ABN Amro facing money laundering/terrorism financing probe

Dutch bank ABN Amro has admitted it is being investigated by the country’s public prosecutor for potential money laundering and financing of terrorism offences. On September 26, the bank said it could not give further details of what the public prosecutor is investigating. But it has been warning investors that…

Scottish local authority puts AML policy in place

West Lothian Council has adopted a strong new anti-money laundering policy to address the issue. The council says it has a policy of zero tolerance to all aspects of fraud and corruption, and is fully committed to upholding the highest standards of conduct and ethics in all areas of its…

Rise in teenage money mules prompts warnings

Criminals are recruiting a rising number of teenagers to act as money mules to help them launder the proceeds of crime, the BBC has reported. According to data from fraud prevention body Cifas, the number of cases of 14 to 18-year-olds who have allowed their bank accounts to be used…

Man jailed for £830k money laundering offences

Milton Keynes-based Khalid Bajigah, 40, has been given a six-year prison term after being convicted on one count of acquiring, using and possessing criminal property. The charge relates to several bank transfers that were made between 1 January and 31 March 2017, when Bajigah fraudulently obtained cash transfers into his…

Swiss regulator publishes AML blockchain guidance

Switzerland’s Financial Market Supervisory Authority (FINMA) has published guidance on anti-money laundering requirements for blockchain-based companies. The regulator said it considered AML to be ‘technology-neutral’, and expects all payments, including blockchain transactions, to follow the requirements. It said: “Institutions supervised by FINMA are only permitted to send cryptocurrencies or other…

Thousands of charities to be hit with new layer of AML regs

Thousands of charities could face increased administrative bureaucracy as part of the government’s new anti-money laundering regulations, a leading lawyer in the sector is warning. Writing for Charity Finance magazine, Lucy Rhodes, associate at Bates Wells, said the Fifth Money Laundering Directive (5MLD) could force all charitable trusts, irrespective of…

US Treasury’s opens foreign money laundering investigations unit

The U.S. Treasury Department’s financial crimes unit has created a division that will be responsible for identifying foreign money-laundering threats. The Financial Crimes Enforcement Network (FinCEN) has confirmed the Global Investigations Division will oversee investigations into terrorist financing and other crimes involving illicit finance, working closely with foreign governments. The…

EU to set up new money laundering blacklist

Just months after its original ‘blacklist’ of countries thought to have slack money laundering regulations was scrapped, the European Union is set to try again. EU justice commissioner Vera Jourova has announced that a new list with a new methodology is to be compiled, drawn up in conjunction with the…

Singapore targets shell firms in anti-money laundering drive

Money launderers in Singapore are increasingly using onshore shell companies to mask their transactions, a senior official figure has said. Valerie Tay, who heads the anti-money laundering department at the Monetary Authority of Singapore (MAS), said banks had closed accounts of several onshore shell companies over the past year, after…

Qatar-owned bank investigated over ML controls

A British bank owned by Qatar and linked to Islamist organizations is under investigation over its money laundering controls. Al Rayan has been restricted on who can open deposit accounts with it following the launch of a probe by the Financial Conduct Authority (FCA) last year. According to the Arab…
1 2 3 4 6 7 8 9 10
Scroll to Top