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NEWS: Sweeping AUSTRAC AML powers take effect, banks to be forced to give up documents

Premium January 8, 2025

POWERS: : AUSTRAC CEO Brendan Thomas (l) with Australia's Attorney General Markus Dreyfus (r).

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NEWS: US beneficial ownership reporting blocked again, filing deadline likely extended to at least March

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NEWS: Portugal’s Novo Banco says no business impact from probe into fired risk boss

INSIGHT: UAE’s ‘Falcon Economy’ at full tilt as Emirates complete third milestone of fincrime strategy; NRA to be launched in weeks

BY PAUL O’DONOGHUE, Senior Correspondent

A wide raging law which gives Australia’s  AUSTRAC’s regulator much stronger investigative powers has come into force.

Australia’s Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 took effect on January 7, 2025, coming as AUSTRAC’s oversight grows from overseeing approximately 17,000 businesses to nearly 100,000.

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Premium

NEWS: US beneficial ownership reporting blocked again, filing deadline likely extended to at least March

 Premium

NEWS: Portugal’s Novo Banco says no business impact from probe into fired risk boss

INSIGHT: UAE’s ‘Falcon Economy’ at full tilt as Emirates complete third milestone of fincrime strategy; NRA to be launched in weeks

Regulatory Watch News

  • Florida Woman Sentenced for Laundering Millions of Dollars from Romance Scams

    US Department of Justice

    A Florida woman was sentenced today to 30 months in prison for her role in a money laundering conspiracy connected to romance scams that defrauded American victims. Cristine Petitfrere, 30, of Miramar, Florida, was sentenced after admitting to personally laundering millions of dollars as part of her participation in the conspiracy. Petitfrere helped to funnel large sums of money from victims of romance scams into the hands of her overseas co-conspirators, retaining a portion as payment for her services and transferring the rest.

  • OFSI General Licence – INT/2022/1280876 amended.

    OFSI

    On 8 January 2025, General Licence INT/2022/1280876 was amended to add Permission 5.3A which states that no distributions on VTB Bank PJSC’s claim should be made without first deducting from the distributions the value of any VTB Capital plc assets which have been or are subject to VTB Bank PJSC enforcement action, and the VTB Group Receivables; and statutory interest should not be paid for any time over which distributions are not paid because of these deductions.

  • BaFin investigates website operators

    BaFin

    BaFin warns consumers about the website cortexfin.com. According to information available to BaFin, payment services are being offered via this website without the required authorisation.
    On the cortexfin.com website, the operators advertise a supposedly lucrative job offer as a financial agent. The job entails opening bank accounts in one's own name. The accounts are to be used to accept funds and forward them to third parties. The funds transferred to these accounts presumably come from persons who have been victims of criminal activities.

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