Category: Analysis

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INSIGHT: Wells Fargo’s new AML trouble may delay asset cap removal timeline, analysts predict

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ANALYSIS: Wolfsberg Group warns new FinCEN rules could lead to more box-ticking AML programs at banks

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INSIGHT: Behind arrest of Telegram boss Durov – the small Paris cybercrime unit with big ambitions, led by Johanna Brousse

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LATEST: External candidate set to succeed Masrani at TD – but all depends on cleaning up AML mess by EOY – and no more surprises

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LATEST: Billions in fines could pale in face of regulator-imposed restrictions on growth at TD Bank, analysts warn

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ANALYSIS: TD Bank’s dirty laundry – inside the cultural shift that seeded a money laundering crisis, succession woes and a leadership exodus

Warning from UBS audit on bank's statements

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INSIGHT: Swiss regulator scrutinises KYC processes being used by UBS, CDD to onboard risky wealthy Credit Suisse clients

NEWS: UK announces world’s largest fincrime data sharing project, involving seven banks and police; eight illicit networks already identified

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INSIGHT: Jersey officials explain why the island’s beneficial ownership register isn’t open to the public

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NEWS: Jersey’s financial services minister says MONEYVAL report counters view of island as illicit finance hub

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INSIGHT: FinCEN estimates beneficial ownership reporting will cost U.S firms $200m per year

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NEWS: Former senior FATF figure claims ‘little evidence’ its recommendations effectively prevent money laundering

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FinCEN Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern, Proposes a Rule to Combat Cyber Scams and Heists
FinCEN
May 2, 2025
WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking (NPRM) pursuant to Section 311 of the USA PATRIOT Act that identifies Cambodia-based Huione Group as a financial institution of primary money laundering concern and proposes to sever its access to the U.S. financial system. Huione Group serves as a critical node for laundering proceeds of cyber heists carried out by the Democratic People’s Republic of Korea (DPRK), and for transnational criminal organizations (TCOs) in Southeast Asia perpetrating convertible virtual currency (CVC) investment scams, commonly known as “pig butchering” scams, as well as other types of CVC-related scams. Given the money laundering risk posed by Huione Group, FinCEN is proposing to prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for or on behalf of Huione Group.
FCA seeks feedback on regulation of cryptoasset trading platforms in next phase of road to regulation
Financial Conduct Authority
May 2, 2025

The FCA is seeking views on the future regulation of specific cryptoasset activities, ahead of legislation to bring them within regulation.

Clear crypto regulation will boost confidence in the sector, supporting growth. In this latest discussion paper (DP), the FCA is seeking views on intermediaries, staking, lending and borrowing, and decentralised finance. With more people using credit to purchase crypto, the DP also considers whether restrictions should be applied in that area.
Website Alert – Fraudulent website related to Bank Julius Baer & Co. Ltd.
HKMA
May 2, 2025
The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to a fraudulent website, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.