Despite Brexit, it seems the United Kingdom will be following the EU's 5th Anti-Money Laundering Directive. The new rules titled "The Money Laundering and Terrorist Finance Amendments Regulations 2019" passed over the holidays. They require the act of due diligence for the art market in the UK, meaning that this…
Moxipay Corporation has been charged as acting as an unregistered money service business facilitating the transfer of funds for unlicensed cannabis dispensaries. This online money laundering process allowed eight online dispensaries to collect funds from consumers and supply illegal cannabis. Moxipay is based out of Edmonton, Alberta where recreational cannabis…
When in 1995 Truth Technologies was born, it was with a vision of future regulatory needs, based on past events. And those events triggered the ever-greater demand by banks in the US for KYC regulations, as regulators would sanction financial institutions without any possible proof of a violation as know…
Ten banks in the Philippines are involved in a inquiry by the Bangko Sentral ng Pilipinas (BSP). The reason for the inquiry is to assess the banks and their relations with Australia's Westpac. Westpac was recently fined for about 23 million breaches in anti-money laundering(AML) regulations. Many of these breaches…
Rifaat al-Assad, known as the "Butcher of Hama" and the uncle of Syrian President Bashar al-Assad, has gone on trial for alleged money laundering. A politically exposed person(PEP), like Rifaat al-Assad, is normally considered to be an increased risk for financial crimes due to their status. Sherpa, a law association…
Ukraine's government has been busy with cryptocurrency. Not only have government sponsored grants been activated, but cryptocurrency AML regulations have been defined. The grants will be responsible for government spending of over $18 million meant to support cryptocurrency and other innovative startups. Not only has Ukraine taken these steps to…
Hawaiian Gardens Casino, California's second-largest card room, has been fined almost $6 million by state and federal regulators. Casino AML regulations can be stringent, the law requires casinos to file suspicious activity and currency transaction reports consistently. However, these fines prove that it is a risky gamble for these casinos…
The International Institute of Finance (IIF) stated that one of the major factors hindering anti-money laundering for banks is a lack of information-sharing. However, stringent data privacy regulations have been introduced which make it difficult for any organization to share information. The European Union's General Data Protection Regulation (GDPR) helps…
In 2017, Apple Inc. discovered that they had inadvertently paid a developer that was present on U.S. sanction lists. The sanctions and OFAC screening tool Apple used failed to identify the developer as a blacklisted entity. Apple reported this error and the investigation has been completed, with the result of…
From December 2010 to February 2014, three General Electric Company (GE) subsidiaries violated sanctions regulations on 289 occasions. These violations resulted in a $2.7 million civil penalty by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC). OFAC sanction screening is required to be in place to prevent businesses…