Banking, Compliance News, EU/Europe
The German financial crime watchdog has ordered a Greek bank to improve AML standards.
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EFCC
Operatives of the Economic and Financial Crimes Commission, EFCC, have nabbed three suspected fraudsters linked with Q-net scam in the country. Operating under the name, Mighty Infinity Millionaire Limited, the trio falsely claimed to be representatives of Q-net, a global e-commerce and direct selling company. While Q-net has since denied any link with the suspects and their activities, investigations further revealed that the suspects were equally running a fraudulent university training in pavilions and under trees, offering fake Bachelor of Science degrees in Medicine, Nursing, Cybersecurity, Computer Studies, and Geology, among others with a false claim of affiliation with Quest International University, Malaysia.
OFAC
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Karen National Army (KNA), a militia group in Burma, as a transnational criminal organization, along with the group’s leader Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, for their role in facilitating cyber scams that harm U.S. citizens, human trafficking, and cross-border smuggling. The KNA-controlled region, located on the Thai-Burmese border, is home to multiple cyber scam syndicates, and the KNA has benefitted from its connection to Burma’s military in its criminal operations. Although statistics vary, American victims of cyber scams like the ones emanating from Burma have collectively lost billions of dollars over the last three years.
European Public Prosecutor's Office
(Luxembourg, 5 May 2025) – Today, at the Court of Justice of the European Union in Luxembourg, the European Prosecutors for Poland and Sweden gave the solemn undertaking to comply with the obligations arising from their duties. They were recently appointed to the European Public Prosecutor’s Office (EPPO) by the Council of the EU, following the decision of Poland and Sweden to join the EPPO. They are appointed for a non-renewable term of six years.
