On October 24, 2023, the Australian Transaction Reports and Analysis Centre (AUSTRAC) reminded reporting entities to enroll with the regulator before November 9 to avoid receiving a financial penalty. For each day a firm remains unenrolled after this date, it […]
According to the latest figures published by UK Finance, fraud remains one of the most common crimes in the UK. Criminals are using social engineering tactics to target their victims, including impersonating businesses and creating fake investment ads, as well […]
The fourth Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on October 25-27, 2023. We’ve summarized the key developments – read on or click below […]
During an investigation into money laundering and drug supply, authorities in Australia have dismantled an international money laundering syndicate and charged seven people. As part of Operation Phobetor-Enyo, authorities identified a 37-year-old man in Vietnam allegedly running a money laundering […]
Following the recent attacks on Israel, the US Financial Crimes Enforcement Agency (FinCEN) has issued an alert detailing key terrorist financing red flags to look out for. The alert is relevant for financial institutions (FIs) in multiple industries, including gambling, […]
The Wolfsberg Group has issued revised payment transparency standards that discuss best practices for addressing the growing complexity of global payments. “Today, where one actor’s position in ensuring payment transparency starts and ends is no longer as clear-cut as when […]
More than a year after the US Office of Foreign Assets Control (OFAC) designated Garantex for facilitating illicit activity, the Russian crypto exchange is enjoying higher profits than ever, according to research by the Wall Street Journal (WSJ). According to […]
This September, 85 European Union investigators coordinated with EU authorities, including Interpol and Europol, to gather intelligence on human trafficking at the 2023 EMPACT Traffic in Human Beings (THB) Hackathon in the Netherlands. The research focused on online recruitment, especially […]
The G20 Finance Ministers and Central Bank Governors (FMCBG) adopted a new regulatory roadmap for crypto assets at a meeting in Marrakech, Morocco, on October 13, 2023. The roadmap represents a step away from an outright ban, focusing instead on […]
The Bangko Sentral Ng Pilipinas (BSP), the Philippines’ central bank, has released a memorandum reminding financial institutions it regulates (BSFIs) of their customer due diligence (CDD) obligations concerning politically exposed persons (PEPs). The memo clarifies the definition of a PEP […]
Investigative reporters at Yle, the Finnish Public Broadcasting Company, have traced luxury cars transported from Finland’s southeast Vaalimaa border crossing to Tomsk, Siberia. The reporters attached trackers to the vehicles at the border after being tipped off about an operation […]
The US Office of Foreign Assets Control (OFAC) has designated 27 China-based entities and individuals involved in a drug trafficking network that globally distributed tons of synthetic drugs and their precursors, including fentanyl. The sanctions also designated one other individual […]
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