U.S. charges two Russian nationals who allegedly stole cryptocurrencies
18th September 2020
U.S. charges two Russian nationals who allegedly stole cryptocurrencies
The U.S. Justice Department charged two Russian nationals who prosecutors say defrauded three cryptocurrency exchanges and their customers, resulting in losses of at least $16.8 million. Danil Potekhin and Dmitrii Karasavidi were charged in the U.S. District Court in San Francisco with aggravated identity theft, conspiracy to commit computer fraud… Read More
U.S. Treasury plans major overhaul of anti-money-laundering rules
17th September 2020
U.S. Treasury plans major overhaul of anti-money-laundering rules
The Financial Crimes Enforcement Network said Wednesday that a significant overhaul of the nation’s anti-money-laundering regulatory framework is in the works. In an advance notice of proposed rulemaking, Fincen said it plans to firm up the definition of an “effective and reasonably designed” AML compliance program, something the regulator said… Read More
FATF identifies red flag indicators to detect misuse of virtual assets
17th September 2020
FATF identifies red flag indicators to detect misuse of virtual assets
The Financial Action Task Force (FATF) has prepared a report on red flag indicators to assist financial institutions, investigating agencies and regulators in detecting misuse of virtual assets for money laundering, terrorist financing and other crimes. Virtual assets, which also include cryptocurrencies, are defined as a digital representation of… Read More
U.S. Regulators Prepare to Reprimand Citigroup for Failing to Improve Risk Systems
15th September 2020
U.S. Regulators Prepare to Reprimand Citigroup for Failing to Improve Risk Systems
Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures designed to detect problematic transactions, risky trades and anything else that could harm the bank. The expected rebuke from the Office of the Comptroller of the Currency and… Read More
Big European states call for cryptocurrency curbs to protect consumers
14th September 2020
Big European states call for cryptocurrency curbs to protect consumers
Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy. The finance ministers of the five European Union member states said in a joint statement on Friday… Read More
EU banking watchdog calls for single set of anti-money laundering rules
11th September 2020
EU banking watchdog calls for single set of anti-money laundering rules
The European Union should create a single set of rules that are binding on member states to deal more effectively with money laundering and terrorist financing, the bloc’s banking watchdog said on Thursday. The European Banking Authority (EBA) said strengthening EU laws would plug gaps and tackle divergent national approaches… Read More
Westpac’s Peter King cautious on Pacific after AUSTRAC
11th September 2020
Westpac’s Peter King cautious on Pacific after AUSTRAC
Westpac chief Peter King said the consequences of breaching anti-money laundering laws are so large that the bank can’t guarantee it will be able to continue to provide remittance services for workers in Australia looking to send money home to the Pacific. Briefing the House of Representatives economics committee on… Read More
Licences of two Cypriot law firms revoked over anti-money laundering failures
10th September 2020
Licences of two Cypriot law firms revoked over anti-money laundering failures
The bar association has revoked the licence of two law firms who had fallen foul of money laundering regulations while five other cases relating to the citizenship by investment programme were pending and would soon be tabled before the board, its chairman Doros Ioannides said on Wednesday. Speaking at a… Read More
Ghana: Registrar-General deploys central beneficial ownership register for the extractives and other high risk sectors
10th September 2020
Ghana: Registrar-General deploys central beneficial ownership register for the extractives and other high risk sectors
Register-General Jemima Oware has announced the deployment of a new Central Beneficial Ownership Register for all companies operating in the country. “We will start with the extractive industry and other high risk sectors like banks and other financial institutions,” she noted. According to her, a lack of information about who… Read More
U.S. slaps sanctions on two former Lebanese ministers over ties to Hezbollah
9th September 2020
U.S. slaps sanctions on two former Lebanese ministers over ties to Hezbollah
The United States on Tuesday expanded its sanctions on Lebanon, blacklisting the former finance and transport ministers and accusing them of providing material and financial help to Iran-backed Shi’ite group Hezbollah, following a powerful blast last month in Beirut that left the country reeling. “Corruption has run rampant in Lebanon,… Read More
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