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ANNOUNCEMENT: FATF President Elisa de Anda to deliver Opening Address at ‘International Anti-Financial Crime Summit 2024’ in London, October 9

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NEWS: Treasury loosens new AML regulations covering investment advisors, realtors

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LATEST: External candidate set to succeed Masrani at TD – but all depends on cleaning up AML mess by EOY – and no more surprises

NEWS: Detectives in UK break up sophisticated £55m Chinese underground banking laundry, student money mules at its heart

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NEWS: Nordea’s inadequate CDD, high-risk banking partners, Panama Papers links lead to $35m US fine

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SARAH BETH: The catalog of AML issues which led to New York State fining Nordea Bank $35m, issue consent order

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NEWS: Ex-Barclays banker acquitted of fraud loses appeal against FCA ban on senior management roles

NEWS: US Homeland Security warns of rising gift card fraud linked to Chinese OCGs

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NEWS: Telegram founder Durov remains in French custody in ML, fraud, child pornography and drug trafficking probe

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NEWS: FinCEN intensifies efforts to combat illicit fentanyl trafficking; marks Overdose Awareness Week

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NEWS: How drug traffickers are now targeting Netherlands’ struggling farming sector

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OPINION: ‘There’s still more to come’; why TD Bank scandal is still far from over and why the board must atone

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UK insurer charged with bribery in Ecuador
Serious Fraud Office
April 17, 2025
The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.
Industry warning notice: regulatory returns submissions
Gambling Commission
April 17, 2025
Operators are being warned that they face regulatory action if they fail to complete regulatory returns or submit them on time.
The warning follows a spate of fines against operators who have failed to submit a regulatory return in the required timeframes for each type of activity for which they hold a licence. Since October more than ten businesses have been fined up to £750 for not correctly completing and submitting regulatory returns within the required timeframe.
Europol supports strike-down on criminal organisation smuggling tens of thousands of hazardous salvage cars from the US
Europol
April 17, 2025
Europol supported an action led by the European Public Prosecutor’s Office (EPPO) in Berlin (Germany) and Vilnius (Lithuania), which involved around 1 000 police, tax and customs officers carrying out 200 searches in ten countries. The investigation targeted a vast criminal organisation active in smuggling badly damaged cars from the United States (US) into the European Union (EU), and selling them to end customers after superficial repair, while defrauding the payment of customs duties and committing large-scale value-added tax (VAT) fraud.