Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

AML, Analysis, CFT, Compliance, Crypto, Financial Crime, US

ANALYSIS: What federal authorities found when they looked under the hood at Binance

Premium November 22, 2023

FENTANYL: Yellen announced the sanctions against eight leaders and eight affiliates of the La Nueva Familia Michoacana cartel during a trip to Georgia, a key battleground state in the Nov. 5 presidential election.

Premium

NEWS: Lloyd’s insurance broker charged by UK’s SFO over Ecuador bribes

 Premium

NEWS: JPMorgan Chase, Bank of America limit data-sharing with regulator OCC after hack

 Premium

NEWS: Costa Rican bank probed in $100M money laundering case

By AML Intelligence Correspondent ASTONISINGLY, the criminal enterprise that is Binance never filed a single SAR with FinCEN, federal authorities have revealed. As an Money Services Business (MSB), Binance was required to report suspicious transactions to FinCEN through suspicious activity reports (SARs). However, FinCEN’s investigation revealed that Binance’s former Chief Compliance Officer told staff that…

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!

View subscription optionsIf you have an account, log in
Premium

NEWS: Lloyd’s insurance broker charged by UK’s SFO over Ecuador bribes

 Premium

NEWS: JPMorgan Chase, Bank of America limit data-sharing with regulator OCC after hack

 Premium

NEWS: Costa Rican bank probed in $100M money laundering case

Regulatory Watch News

  • UK insurer charged with bribery in Ecuador

    Serious Fraud Office

    The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.

  • Industry warning notice: regulatory returns submissions

    Gambling Commission

    Operators are being warned that they face regulatory action if they fail to complete regulatory returns or submit them on time.

    The warning follows a spate of fines against operators who have failed to submit a regulatory return in the required timeframes for each type of activity for which they hold a licence. Since October more than ten businesses have been fined up to £750 for not correctly completing and submitting regulatory returns within the required timeframe.

  • Europol supports strike-down on criminal organisation smuggling tens of thousands of hazardous salvage cars from the US

    Europol

    Europol supported an action led by the European Public Prosecutor’s Office (EPPO) in Berlin (Germany) and Vilnius (Lithuania), which involved around 1 000 police, tax and customs officers carrying out 200 searches in ten countries. The investigation targeted a vast criminal organisation active in smuggling badly damaged cars from the United States (US) into the European Union (EU), and selling them to end customers after superficial repair, while defrauding the payment of customs duties and committing large-scale value-added tax (VAT) fraud.

Sign Up To Our Newsletter

Name
Organisation
Email
Newsletters
Areas of Interest

Contact Us

Name *
Email *
Comment or Message *