NEWS: MONEYVAL praises Georgia’s AML progress but flags risks around non-profits

Regulatory Watch News

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  FinCEN Issues Spanish Translations of Alert and In-Depth Analysis on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail

  FinCEN

  December 11, 2024

  Today, the Financial Crimes Enforcement Network (FinCEN) is issuing Spanish translations of its February 2023 alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail and its September 2024 Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act data filed in the six months following the publication of the alert. These translations are intended to further support financial institutions located in predominantly Spanish speaking communities and support law enforcement’s outreach to such communities impacted by this fraud. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of FinCEN’s Anti-Money Laundering/Countering the Financing of Terrorism National Priorities.

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  TD Bank Insider Arrested and Charged with Facilitating Money Laundering

  US Department of Justice

  December 11, 2024

  A former Florida-based employee of TD Bank N.A. was arrested and charged by criminal complaint yesterday for facilitating money laundering to Colombia through the financial institution. According to court documents, Leonardo Ayala, 24, worked at a TD Bank store in Doral, Florida, between February and November 2023. Starting in June 2023, Ayala allegedly exploited his position as a bank employee to facilitate money laundering. As alleged, after another TD Bank employee opened accounts in the names of shell companies with nominee owners, Ayala assisted the money laundering network by issuing dozens of debit cards for the accounts in exchange for bribes. Those accounts were then allegedly used to launder millions of dollars in narcotics proceeds through cash withdrawals at ATMs in Colombia.

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  FINTRAC imposes an administrative monetary penalty on Exchange Bank of Canada

  FINTRAC

  December 11, 2024

  FINTRAC announced today that it has imposed an administrative monetary penalty on Exchange Bank of Canada. Following a compliance examination that took place between December 2022 and April 2024, this bank headquartered in Toronto, Ontario, was imposed an administrative monetary penalty of $2,457,750 on November 5, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.