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Jan

FinCEN Eyes AML ‘Sandboxes’

FDIC Associate Director Lisa Arquette told bankers at the ABA/ABA conference on Thursday, Jan. 1, 2022, that regulators still expect them to collect ownership data during the federal government’s implementation of the AML Act. (File photo, ACAMS Conference on April 9, 2018)

Legs & Regs

AFP Investigation Leads to Arrest, AU$3.5 Million Cash Seizure

The Australian Federal Police announced that officers have seized nearly AU$3.5 million and arrested an unnamed woman as part of Operation Avarus, a national project to combat money laundering.

January 14, 2022

FATF Releases Updated Consolidated Table of Assessment Ratings

The Financial Action Task Force published an updated table of ratings that reflect the extent to which a country’s anti-money laundering measures have been implemented and the effectiveness of such measures. The assessment table includes ratings on all countries evaluated under the 2013 methodology.

January 14, 2022

Federal Judge Sentences Gang Leader to Life Imprisonment for Drug Trafficking, ML

According to the U.S. Justice Department, Alim J. Turner, a convicted gang leader, was sentenced to life imprisonment for drug-related crimes and other offenses, including money laundering.

January 14, 2022

EU Renews Certain Sanctions Against Russia for Six Additional Months

The Council of the European Union decided to prolong the sanctions measures targeting specific sectors of the Russian economy until July 31, 2022, following the latest assessment concerning the implementation of the Minsk agreements.

January 14, 2022

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.

According to the Financial Crimes Enforcement Network, the most common payment method linked to illegal wildlife trafficking reported in suspicious activity reports is:

A. Credit cards.
B. Fund Transfers.
C. Virtual currencies.
D. None of the above.

View all quizzes

More News

Weekly Roundup: FinCEN Prepares Regulatory Sandboxes, US Senators Pitch Sweeping Sanctions Against Russia, and More

Australian AML probe of Star Entertainment Group expands, South Africa’s Standard Bank fined by the Isle of Man, and more, in the weekly roundup.

January 14, 2022

Midweek Roundup: FinCEN Preparing Enforcement Relief, US Officials Lack Visibility into Cryptocurrencies, and More

Trial nears for former Goldman Sachs banker, Europol criticizes EU data-protection agency, and more, in the midweek roundup.

January 12, 2022

Data Protection Order Could Hamper Money Laundering Investigations: Europol

By : Koos Couvée

An order by the EU's data-protection watchdog for Europol to delete confidential information on individuals with no established link to crime could hamstring efforts against money launderers, terrorist financiers and other criminals, the law enforcement agency said.

January 11, 2022

FinCEN May Issue No-Action Letter Rulemaking Ahead of Schedule

By : Valentina Pasquali

January 11, 2022

FinCEN Needs More Data To Combat Illicit Cryptocurrency ATMs, Watchdog Warns

By : Valentina Pasquali

January 10, 2022

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

Enforcement Actions

Malta FIAU Issues Remediation Directive Against Corporate Service Provider

Malta’s Financial Intelligence Analysis Unit issued a remediation directive to an unnamed corporate service provider after a 2021 offsite compliance review uncovered breaches of the Prevention of Money Laundering and Funding of Terrorism Regulations.

January 14, 2022

FINTRAC Fines Libro Credit Union Limited CA$156,750 for STR Violations

The Financial Transactions and Reports Analysis Centre of Canada imposed a CA$156,750 monetary penalty on the credit union for failing to file suspicious transaction reports when there were reasonable grounds to suspect illicit activity was occurring.

January 13, 2022