TOP STORY

May

Amsterdam Reporter’s Notebook

EU-wide anti-money laundering reforms, the growing threat of organized crime, sanctions against Russia and the interplay between data privacy and AML requirements emerged as frequent topics of discussion at the latest ACAMS-hosted annual conference in Europe.

More News

SEC Proposes Beneficial Ownership Requirement for US Investment Advisers

By Fred Williams

A federal proposal to fill a multi-trillion dollar gap in U.S. anti-financial crime defenses would require thousands of investment advisers to drop clients whose identities they fail to obtain, including any legal entities whose beneficial owners or controllers remain hidden from them.

May 15, 2024

Dutch Court Jails Tornado Cash Developer

By Koos Couvée

A Dutch court sentenced a Russian national to more than five years in prison Tuesday for laundering $1.2 billion for North Korean state-sponsored hackers and other cybercriminals through Tornado Cash, the decentralized cryptocurrency-mixing protocol he helped create.

May 14, 2024

Menendez, Cuellar Cases Highlight Longstanding US AML Gap: Domestic Politicians

By Chelsea Carrick

A 54-page indictment charging Rep. Henry Cuellar (D-TX) with bribery, corruption and money laundering is drawing new attention to a long-recognized gap in the U.S. regulatory framework against illicit finance: domestic politically exposed persons, also known as PEPs.

May 13, 2024

Breaking May 13, 2024: 12:40 pm ET

SEC Pitches Customer Verification Requirement for Investment Advisers

Weekly Roundup: Cuellar’s Former Aide Pleads Guilty, Canada Fines Binance, and More

Raiffeisen Bank drops Russia sanctions plan, Switzerland withholds anti-corruption help, and more, in the weekly roundup.

May 10, 2024

Enforcement Actions

CFTC Orders Falcon Labs, Ltd to Pay Nearly $1.8 Million for Facilitating Access to Digital Asset Exchanges

The Commodity Futures Trading Commission ordered the Seychelles-based entity to pay a $589,504 civil monetary penalty and disgorge $1,179,008 for failing to register as a futures commission merchant and illicitly providing U.S. persons access to digital asset derivatives trading platforms.

May 13, 2024

DOJ: Kabbage Inc. Agrees to Bankruptcy Claim of $120 Million to Resolve False Claims Act, BSA Violations

The U.S. Justice Department entered into two settlement agreements with the Atlanta, GA-headquartered financial technology company to resolve allegations of False Claims Act and Bank Secrecy Act violations.

May 7, 2024

Legs & Regs

HMRC Updates AML Guidance for Art Market Participants

HM Revenue and Customs updated guidance on registration requirements for art market participants under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

May 15, 2024

US Government Issues Alert to Combat Migrant Smuggling via Air Transportation

The U.S. Departments of State, Homeland Security, and Treasury jointly issued guidance on addressing the rising issue of migrant smuggling and human trafficking in the aviation sector.

May 15, 2024

US Treasury Announces Sanctions on Nicaraguan Entities Linked to Corruption, Russia

The U.S. Treasury Department announced sanctions targeting the Ortega-Murillo regime in Nicaragua for the repression of Nicaraguan people and corruption.

May 15, 2024

US Treasury Sanctions Commanders of Rapid Support Forces for Expanding War in Sudan

The U.S. Treasury Department announced the imposition of sanctions on Ali Yagoub Gibril and Osman Mohamed Hamid Mohamed, two leaders of the Rapid Support Forces that have caused dozens of civilian casualties during attacks in the North Darfur State of Sudan.

May 15, 2024

Financial Crime Matters: Ex-OCC Official Discusses Recent FinCEN Rulemaking

March 25, 2024

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Daniel Stipano, former deputy chief council for the OCC, discuss the Corporate Transparency Act and FinCEN’s creation of a national database of beneficial owners.

Edmund Fitton-Brown on Yemen and the Houthis

March 11, 2024

In the latest episode of Sanctions Space, Justine is joined by Edmund Fitton-Brown, senior advisor at the Counter Extremism Project and former U.K. ambassador to Yemen. They discuss the ongoing tensions in the Red Sea, the political situation in Yemen and the origin and aspirations of the Houthi group, as well as sanctions actions taken by the U.S. and others against the Houthis.

Money laundering-related red flags associated with virtual assets and virtual asset service providers include:

A. The use of the same IP-address for a large number of seemingly unrelated virtual asset wallets.
B. Depositing virtual assets and then immediately withdrawing them.
C. Both A and B.
D. None of the above.