal Storage of Employee Biometric Data
Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...
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FACT Urges Treasury to Implement Landmark Corporate Transparency Act
FACT has urged the treasury department to impose crucial changes to draft regulations and impleme...
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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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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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AUSTRAC: Loan Fraud is the Main AML/CFT threat to Non-banks
AUSTRAC report states loan scams and identity fraud as the main threat to AML/CFT compliance when...
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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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Coinbase Attorney Urges SEC to Announce Crypto Rules
Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...
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“Real Estate Is Critical To Money Laundering”, Says BSP
The Governor of BSP bank emphasized the urgent need for brokers to guard real estate against mone...
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FATF Calls for Tighter Regulations to Fill Voids in Virtual Asset Compliance
The Financial Action Task Force (FATF) highlighted a regulatory gap in the compliance system for ...
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After Targeting 30 People, the “Major Identity Theft Player” Got Arrested by MPD
Roseanna Russell, who the police call ‘mega player’, got caught by the Mobile police. The reports...
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Reports Reveal NAB Contract Workers Received Little to No AML Training
The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...
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AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations
The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...
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India and the United States Collaborate to Combat Financial Crime
The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...
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Cybercriminals demanded $3 million ransom from Travelex
The hackers behind a cyber attack on a foreign exchange firm Travelex ordered to pay $3 million r...
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Court Convicts Defendant of Defalcation of Public Funds in Abu Dhabi
A defendant was convicted of money laundering and tax evasion by Abu Dhabi Criminal Court and sen...
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Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance
An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...
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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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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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FATF applauds Korea’s AML and CFT efforts
According to the FATF, Korea features a sound legal framework to tackle money concealment and ter...
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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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BPI Crackdowns on Money Mules to Secure Financial Institutions
The Bank of Philippine Islands (BPI) was flagged on Wednesday as it was suspected to be involved ...
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European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding
The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...
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Singapore Taking New Actions Against Terror Financing and Money Laundering
Singapore’s Parliament took improved measures against the financing of terrorism and money launde...
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Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud
Lake County state’s attorney announced a new Financial Crimes Unit to deal with money laundering,...
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Increasing Incidents of Fraud Becoming a Threat to UK’s National Security: UK Finance
Automated systems prevented approximately 736 million pounds ($1 billion) from being stolen throu...
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EU Plans for New Anti-Money Laundering Agency
European Union’s anti-money laundering agency plans are being developed in detail. A memo dated M...
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Money Laundering in Ireland Skyrockets as Criminals Move Online
The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...
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FATF Warns Many Countries Continue to Face Challenges in Meeting Virtual Asset Regulations
Approximately 75% of FATF member countries fail to adhere to or only partially comply with Recomm...
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FinCEN Implements Stringent KYC Regulations For Digital Wallet
The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...
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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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Singaporean Banks Enhance Security to Combat Financial Crime
The Monetary Authority of Singapore (MAS) stated that the country’s banks are enhancing security ...
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AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security
Australia’s AML Agency AUSTRAC has partnered with the Pacific Financial Intelligence Unit t...
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FBI and the U.S. Marshals Service Warn of Prevailing Telephone Scams
FBI and the U.S. Marshals Service have warned of prevailing telephone fraud in which callers act ...
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Global Payments Industry At Risk Due to Cryptocurrencies, Says FinTech Boss
According to the boss of New York based investment banking company, Goldman Sachs, Cryptocurrenci...
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FBI Warns About the Emerging Fraud Related to COVID-19 Vaccine
The Office of Inspector General, U.S Department of Health and Human Services, FBI, and Centers fo...
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Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities
A gang of a Chinese national and 20 other people got arrested by Chandigarh Police. Investigation...
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European Union Drafts Crypto Transfer Legislation to Curb Money Laundering
The European Union has introduced legislation to identify crypto transfers as part of wider anti-...
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International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks
Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlight...
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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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A European Money-Laundering Network Captured by French National Gendarmerie
A money-laundering network in France was under investigation for 18 months by French National Gra...
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Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images
The previous month, after NewYork Times’ critical report on the facial recognition tech of Clearv...
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Deutsche Bank Subordinate DWS Fined $25 Million for AML Violations
In the latest enforcement action, the Security Exchange Commission (SEC) has fined $25 million to...
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“Illicit Actors are Turning to E-commerce as a Money Laundering Tool” UAE Central Bank Discloses
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging fr...
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Seychelles Upgrade on FATF Recommendation to Strengthen Anti-Money Laundering Measures
Seychelles has upgraded and implemented 5 FATF recommendations to strengthen anti-money launderin...
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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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U.S. Takes the Lead in Combating Illegal Financial Activities Through Updated AML Timelines
The Biden Administration released a new fact sheet highlighting the administration’s progre...
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SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown
Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures re...
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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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EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments
European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...
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UAE Imposes Strict Penalties for AML and CFT Failings
The UAE is set to be removed from the FATF’s Gray List in the upcoming year as it substantially i...
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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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US Government Looking to Develop Vaccine Passports as Proof of Vaccination
The US government is looking to develop a system that would manage the credentials and verify the...
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Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions
Despite the Hong Kong government’s encouragement, two banks have rejected crypto activities...
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Updated Crypto AML Rule in South Korea Set to Take Effect from 25th March
South Korea’s official financial regulatory body, the Financial Services Commission (FSC), announ...
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UAE Central Bank Issues New AML/CFT Guidelines for Licensed Financial Institutions
CBUAE (Central Bank of UAE) has administered new AML/CFT guidance for Licensed Financial Institut...
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European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding
The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...
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UAE Praises Singapore’s S$2.8b Financial Crime Bust
The director-general of UAE anti-money laundering and counter-terrorism financing commends Singap...
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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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Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide
More than 40 ransomware attacks have been attributed to BlackMatter, a ransomware-as-a-service gr...
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Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS
Offshore tax loopholes are safe havens for wealthy Americans to cheat the Internal Revenue Servic...
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Sberbank Warns Russians; Cybercrime Cost the Nation $49bn in 2020
According to Russia’s largest state-owned bank, Sberbank, the total amount the citizens along wit...
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Chinese Banks Promise To Step Up Cryptocurrency Ban
Some of the biggest banks in China have promised to refuse help to customers that trade with Bitc...
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Facebook Built a Facial Recognition App To Identify Employees
Facebook is again under fire for its controversial facial recognition technology. The tool used f...
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