AML / KYC

AML / KYC

Bulgarian Man Extradited to US Over Illegal Exports to Russia

By Editors | 14/08/2024

Milan Dimitrov conspired with two others to use a Bulgarian company to receive export-controlled items from the US and transship them to Russia.

Big Picture

Mekong Club Calls on FIs to Bolster Efforts Against Modern Slavery

By Nithya Subramanian | 13/08/2024

Mekong Club published a new report offering recommendations, typologies and indicators to help FIs address modern slavery risks.

AML / KYC

FATF Calls on India to Enhance Scrutiny of Domestic PEPs – Report

By Ajoy K Das | 12/08/2024

The FATF calls for tighter account opening scrutiny for domestic PEPs and their families, and more rigorous monitoring of their bank accounts.

Enforcement

US Court Convicts Former Mozambique Official in Bribery Case

By Editors | 12/08/2024

Following a four-week trial in New York, Mozambique’s former finance minister was found guilty for accepting $7mn in bribes.

AML / KYC

US Fed Imposes Conditions on Customers Bank for AML Deficiencies

By Manesh Samtani | 12/08/2024

The Fed cited risk management deficiencies relating to an instant payments platform used to enable crypto firms to make around-the-clock US dollar payments.

AML / KYC

Australia AGD Will ‘Shortly’ Publish Anti-Foreign Bribery Guidance

By Manesh Samtani | 11/08/2024

The guidance will help firms prepare for reforms that introduce ‘failure to prevent foreign bribery’ a new corporate offence from 8 September.

Crypto / Digital Assets

NY Fed Assesses Effectiveness of Tornado Cash Sanctions

By Editors | 11/08/2024

The study found that non-cooperation with the Tornado Cash sanctions was not monetarily driven, but instead motivated by “philosophical reasons”.

AML / KYC

Four Arrested by HK Customs in HK$1.5b Money Laundering Case

By Editors | 10/08/2024

The arrestees allegedly used 39 bank accounts, six shell companies and cryptocurrency to launder crime proceeds from across the APAC region.

Enforcement

US Man Arrested for Facilitating DPRK Remote IT Worker Fraud

By Editors | 10/08/2024

DOJ said Matthew Isaac Knoot enabled North Korean IT workers to work for US and UK companies from locations in China, and laundered money for them.