TOP STORY

Apr

Binance Executive’s Nigeria Arrest Has Compliance Officers Rethinking Travel Plans

Tigran Gambaryan, head of anti-financial crime at Binance, appears in court in Abuja, Nigeria, on Thursday, April 4, 2024. Gambaryan’s arrest in Nigeria, where he has since been charged with money laundering and other crimes, has raised concerns within the global financial services industry. (Getty)

Legs & Regs

DOJ Charges Iranian Nationals for Cyber Campaign Targeting US Entities

An unsealed indictment filed in the U.S. District Court for the Southern District of New York charges four Iranian nationals for their alleged role in a cyber-related campaign against the U.S. government and private entities.

April 23, 2024

DOJ: Florida Man Sentenced for Laundering Scam Proceeds to Nigeria

The U.S. Justice Department announced the sentencing of Niselio Barros Garcia Jr. who previously pleaded guilty to money laundering.

April 23, 2024

Europol Supports Raid Targeting Drug Kingpin

The EU Agency for Law Enforcement Cooperation announced that law enforcement authorities in Bosnia-Herzegovina executed a raid on the residences and workplaces of individuals associated with a drug kingpin.

April 23, 2024

EU Parliamentary Assembly Passes Resolution on Confiscations in Support of Ukraine

The Parliamentary Assembly of the Council of Europe passed Resolution 2539 (2024) to support reconstruction of Ukraine.

April 23, 2024

Financial Crime Matters: Ex-OCC Official Discusses Recent FinCEN Rulemaking

March 25, 2024

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Daniel Stipano, former deputy chief council for the OCC, discuss the Corporate Transparency Act and FinCEN’s creation of a national database of beneficial owners.

Edmund Fitton-Brown on Yemen and the Houthis

March 11, 2024

In the latest episode of Sanctions Space, Justine is joined by Edmund Fitton-Brown, senior advisor at the Counter Extremism Project and former U.K. ambassador to Yemen. They discuss the ongoing tensions in the Red Sea, the political situation in Yemen and the origin and aspirations of the Houthi group, as well as sanctions actions taken by the U.S. and others against the Houthis.

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DATE: 05/7/24 - 05/8/24

LOCATION: Amsterdam, The Netherlands, Netherlands

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Money laundering-related red flags associated with virtual assets and virtual asset service providers include:

A. The use of the same IP-address for a large number of seemingly unrelated virtual asset wallets.
B. Depositing virtual assets and then immediately withdrawing them.
C. Both A and B.
D. None of the above.

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More News

‘Reporting Cascade’ Opposes FinCEN’s Real Estate Proposal

By Chelsea Carrick

Attorneys, underwriters, and title, settlement and escrow agents are pushing back against a federal proposal that would require them to obtain the names, addresses and other personal details of individuals who use legal entities to buy U.S. residences without financing.

April 23, 2024

FinCEN’s 3rd Attempt to Regulate Investment Advisers Meets Same Resistance

By Fred Williams

A federal plan that would set minimum standards for "certain investment advisers" in the U.S. to report suspicious transactions duplicates existing requirements and unnecessarily burdens small, low-risk businesses, a majority of commenters wrote in response to the proposal.

April 22, 2024

Weekly Roundup: World-Check Database Hacked, Treasury Appeals CTA Case, and More

Adult children robbing elderly parents, and more, in the weekly roundup.

April 19, 2024

US Government Appeals Alabama Judge’s Beneficial Ownership Injunction

By Fred Williams

In a case that could either limit or uphold the Corporate Transparency Act, lawyers representing the Treasury Department argued in an appeal that a federal judge in Alabama overrode well-established powers of Congress in a ruling last month that the law violates the Constitution.

April 19, 2024

Usual Suspects in Elder Financial Theft? Adult Children, FinCEN Says

By Fred Williams

The most frequent perpetrators of elder theft in the U.S. are the victims' own children, followed by nurses, aides and other professional caregivers, the Financial Crimes Enforcement Network, also known as FinCEN, disclosed in a 14-page analysis Thursday.

April 18, 2024

Enforcement Actions

Luxembourg CSSF Fines Fuchs & Associes Finance SA €785,000 for AML/CTF Violations

The Commission de Surveillance du Secteur Financier imposed a €785,000 administrative fine on the Luxembourg-based investment firm for failing to comply with anti-money laundering and counterterrorist financing obligations.

April 23, 2024

SRA Fines Individual Solicitor Over £11,000 for Violating MLRs, Other Breaches

The Solicitor Regulation Authority decided that Albert Partington, a solicitor and director of Ogden Lyles & Fox, must pay a fine of £11,013.67 for violating the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and other breaches of conduct.

April 19, 2024