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Surge in Identity Theft Frauds During Covid-19
According to new data from the Federal Trade Commission (FTC), identity theft has risen to the nu...
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Phishing attacks hidden in Google Cloud Services
Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...
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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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FEMA Confirms Seizure of 288 Crore Funds of Chinese-owned NBFC
The FEMA has confirmed the seizure of 288 crores worth of funds of a “Chinese-owned” ...
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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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Banks Creating Regulations for the Cannabis Merchants for Better Compliance
Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...
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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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Legal Challenges Against TikTok for Breaching Child Privacy Policy
TikTok, the most trending social media application in the present times is facing legal actions f...
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Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case
The organised crime operation involved phishing scams and numerous business email compromise atta...
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Global OCR market expected to reach $70 billion by 2030
The global OCR market is expected to grow at the CAGR of 15% from 2020 to 2030, reaching USD 70 b...
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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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FATF to Decide Grey Listing of South Africa
FATF will announce its decision regarding the greylisting of South Africa on 24th February 2023. ...
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Singapore Seizes $2 Billion Worth of Assets in Money Laundering Investigation
Singaporean regulatory authorities officials accused lax immigration policies of large inflows of...
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FCA Fines TJM Partnership Limited £2 Million for Money Laundering
The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...
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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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CBN, NFIU to Monitor Illicit Crypto Transactions in Centralized Exchanges
The CBN and NFIU have been urged to track illicit transactions in cryptocurrency by engaging with...
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Consumers Lost €15.6M to Impersonation, Investment, and Romance Scams
Approximately 70% of Irish consumers have been targeted by some form of identity scam, according ...
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Canada Broadens Scope of Anti-Money Laundering and Terrorist Financing Rules
After Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, 14th February, the Dep...
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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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Global Banks Slapped with a Total of $14.21 Billion Fines in 2020
Finbold released a report on the global banks that were fined in 2020. According to the report, a...
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US Attorneys Probe into Binance Money Laundering Violations
US federal prosecutors have reportedly issued subpoenas to several hedge funds connected with Bin...
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FATF’s New Regulations Will Help Sanctions Find Russian Targets
The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...
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The Naivas Data Breach | A Wake-Up Call for Firms to Follow Privacy Laws
Naivas, one of Kenya’s largest supermarkets, recently suffered a data breach, highlighting ...
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Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering
Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...
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N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls
The central bank of Italy has banned German digital bank N26 from onboarding Italian customers af...
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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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Central Valley Towns Become the Hot Spot of Identity Theft
A new report identifies a small number of Central Valley towns with the highest incidence of iden...
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Uruguay Faces 3 Obstacles in the Fight Against Money Laundering
Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...
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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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Australian Regulators Oblige Businesses to Report Suspicious Transactions
The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspi...
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US Sanctions Russian Crypto Firm Over Ransomware Payments
Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...
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AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures
AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...
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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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Uber joins lawsuits to exempt itself from California law
California law effective from today, i.e. Jan 1 is all set to give equal protection to independen...
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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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Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions
Swiss FinTech firm LeonTeq has rejected allegations of suspicious transactions with possible link...
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Hong Kong Provides Guidance to Fight Financial Crimes Emerging from COVID-19
The Monetary Authority in Hong Kong (HKMA) has issued new guidelines for the banks on merging ext...
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Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism
Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...
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Michigan Man Convicted for COVID-19 Relief Fraud
The criminal has been sentenced to 32 months in prison for fraudulently acquiring PPP loans.
On ...
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Janet Yellen, US Treasury Secretary to be, Prioritizes AML Regulations
Janet Yellen, incoming Secretary of the US Treasury has announced that AML legislation is the mos...
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Fintrac Warns Casinos of Gamers Paying with Bank Drafts
Canada’s anti-money laundering agency is warning casinos to be cautious of customers who pay for ...
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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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Wealthy Americans Targeted by U.S. in Panama Tax-fraud Probe
Financial authorities in the US obtained a legal mandate to acquire information about wealthy cit...
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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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WhatsApp Introduces Fingerprint Authentication For Android
WhatsApp has recently announced that its app can be locked with a fingerprint, now available on A...
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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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Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs
Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...
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Hong Kong to Implement Background Checks for Accounting Students
Police will carry out a detailed background check of the students that plan on pursuing accountin...
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Foxconn Becomes the Victim of Ransomware Attack
A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...
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AFP to Crack Down on Italian Money Laundering Syndicates Operating in Australia
The AFP is set to crack down on Italian organised crime and money laundering syndicates flowing b...
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South Korea to Crush Crypto Ignited Illicit Activities
South Korea has announced to eliminate all cryptocurrency-related illegal activities including mo...
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Global AML Watchdog FATF Puts UAE on the Grey List
The Paris-based Financial Action Task Force placed the UAE on the grey list for “strategic defici...
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Australian Government to Extend AML and CTF Regime
The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...
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Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering
Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...
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FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms
FATF has published a report to call on the countries to the implementation of travel rules to und...
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Amazon Warns UK Customers Over Rising Threat of Impersonation Scams
Amazon has cautioned UK customers about the rising threat of impersonation scams via phone calls,...
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UAE Deploys Hi-Tech Measures to Combat Money Laundering
The UAE has intensified its measures in the fight against money laundering and terrorism financin...
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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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“Online Trading Platforms to Become a New Hub for Investment Scams” Warns FCA
FCA warns that investment scams are increasing in the UK via online means of trading platforms an...
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Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering
The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...
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Constitutional & Legislative Committee of Egypt Approves Amendments to AML Laws
Egypt’s constitutional and legislative affairs committee approved a government drafted bill...
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Ukraine to Scale-up Fight Against Financial Crimes
Ukraine’s Cabinet of Ministers has approved a plan that will strengthen the measures to prevent f...
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China’s Financial Watchdogs All Set to Regulate FinTech Sector
China’s four years regime to clear all risks from the financial system have been extended to the ...
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FATF Issues Guidance Paper For Incorporating Digital ID
The Financial Action Task Force (FATF) has issued a guidance paper, last week, that outlines a ri...
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Cyprus Adopts Transparency in Registration of Company Owners
Cyprus has planned to introduce a register in the coming weeks to unveil the identity of thousand...
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Banks Introduce Confirmation of Payee to Tackle Fraud
The Confirmation of Payee (CoP) system was launched in October 2018 but implementation was delaye...
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NAB, Largest Casinos Operators Caught in AUSTRAC’s Wrath
National Australia Bank (NAB) and the two largest casino operators in Australia are under investi...
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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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US Judge Approves Danske Bank’s $2 Billion Settlement to End Estonia Probe
A US judge has approved Danske Bank’s guilty plea in a $2 billion pact to end a probe into ...
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EU Regulators Say Crypto Exchange Licenses Should be Revoked for Money Laundering
EU regulators have proposed that the licenses of crypto exchanges should be revoked in case of se...
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FATF says governments ineffective in stopping money-laundering
According to David Lewis, Executive Secretary, Financial Action Task Force (FATF), governments ar...
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Study Reveals Alabama to be the Center for Identity Theft and Fraud
According to the latest study, Alabama has become the state with one of the highest rates of iden...
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