Category: AML

Regulatory Watch News

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  FinCEN Joins Public-Private Partnership to Combat Fraud and Scams Impacting Innocent Americans

  FinCEN

  November 25, 2024

  WASHINGTON—The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, convened by the Aspen Institute’s Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centers, and federal government agencies to develop a comprehensive national strategy for combating fraud and scams. Fraud and cybercrime (including fraudulent schemes) are two of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism National Priorities.

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  Lietuvos bankas revoked UAB Foxpay licence due to serious and systematic breaches

  Lietuvos Bankas

  November 25, 2024

  Lietuvos bankas revoked the electronic money institution licence of UAB Foxpay (hereinafter, Foxpay) for serious and systematic breaches of legal acts regulating the prevention of money laundering and terrorist financing, safeguarding of client funds and other legislation. Following the decision, Foxpay can no longer provide financial services. More: https://www.lb.lt/en/news/lietuvos-bankas-revoked-uab-foxpay-licence-due-to-serious-and-systematic-breaches

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  Adamawa Courts Jail Twelve Internet Fraudsters

  EFCC

  November 25, 2024

  Justices  Kayanson Samuel Lawanson,   Hammed Isha ,  Benjamin Manji Lawal and Mohammed Ibrahim Tola of the Adamawa State High Court, Adamawa State have  convicted and sentenced twelve  internet fraudsters to various jail terms. They were separately  arraigned between November  6 and 7, 2024  on a one count charge of cheating and impersonation by the Gombe Zonal Directorate of the EFCC.