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Nov

Massachusetts Targets 10 Percenting Lottery Schemes

Federal prosecutors in Massachusetts recently filed money laundering charges against suspects accused of running “10 percenting” lottery schemes. (Getty Images)

Legs & Regs

DOJ Concludes Fourth Joint Law Enforcement Initiative Targeting Money Mules

The U.S. Justice Department announced the completion of the fourth annual Money Mule Initiative, which involved collaboration with eight federal law enforcement agencies in targeting money laundering networks linked to international fraudsters.

December 3, 2021

UK National Audit Office Highlights Government Failures Linked to Bounce Back Loan Scheme

The U.K. National Audit Office published a report on the Bounce Back Loan scheme, highlighting that slow implementation and other government failures exposed taxpayers to an estimated £4.9 billion in fraudulent loans.

December 3, 2021

European Union Adopts Regulation on Governance Requirements for EU-Applicant Nations

The European Union enacted a final regulation proposed by the European Commission, Regulation EU 2021/2128, which supplements the specific priorities that need to be met by countries who wish to join the EU.

December 3, 2021

White House Issues Updated Action Plan to Combat Human Trafficking

U.S. President Joseph R. Biden, Jr. signed an updated National Action Plan to Combat Human Trafficking, amending the nation’s three-year comprehensive approach to curbing human trafficking and strengthening prosecution of human traffickers.

December 3, 2021

Financial Crime Matters: Canada’s AML Updates, Cryptocurrency Concerns

October 28, 2021

In this episode of Financial Crime Matters, Kieran Beer of ACAMS moneylaundering.com and Jacqueline Shinfield, partner at Blakes, Cassels & Graydon law firm in Toronto, discuss legislative changes to Canada’s rules against illicit finance.

ACAMS Virtual Caribbean

DATE: 12/7/21 - 12/8/21

LOCATION: Virtual, Online

View Events Calendar

The Wolfsberg Group in a June 2021 statement advised financial institutions to focus on the following areas to increase the effectiveness of their AML/CFT programs:

A. Assess and understand anti-money laundering and counterterrorist financing risks.
B. Prioritize resources.
C. Engage with law enforcement.
D. All of the above.

View all quizzes

More News

Weekly Roundup: Panamanian Ex-President’s Son Admits Laundering Bribes, Western Nations Sanction Belarus, and More

U.K. casino fined, Britain's opposition leader calls for better anti-financial crime controls, and more, in the weekly roundup.

December 3, 2021

UK Watchdog Slams Government Failures to Tackle COVID-19 Loan Abuse

By : Koos Couvée

A U.K. agency tasked with combating fraud against government loans designed to mitigate the economic impact of COVID-19 has capacity to conduct only 50 investigations a year despite concerns that criminals targeted the program on an industrial scale.

December 3, 2021

Germany’s Incoming Government Wants Local Police in Federal FIU

By : Koos Couvée

Germany's new government wants to install local authorities within the federal financial intelligence unit amid an unprecedented criminal investigation into alleged failures by the agency to pass on intelligence to police in the northwestern state of Lower Saxony.

December 1, 2021

Swiss Officials Clear on Financial Crime Risks, Blocked from Addressing Them

By : Gabriel Vedrenne

December 1, 2021

Midweek Roundup: Societe Generale Exits US Settlement, Japanese Bank Execs to Resign, and More

December 1, 2021

NICE Actimize. Focus on the Truly Suspicious - Put High-Risk Alerts First. Get the infographic” style=

Enforcement Actions

Malta FIAU Fines Corporate Services Provider €15,000 for Failure to Submit SARs

The Financial Intelligence Analysis Unit of Malta issued a €15,000 penalty against an unnamed corporate services provider after the regulator found two instances where the individual failed to file expected suspicious activity reports.

December 2, 2021

Malta FIAU Fines Individual €22,500 for CDD, Reporting Failures

The Financial Intelligence Analysis Unit of Malta issued a €22,500 fine against an unnamed corporate service provider for violating the Prevention of Money Laundering and Funding of Terrorism Regulations, including customer due diligence failures.

December 2, 2021