The European Public Prosecutor’s Office (EPPO), the European Union’s independent prosecutor, has indicted eight individuals on charges related to a value-added tax (VAT) fraud scheme responsible for about €80 million in damages. The fraud is said to have been perpetrated […]
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released a follow-up operational alert to its 2019 original concerning money laundering (ML) in underground banking. The initial alert particularly focused on the casino sector. The new alert, published in […]
Malaysian deputy governor Marzunisham Omar has announced that the country’s central bank received around 250,000 suspicious transaction reports (STRs) in 2022 – representing a 30 percent increase from 2021. According to Omar, 70 percent of the reports pertained to the […]
The United States Treasury and Federal Reserve Bank of New York have banned 14 Iraqi banks from conducting US dollar (USD) transactions. This follows concerns that US currency could be redirected to sanctioned individuals and possibly benefit Iran. The sanctions […]
The UK government has proposed new rules for banks requiring more transparency with account closures. Under the proposal, banks would be required to delay account closures by 90 days and provide a notice to customers explaining why their account is […]
As of July 2023, the European Union’s (EU) proposed new anti-money laundering and countering the financing of terrorism (AML/CFT) framework is continuing to progress through legislative processes. Now under negotiation between the European Commission, Parliament, and Council, and with broad […]
On July 16, 2023, US Senate Majority Leader Chuck Schumer said he would push to sanction China over its alleged role in producing the synthetic opioid fentanyl. While the Department of Justice (DOJ) has previously issued charges against Chinese companies […]
On July 11, 2023, the European Banking Authority (EBA) published the findings from its 2022 review of the approaches taken by competent authorities (CAs) to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. While the report […]
The United States Department of Justice (DOJ) has announced a 16-year prison sentence for Kayricka Wortham, the “mastermind” behind a fraud spanning nearly two years. During her time as Operations Manager for the Smyrna, Georgia-based Amazon warehouse, Wortham stole $9.4 […]
Filipino President Ferdinand R. Marcos Jr. has mandated all government offices and departments implement a revised anti-money laundering and counter-terrorist financing (AML/CTF) strategy. The revised plan aims to “allow the Philippines to exit” the Financial Action Task Force (FATF) grey […]
Amid media reports that financial institutions are restricting the access of politically exposed persons (PEPs) and their associates to financial services, the UK government has ordered the Financial Conduct Authority (FCA) to review its PEPs risk management guidance. Indeed, per […]
On July 3, 2023, the Monetary Authority of Singapore (MAS) announced new investor protection measures for Digital Payment Token (DPT) service providers. The measures intend to address two primary risks: Protection from misuse or loss of customer assets. Provisions to […]
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