Category: Financial Crime

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NEWS: Kinahan Cartel sanctioned when gang became ‘nexus’ between organised crime and Iranian-backed terrorism, reveals intelligence chief

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NEWS: EU new AML Authority (AMLA) is ‘hotly sought after agency’ that will attract ‘clustering’ of companies, says Eurogroup President

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ANALYSIS: Inside Europe’s money mule gangs infiltrating bloc’s colleges, tech companies and banks – top economic crime detective

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NEWS: South Africa’s financial stability at risk over Russia sanctions breaches fallout and FATF ‘greylisting’ – warning

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NEWS: Banks need to be looking for wins rather than draws in fight against criminals, top MLRO tells ‘Euro AFC 2023’

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INSIGHT: ‘Preventing Financial Crime in a Rapidly Changing Environment’ – address of Central Bank of Ireland Enforcement chief Seana Cunningham

INSIGHT: Address of Eurogroup President Paschal Donohoe to the ‘European Anti-Financial Crime Summit 2023’

NEWS: 400 fincrime leaders meet in Dublin for ‘European AFC Summit 2023’ as city doubles down on bid to host new AML Authority (AMLA)

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NEWS: French regulator fines BMW Finance for weak dirty money controls

EXCLUSIVE: From Russia with gold: UAE cashes in as sanctions bite

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INSIGHT: Russia threatens India energy and weapons deals to avoid being placed on FATF ‘black list’ at June plenary meeting

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BREAKING: Lebanon set to be grey-listed by FATF, piling further pressure on strife-torn middle east country

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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.