On September 18, the Financial Crimes Enforcement Network (FinCEN) announced that it had published a small entity compliance guide for beneficial ownership information (BOI) reporting requirements. The guide aims to help firms, particularly small businesses, understand and comply with the […]
Sixteen people involved in an organized crime group that smuggled millions in suspected drug profits out of the UK and illegally transported migrants, including children, across the border have been handed prison sentences. “The NCA mounted a long and complex […]
To enhance the fight against sanctions violations, the US Financial Crimes Enforcement Network (FinCEN) has announced a Financial Trend Analysis (FTA) highlighting critical trends for Russian export controls sanctions evasion. The patterns came from Bank Secrecy Act (BSA) suspicious activity […]
Europol has issued its first European financial and economic crime threat assessment, exploring the intertwined and evolving threats of money laundering, corruption, and organized crime in Europe. The insights are drawn from collaborative intelligence across EU member states and Europol-partnered […]
Australian police have arrested three individuals on charges related to romance fraud. The suspects, two women and a man, allegedly attracted three victims using a newspaper dating ad posing as a widowed 50-year-old woman. According to authorities, the victims paid […]
In July 2023, the UK government called on the Financial Conduct Authority (FCA) to review its guidance on risk management for politically exposed persons (PEPs). As a result, the regulator has outlined the key areas it will examine in its […]
A group of four men have been convicted for leading a global investment fraud and money laundering conspiracy that defrauded victims of over $18 million. Known as The Brittingham Group, the defendants misrepresented their business and made false claims about […]
Following recent on-site reviews, the Swiss Financial Market Supervisory Authority (FINMA) has announced that many examined banks’ anti-money laundering and counter-terrorist financing (AML/CFT) risk analyses are deficient. The deficiencies, which include inadequately defined risk tolerances, could impede the banks’ability to […]
To encourage democratic elections in Venezuela, US officials are drafting a proposal to ease oil sanctions against the country. If the measures are approved, President Biden may amend or replace executive orders issued by the Trump Administration in response to […]
After a series of high-end property raids in August recovered close to $1 billion in laundered assets, Singapore’s Council for Estate Agents (CEA) is investigating several property agents for potential involvement in illicit transactions. The CEA responded to the raids […]
In conjunction with Internal Revenue Service Criminal Investigation (IRS CI), the US Financial Crimes Enforcement Network (FinCEN) has released a notice asking financial institutions to report signs of workers’ compensation fraud and payroll tax evasion in the construction industry. The […]
The UK’s Payment Systems Regulator (PSR) is conducting two consultations exploring when and how its authorized push payment (APP) requirements will apply when they come into force in 2024. According to Chris Hemsley, Managing Director at the PSR, “The two […]
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