Tag: Compliance

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INSIGHT: The 10 AML steps to ensure your financial instiution stays one step ahead in 2025

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NEWS: Klarna Bank fined $46 million in Sweden money laundering probe

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NEWS: UK’s FCA suggests digital passports could reduce bank compliance costs

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NEWS: Plan to ‘name and shame’ UK banks in AML probes grew into controversial ‘lightning rod,’ FCA admits

LATEST: Citigroup COO Anand Selva to share compliance responsibility after $136M fine

NEWS: Approaching fast – Biggest names in AML to gather for ‘International Anti-Financial Crime Summit 2024’, London, October 9

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NEWS: Nita Patel officially takes up role as Head of AFC & Group AML Officer at Deutsche Bank

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INSIGHT: The SEC’s latest fine shows why banks shouldn’t put their Chief Compliance Officer in charge of AML

REPORT: Small UK lenders spending five times as much on compliance as larger rivals

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NEWS: Citigroup hit with fines of $136m for ‘insufficient progress’ in fixing compliance failures

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NEWS: Jack Dorsey’s Block probed by US prosecutors over crypto compliance concerns

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NEWS: Governments pledge increases to FATF funding, reduce ‘gaps’ in fight against global fincrime

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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.