Category: Compliance

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NEWS: Dutch Chief Public Prosecutor – the belief that SARs are ineffective is not true

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NEWS: Dentons retrial ordered as SRA wins AML case appeal

AML Bitcoin CEO convicted of $2M fraud and money laundering scheme

OPINION: Crypto assets have made their way into the toolbox of organised crime, why we should be happy about it

AML Bitcoin CEO convicted of $2M fraud and money laundering scheme

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NEWS: US banks can hold crypto, OCC confirms

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NEWS: US Senators demand Treasury explain neutering of beneficial ownership reporting (BOI)

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NEWS: Wolfsberg Group chief identifies transaction monitoring and fraud as priorities

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NEWS: EBA launches public consultation on major changes to four of its key standards.

NEWS: C-suite in AML and compliance is still a man’s world – Xolisile Khanyile

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LATEST: Path cleared for five executives to be formally ratified by AMLA board as three who did not make MEPs’ shortlist drop out of race

NEWS: AI means more skilled AML professionals needed, not less – AFC tech expert Shlomit Wagman tells WiFC Summit

NEWS: Private Sector Collaborative Forum to focus on financial inclusion, FATF chief Violaine Clerc tells ‘Women in FinCrime Summit 2025’

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NEWS: FCC professionals ‘must do the next right thing’ as US regulatory rowback ‘is temporary’, fincrime expert tells WiFC Summit

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Memorandum of Understanding between OFAC and the Swiss State Secretariat for Economic Affairs
OFAC
May 16, 2025
The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published its Memorandum of Understanding with Switzerland's State Secretariat for Economic Affairs (SECO).
Crime group used light aircraft to smuggle cocaine haul to UK
National Crime Agency
May 16, 2025
A qualified pilot used his light aircraft in a bid to smuggle cocaine into the UK. Pilot Anastasios Balian, 52, and accomplice Errol McCardo Weir, 48, admitted trying to bring 30kg of the Class A drug into the country, following a National Crime Agency investigation. On 20 March this year, they were stopped by Border Force officers at North Weald airfield in Epping, Essex, after landing from Belgium via Calais. Officers searched the small plane and discovered a concealment had been built into the rear seats. Inside it were 30 1kg blocks of cocaine with a street value of about £2.4m.
£2m fine for online operator Spreadex Limited
Gambling Commission
May 16, 2025
A gambling business will pay a £2,022,000 penalty after a Gambling Commission investigation revealed Anti-Money Laundering (AML) and social responsibility failings.
Spreadex Limited – which operates from Spreadex.com – will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls. The failures were revealed during a compliance assessment in July 2023 and relate to the operator’s Gambling Commission licence to offer casino and fixed odds betting.