Category: Banking

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NEWS: FATF, INTERPOL and UNODC issue ‘unprecedented’ joint call for countries to step up AML measures

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NEWS: Canadian banking regulator OSFI calls for lenders to ‘redouble’ AML surveillance

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NEWS: Further blow to Malta’s reputation as Central Bank chief charged in massive bribery scandal

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INSIGHT: US Homeland Security reveals how Chinese criminals help Mexican cartels launder money

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NEWS: Former bank employee suspected of recruiting 40 money mules for ‘Black Axe’ industrial fraud gang

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NEWS: FATF on-site inspection in Turkey prompts speculation Ankara coming off ‘grey list’

NEWS: Australia to spend $166M to stay off FATF ‘grey list’ and shore up its AML defences

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NEWS: TD Bank says it’s spent $365M on fixing AML failings, hiring more FCC staff

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NEWS: Sweden’s Financial Supervisory Authority requests powers to screen senior finance workers

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BREAKING: TD Bank’s nightmare week gets worse – accused of laundering cash for China fentanyl gangs as regulator fines lender $6.7M for STR failures

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NEWS: Raiffeisen says Strabag deal under careful risk assessment

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LATEST: TD Bank makes $450M provision for US AML probe; lender admits processes ‘insufficient’ to ‘detect, report, respond to suspicious activity’

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Head of Commercial Real Estate Investment Firm Sentenced to 87 Months for $62.8M Investment Fraud Scheme
US Department of Justice
May 20, 2025
A New York man was sentenced yesterday in the Northern District of Georgia to 87 months in prison and ordered to pay over $45 million in restitution for his role in a scheme to defraud investors in connection with commercial real estate investments in Atlanta, Georgia and Miami, Florida.

According to court documents, beginning in May 2022, Elchonon “Elie” Schwartz, 46, of New York City, engaged in a scheme to defraud commercial real estate investors that invested through the crowdfunding investment website, CrowdStreet Marketplace.
Surrey bookkeeper cooked the books and underreported almost $1 million in GST/HST
FINTRAC
May 20, 2025
The Canada Revenue Agency (CRA) announced that Aeddy Leung of Surrey, British Columbia, received a conditional sentence order for two years less a day and two years probation on April 15, 2025, at the Provincial Court of British Columbia (Robson Square). Leung pleaded guilty to willfully evading remittance tax and to making false statements in Goods and Services Tax (GST)/Harmonized Sales Tax (HST) returns.
People smuggler who organised Mediterranean crossings on ‘death trap’ boats threatened to throw migrants in the sea
National Crime Agency
May 20, 2025
A man arrested by the National Crime Agency for masterminding the smuggling of thousands of people across the Mediterranean from north Africa into Europe has been jailed for 25 years. 42-year-old Egyptian national Ahmed Ramadan Mohamad Ebid was detained in Hounslow, west London, in June 2023. Working with law enforcement partners in Italy, the NCA were able to link him to a number of illegal crossings from Libya.