In the evolving world of cryptocurrency, compliance with Anti-Money Laundering (AML) regulations has become an important area of focus for industry players. The recent case involving OKX, a Seychelles-based cryptocurrency exchange, underscores the significant legal and financial repercussions of neglecting these critical compliance measures. With a penalty of over $500…
CITES is crucial in fighting illegal wildlife trade, which greatly threatens biodiversity. It strengthens international cooperation and legal frameworks to protect endangered species from over-exploitation. CITES partners with organizations like FATF to track financial transactions linked to wildlife crimes. This includes the use of Anti-Money Laundering (AML) and Know Your…
Money laundering conspiracy & sanctions screening evasions John C. Unsalan, the president of Metalhouse LLC, has pleaded guilty to conspiracy to commit money laundering involving sanctions screening evasion. Unsalan formed Metalhouse LLC, a trading company that trades steel products and raw materials, in Florida in 2014. Unsalan has conducted transactions…
Deutsche Bank has had a troubled past regarding anti money laundering compliance. The Federal Reserve has stated that it fined Deutsche bank $186 million for failing to address money laundering control problems and other shortcomings that were previously identified by the US Central Bank. The Federal Reserve had identified issues…
According to a recent public statement by the UK Gambling Commission - Betfred, a UK-based bookmaker, has been fined £3.25m by the Gambling Commission for Anti-Money laundering(AML), Know-Your-Customer(KYC), and social responsibility failures. Some of the AML and KYC Gambling failures include: Failing to consistently obtain needed KYC identification Failing to…
What is FATF? The Financial Action Task Force (FATF) “promotes and develops policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction” (FATF). FATF suggestions are accepted globally as counter-terrorist financing (CFT) and anti-money laundering (AML) regulations. These…
A look into Danske bank Danske Bank is a Danish multinational banking and financial services corporation. It was founded in 1971 and is the largest bank in Denmark. They have banks in Finland, Norway, Sweden, Lithuania, Poland, the United Kingdom, Northern Ireland, Ireland, India, and New York. Danske Bank is…
What is FATF? FATF is the Financial Action Task Force and is an intergovernmental organization of 37 jurisdictions founded in 1989. The FATF plans to hold annual checks to confirm countries are enforcing AML and terrorist rules concerning digital assets. What's their plan of action? The FATF task force used…
Money laundering is a growing problem around the world, and as technology advances, the issue will only get worse. Every regulated business and financial institution needs to have processes in place to identify areas of risk, detect suspicious transactions, and report financial crime to make sure the organization is not…
The Louvre The art market is gaining as a hub for money laundering, and it’s a growing. AML and KYC compliance measures are gaining strength in this market, but it still doesn't face the same scrutiny as the banking sector. Therefore, oligarchs, corrupt politicians and bad actors still have an…