Weekly Roundup: US Prosecutors Outline $2.5 Billion North Korean Sanctions Evasion Scheme, Russia Sees Uptick in COVID-19 Money Laundering, and More

Federal prosecutors accused a U.S.-blacklisted North Korean lender of illegally moving at least $2.5 billion through the international financial system by using more than 250 shell companies and several U.S. correspondent banks, ACAMS reported. More A senior official with Russia's central bank said domestic financial institutions are seeing a spike in suspicious transfers of funds to overseas accounts amid an increase in healthcare fraud connected to the coronavirus pandemic, Reuters reported. More Lenders that maintain strong anti-money laundering programs and apply the necessary checks to any government-subsidized loan they disburse to small businesses suffering from pandemic-related commercial restrictions are...