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May 31, 2023

India ED Provisionally Attaches Assets in Two ML Cases

India’s Directorate of Enforcement (ED) highlighted developments in two separate money laundering cases. In the first case, the ED provisionally attached assets worth ₹66 lakh under the Prevention of Money Laundering Act, 2002 (PMLA) involving Abhay Kant Pathak, a former Indian Forest Service of...

May 19, 2023

Banks Struggling with Western Focus on Sanctions Evasion, Analysts Warn

Financial institutions have encountered a host of logistical and legal challenges in detecting and dismantling attempts to evade the West's sanctions against Russia, analysts with ACAMS told attendees of an online briefing. With the Kremlin's full-scale invasion of Ukraine grinding on into its secon...

May 9, 2023

FATF Holds Private Sector Consultative Forum in Austria

The Financial Action Task Force (FATF) held the Private Sector Consultative Forum (PSCF) on May 8 and May 9, 2023, at the headquarters of the U.N. Office on Drugs and Crime. FATF outlines that this was the fist PSCF since 2019 due to the COVID-19 pandemic, and it provided member

May 8, 2023

MAS Consultation Paper Proposes Amendments to Payment Services Regulation

The Monetary Authority of Singapore (MAS) released a consultation paper proposing amendments to the Payment Services Regulations 2019 and existing notices related to payment service providers. The changes aim to accommodate the expanded scope of cross-border money transfer services, domestic money t...

May 2, 2023

EU Agency Publishes Paper on ML Linked to European Drug Market

The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) published a paper exploring methods of money laundering linked to drug trafficking in the EU, including the use of cash collectors and the main actors in such systems. The paper is based on an exploratory study of the underground banking

April 27, 2023

DFSA Launches Consultation on Amendments to Money Services, Crypto Framework

The Dubai Financial Services Authority (DFSA) issued Consultation Paper No. 150, which proposes amendments relating to the regulatory framework for money services, crypto tokens, and crowdfunding. The DFSA is seeking comments on the proposal to permit a money services provider to allow cash out prov...

April 25, 2023

OFAC, British Cigarette Company Finalize Record Settlement

British American Tobacco has agreed to hand over $508 million to the Office of Foreign Assets Control after involving U.S. banks in a deliberate, "egregious" effort to obscure revenue from a secret joint venture in North Korea from 2009 to 2016, the agency disclosed Tuesday. The settlement comprises most of

April 20, 2023

Australia Launches Consultation on Modernizing AML/CTF Regime

The Attorney-General’s Department (AGD) published a consultation paper on modernizing Australia's anti-money laundering and counterterrorist financing (AML/CTF) regime and ensuring compliance with international standards. In general, the proposed reforms would extend existing AML/CTF legislation i...

April 19, 2023

UK Anti-Tax Fraud Chief Discusses Professional Enablers, Cryptocurrency

HM Revenue & Customs currently has more than 20 investigations into cryptocurrency-enabled illicit finance running as well as more than 200 civil fraud cases involving digital assets, the agency's most senior investigator told ACAMS moneylaundering.com. Simon York, who plans to step down as dire...

April 18, 2023

Bank of Italy Paper Explores New Financial Services Providers Risks

The Bank of Italy published a new report analyzing the consequences of technological innovation on the financial sector which explores how the existing regulatory framework could be expanded to address risks associated with new financial services providers. The paper notes that new technologies used...

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