The Groundworks of the Money Laundering Scheme Russian Oligarchs Viktor Vekselberg and Vladimir Voronchenko are accused of running a money laundering operation through their real estate properties in the U.S. The Department of Justice has alleged that six luxury properties have been maintained by channeling millions of dollars into the…
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the virtual currency mixer Tornado Cash. Since it's creation in 2019, Tornado Cash has allegedly been used to launder more than $7 billion worth of virtual currency. Included in the $7 billion is over $455 million…
A Guide to 2022 OFAC Screening Requirements Financial institutions and other regulated entities have a duty to conduct risk assessments in an effort to prevent illegal transactions and comply with federal and state laws. These businesses are required to regularly screen new and current customers—both individuals and organizations—to verify their…
High-risk businesses like banks, law firms, insurance companies, and other regulated entities must perform screenings of both new and current customers as part of the risk assessment process. These checks help make sure the business’s capital, reputation, revenue, and future are protected from illegal activities like money laundering or the…
New Sanctions Lead to New Punishments Following the global sanctions imposed on Russia in response to their invasion of Ukraine, the United States declared it will “identify, hunt down, and seize the assets of Russian oligarchs. That makes their yachts, mansions, and any other ill-gotten assets now completely up for…
Recent sanction on Russia sparks new efforts to identify private investors in the recent months. This topic has come about from round after round of sanctions have been imposed on Russian. However the idea of imposing anti-money laundering (AML) requirements on private firms isn’t a new one, in fact, it…