TOP STORY

May

FinCEN Lists Red Flags for COVID-19 Fraud and Cybercrime

FinCEN Director Ken Blanco speaks at the ACAMS 23rd Annual AML & Financial Crime Conference in Florida on Monday, April 16, 2018. On Monday, May 18, 2020, the bureau issued a list of more than 20 potential indicators of fraud and other financial crimes tied to the COVID-19 pandemic.

Legs & Regs

FinCEN Seeks Comments on Updated Burden Estimate for Suspicious Transaction Reporting Under BSA

The Financial Crimes Enforcement Network issued a notice and request for comment regarding the proposed renewal, without change, of currently approved information collections under the suspicious transaction reporting requirements of the Bank Secrecy Act.

May 26, 2020

Australian Regulator Publishes Latest Edition of Consolidated Sanctions List

Australia’s Department of Foreign Affairs and Trade updated its Consolidated List that includes all persons and entities subject to financial sanctions under the Charter of the United Nations Act 1945 and the Autonomous Sanctions Act 2011.

May 25, 2020

NCA: Defendant Charged with Money Laundering, Drug Offenses Following Joint Investigation

The United Kingdom’s National Crime Agency issued a press release announcing charges against Amir Shkrela on charges of money laundering, drug supply offenses and possession of a false identity document.

May 24, 2020

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

May 22, 2020

Financial Crime Matters: Michael Sachs Discusses Cryptocurrencies, Cybercrime

May 19, 2020

In the latest episode of “Financial Crime Matters,” Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Michael Sachs, a former executive assistant district attorney at the Manhattan District Attorney’s Office, discuss investigating and prosecuting cybercrime.

On April 8, 2020, the Financial Action Task Force of Latin America, GAFILAT, warned the public regarding the following emerging risks associated with COVID-19:

A. Ponzi schemes that seek to take advantage of economic fears and loss of jobs.
B. Criminals seeking to recruit people experiencing financial distress to launder funds and commit other crimes.
C. Schemes involving fake loans or other financial assistance programs seeking to steal personal data.
D. All of the above.

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More News

US Officials, Foreign Partners Struggling to Track Money Laundering Through Trade

By : Daniel Bethencourt

An unfavorable audit of a federal investigatory program through which U.S. officials and their foreign counterparts track financial anomalies in commerce underscores the challenge of disrupting trade-based money laundering.

May 26, 2020

COVID-19 Lockdown’s Impact on Money Laundering is Limited, Temporary

By : Koos Couvée

European crime syndicates face only limited, short-term setbacks in moving cash across borders or laundering funds through restaurants and other cash-intensive businesses amid the COVID-19 pandemic, analysts told ACAMS moneylaundering.com.

May 22, 2020

Weekly Roundup: EU Nations Oppose Single AML Agency, Hong Kong Bill Carries Penalties for Banks, and More

Justice Department warns pandemic may slow corporate investigations, Chinese national accused of fraudulent COVID-19 loan applications, and more, in the weekly roundup.

May 22, 2020

Brazilian Gang Expands Global Money Laundering Operations

By : Valentina Pasquali

May 21, 2020

Midweek Roundup: FinCEN Lays Out COVID-19 Red Flags, OCC Chief to Resign, and More

May 20, 2020

Enforcement Actions

FTC: First Data Merchant Services LLC to Pay $40 Million for Alleged Facilitation of Client Laundering

The Federal Trade Commission entered into a stipulated order with the Atlanta, GA-based payment processing company requiring it to pay $40 million for apparently ignoring warnings that it was assisting and facilitating a client who was credit card laundering.

May 19, 2020

FTC Orders ISO Company Head to Pay Over $270,000 for Alleged Credit Card Laundering Through First Data Merchant Services, LLC

The Federal Trade Commission entered into a stipulated order with Chi W. Ko, a co-defendant in a case also against First Data Merchant Services, LLC, requiring him to pay $270,373.70 for allegedly using the payment processing company to launder fraudulent funds.

May 19, 2020