The richest woman in Africa, Isabel dos Santos, has come under a lot of scrutiny lately. The International Consortium of Investigative Journalists has been reporting on leaked documents that suggest that dos Santos' companies have been committing some serious financial crime. Anyone with political influence is considered to be at…
On January 10th, the European Union's 5th Anti-Money Laundering Directive (5AMLD) went into effect. Not only does this directive affect arts and antiquities, but it also applies to cryptocurrency companies. Cryptocurrency AML and KYC regulations have been a talking point globally. How can regulators control a market with digital currency?…
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…