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NEWS: Commission preparing draft of fees to be paid by banks for new AML Authority – as costs rise due to new crypto transfers oversight rule

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US Treasury Secretary Janet Yellen says digital assets could offer ‘significant opportunities’ if risks are mitigated

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NEWS: US firms to be rewarded if they can recover pay from employees who break the law

GAME-CHANGER: AML Intelligence launches online ‘Financial Intelligence Specialist’ Certificate programme with ManchesterCF for AFC professionals

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NEWS: Italy’s Anti-Mafia Commission wraps up after final report approval

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LATEST: Swiss court reduces sentences of convicted money launderers

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LATEST: Danske Bank fined €1.82M, reprimanded by CBOI for failing to carry out AML/CFT checks on hundreds of thousands of transactions

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Large supermarket denies involvement as CEO remains in custody for money laundering

LATEST: Key Kinahan cartel member arrested in Spain for laundering €200M in 18 months through vodka company and hawala system

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NEWS: Regulators frustrated with Citigroup progress as officials probe bank’s plans to bulk up risk management system

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LATEST: Big rise in financial crime linked to organised gangs in Israel AML report

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NEWS: International Federation of Accountants launch Anti-Corruption Action Plan

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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.