Latest AML & KYC News

13th September 2019

Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop online, send funds

Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba. Cuba, which in many ways remains stuck in the analogue past, may seem an unlikely hotbed for cryptocurrencies – digital… Read More

13th September 2019

Latvian Court Declares PNB Bank Insolvent After ECB Suspension

A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal. The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only… Read More

13th September 2019

Jeffrey Epstein Used Opaque Charity Account at Deutsche Bank for Own Benefit

When Jeffrey Epstein created his Gratitude America Ltd. foundation in 2012, the nonprofit’s purpose was to “support the expression of gratitude for the ideals of America,” according to incorporation records filed in the U.S. Virgin Islands. Instead, the money that flowed through the nonprofit followed an opaque path that appears… Read More

12th September 2019

New U.S. Powers Help Target Terrorist Financing, Treasury Official Says

The U.S. plans to use expanded counterterrorism powers to target foreign financial institutions that facilitate terrorist financing, leaders of terrorist groups and those participating in terrorist training over the internet, a U.S. Treasury Department senior official said. “Foreign financial institutions should be on notice that the U.S. government will fully… Read More

12th September 2019

Switzerland warns Facebook’s Libra it will face extra scrutiny

Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More

12th September 2019

Two arrested in transfer fraud raids in Belgium, Monaco, London

Police investigating suspected fraud linked to the transfer of Serbian striker Aleksandar Mitrovic to Newcastle United have raided properties in Belgium, Monaco and London, arresting two people including an agent, officials said Wednesday. The probe, which earlier this year saw the Belgian FA headquarters searched, is looking into suspected money-laundering… Read More

12th September 2019

AUSTRAC Fines Currency Exchange Business for AML Reporting Failures

Australia’s anti-money laundering regulator disclosed a $252,000 infringement notice against Compass Global Holdings Pty Ltd for failing to report international transactions as required by a 2006 law. The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said the cross-border transactions occurred in 2018 and 2019. Under the Anti-Money Laundering and Counter-Terrorism Financing… Read More

12th September 2019

Moneyval urges Moldova to combat money laundering more effectively

The anti-money laundering body of the Council of Europe, Moneyval, said on Wednesday that Moldovan authorities need to fully and consistently use the legislative framework in order to combat money laundering. Moldova should also increase the effectiveness of confiscation of proceeds, in particular regarding extended confiscation, the Council of Europe said… Read More

12th September 2019

New law bolsters Qatar’s role in combating money laundering, terror funding

His Highness the Amir Sheikh Tamim bin Hamad al-Thani on Wednesday issued Law No. 20 of 2019 to issue a law on combating money laundering and terrorism financing. The law is effective starting from the day following the date of its publication in the official gazette. Qatar Central Bank (QCB)… Read More

12th September 2019

Detained mogul’s presidential run tests Tunisia’s democracy

Media magnate Nabil Karoui’s run for president was testing the rules of Tunisia’s young democracy even before he was put in custody last month charged with tax fraud and money laundering. As his unlicensed news channel broadcasts footage of him doling out aid to the poor, Karoui, 56, is campaigning… Read More