The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in collaboration with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, issued answers to frequently asked questions (FAQs) to clarify certain requirements related to suspicious activity reports (SARs). The FAQs aim to assist financial institutions covered by SAR rules in understanding and complying with regulatory requirements related to SARs and other anti-money laundering/countering the financing of terrorism (AML/CFT) considerations. These clarifications are part of ongoing efforts by U.S. regulators… Read more: U.S. Regulators Issue Clarifications on Suspicious Activity Reporting

First Nations Bank of Canada (FNBC), headquartered in Saskatoon, Saskatchewan, was fined CAD 601,139.80 for multiple violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The violations included: FINTRAC emphasized the importance of compliance to protect the safety and security of Canada’s financial system and stated that administrative monetary penalties aim to encourage businesses to rectify non-compliant behaviour.

Canada’s FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) imposed an administrative monetary penalty on British Columbia Lottery Corporation (BCLC) for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty amounts to CAD 1,075,000 and relates to violations identified during a compliance examination. The findings included:

The Hong Kong Monetary Authority (HKMA) took disciplinary actions against three banks — Indian Overseas Bank (Hong Kong Branch), Bank of Communications (Hong Kong), and Bank of Communications (Hong Kong Branch) — for violations of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

The FCA fined Barclays £42 million for failing to assess money laundering risks while providing services to clients Stunt & Co and WealthTek. Barclays did not gather sufficient information at the start of the relationship or carry out proper ongoing monitoring for these clients, despite receiving information from law enforcement about potential money laundering activities. The FCA emphasised the importance of robust financial crime controls and adequate due diligence in preventing the facilitation of financial crime.

The UK’s Financial Conduct Authority (FCA) fined Monzo Bank £21.1 million for inadequate anti-money laundering (AML) systems and controls between October 2018 and August 2020. Monzo onboarded over 34,000 high-risk customers between August 2020 and June 2022, breaching a restriction imposed by the FCA. The FCA highlighted that Monzo accepted customers with implausible information, such as using well-known London landmarks as addresses, indicating significant lapses in customer due diligence.

Key details: The Swiss Attorney General’s Office handed a former wealth manager at Pictet Bank a six-month suspended prison sentence for involvement in a money laundering scheme.

UBS Group AG has agreed to pay USD 511 million to resolve a U.S. Department of Justice (DOJ) investigation stemming from how Credit Suisse—which UBS acquired—helped wealthy American clients evade U.S. taxes. Key Facts & Details UBS and Its Position Implications & Observations

In April 2025, UK law enforcement agencies launched Operation Machinize, a coordinated national effort targeting the misuse of cash-intensive high-street businesses — primarily barbershops and similar establishments — suspected of serving as fronts for serious criminal activities, including money laundering, drug trafficking, and human exploitation. The operation was led by the National Crime Agency (NCA) in collaboration with local police forces and other enforcement partners across the country. Over the course of the operation, raids were conducted on 265 premises identified as being involved in or vulnerable to illicit activity. Intelligence gathered in advance of the raids suggested that many… Read more: National Crackdown on Criminal Exploitation of High-Street Businesses

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 UK financial system.