FCA’s Focus on Cash-Based Money Laundering
On 2 April 2025, the Financial Conduct Authority (FCA) updated its guidance on cash-based money laundering, focusing on reducing illicit activities through cash deposits, particularly those made via the Post Office. ?Global Regulation Tomorrow+2financialinstitutionsnews.com+2FCA+2 Key Highlights These updates are part of the FCA’s ongoing efforts to combat financial crime and protect the integrity of the […]
Luxury Vehicles Seized in Irish Money Laundering Operation
In a significant operation against organized crime, Gardaí targeted a Dublin-based drug gang, resulting in the seizure of 29 luxury vehicles valued between €500,000 and €600,000. The operation, conducted on March 20, 2025, also led to the freezing of approximately €200,000 in company accounts suspected to be proceeds of crime. ?SundayWorld.com The vehicles, including high-end […]
TD Bank Appoints Compliance Monitor Following $3 Billion AML Settlement
TD Bank has appointed Guidepost Solutions as an independent compliance monitor to oversee a comprehensive overhaul of its anti-money laundering (AML) program. This move comes as part of a $3 billion settlement with U.S. regulators and prosecutors after the bank was found to have failed in preventing and detecting illicit financial activities. The settlement, one […]
FCA Fines Mako Trading Firm Over Cum-Ex Deals
The FCA imposed a £1.7 million fine on London-based trading firm Mako for its involvement in cum-ex trading strategies. These strategies exploited legal loopholes to enable multiple tax rebate claims on dividend payments, leading to substantial tax revenue losses across various jurisdictions. Between 2008 and 2010, Mako facilitated approximately £92 billion in Danish and Belgian […]
UAE Strengthens Financial Crime Efforts with High-Level EU Engagement
The United Arab Emirates (UAE) is intensifying its efforts to combat money laundering and financial crime through a series of high-level meetings with European Union (EU) member states. These discussions are part of a broader strategy to enhance international cooperation and strengthen regulatory frameworks. Hamid Al Zaabi, Secretary-General of the National Committee for Anti-Money Laundering […]
Global Crackdown on Crypto Fraud Nets $2 Billion in Seized Assets
In the final week of January 2025, international authorities announced a major operation targeting crypto fraud networks, resulting in the seizure of over $2 billion in assets and the arrest of key players in multiple countries. The coordinated effort, involving agencies from the US, EU, and Asia, uncovered elaborate schemes involving fake investment platforms, phishing […]
First Major Crypto Regulatory Framework of 2025 Takes Effect
In the first week of January 2025, a groundbreaking crypto regulatory framework came into effect in the European Union, marking a significant step toward standardizing oversight in the crypto industry. The framework, known as the Crypto Asset Markets Regulation (CAMR), introduces stricter compliance requirements for crypto exchanges, wallet providers, and DeFi platforms. Key provisions include […]
Sanctions Evasion Networks Exposed in High-Profile Crackdown
In the fourth quarter, international authorities dismantled a major sanctions evasion network that involved laundering billions through shell companies, trade-based money laundering (TBML), and cryptocurrencies. The network utilized complex supply chain financing schemes to obscure the origins of funds linked to sanctioned entities. The operation, coordinated by the US and EU, led to the arrest […]
Emerging Markets Targeted in Sophisticated APP Fraud Schemes
In Q3, emerging markets experienced a wave of sophisticated Authorized Push Payment (APP) fraud schemes, with victims losing over $500 million. Organized crime groups exploited vulnerabilities in digital payment systems and preyed on consumers with limited financial literacy. Fraudsters posed as legitimate businesses or financial institutions, tricking individuals into authorizing payments to fraudulent accounts. Governments […]
AML Failures Lead to Record Fines for Major European Bank
In Q2 2024, a leading European bank was fined €1.2 billion following revelations of significant anti-money laundering (AML) deficiencies. A multi-year investigation uncovered that the bank had failed to monitor high-risk accounts, especially those involving politically exposed persons (PEPs), and had inadequate transaction monitoring systems. Authorities noted that the bank ignored multiple red flags, including […]