Global AFC Threats Report: Understand the financial crime landscape – including the top threats for organizations in 2024

TOP STORY

Apr

Hollywood Reporter’s Notebook

As we bid farewell again to Florida and make our way home, ACAMS moneylaundering.com reflects on this year’s edition of The Assembly Hollywood and shares some of what we learned.

Legs & Regs

US Judge Sentences Former Army Servicemember to Prison for ML, Romance Scam

The U.S. Justice Department announced that Sanda G. Frimpong was sentenced to prison following his admission to three counts of money laundering.

April 18, 2024

SDNY: Pharmacist Sentenced to Prison for Health Care Fraud Scheme

The U.S. Attorney’s Office for the Southern District of New York announced that Nerik Ilyayev was sentenced to four years in prison for his involvement in a multimillion-dollar health care fraud scheme.

April 18, 2024

US Treasury Announces Sanctions in Response to Attack on Israel

The U.S. Treasury Department announced new sanctions on 16 individuals and two entities for enabling Iran’s production of unmanned aerial vehicles that were used in the April 13, 2024, attack on Israel.

April 18, 2024

OFAC Adds 16 Individuals, 10 Entities to SDN List

The Office of Foreign Assets Control issued a notice concerning the addition of 26 entries to the Specially Designated Nationals List with respect to Iran, non-proliferation, and counter terrorism issues.

April 18, 2024

Financial Crime Matters: Ex-OCC Official Discusses Recent FinCEN Rulemaking

March 25, 2024

In this episode of Financial Crime Matters, Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Daniel Stipano, former deputy chief council for the OCC, discuss the Corporate Transparency Act and FinCEN’s creation of a national database of beneficial owners.

Edmund Fitton-Brown on Yemen and the Houthis

March 11, 2024

In the latest episode of Sanctions Space, Justine is joined by Edmund Fitton-Brown, senior advisor at the Counter Extremism Project and former U.K. ambassador to Yemen. They discuss the ongoing tensions in the Red Sea, the political situation in Yemen and the origin and aspirations of the Houthi group, as well as sanctions actions taken by the U.S. and others against the Houthis.

The Assembly APAC

DATE: 04/22/24 - 04/23/24

LOCATION: Hong Kong, China, Hong Kong

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Money laundering-related red flags associated with virtual assets and virtual asset service providers include:

A. The use of the same IP-address for a large number of seemingly unrelated virtual asset wallets.
B. Depositing virtual assets and then immediately withdrawing them.
C. Both A and B.
D. None of the above.

View all quizzes

More News

Usual Suspects in Elder Financial Theft? Adult Children, FinCEN Says

By Fred Williams

The most frequent perpetrators of elder theft in the U.S. are the victims' own children, followed by nurses, aides and other professional caregivers, the Financial Crimes Enforcement Network, also known as FinCEN, disclosed in a 14-page analysis Thursday.

April 18, 2024

EU Lawmakers Want UAE Kept on Money Laundering Watchlist

By Koos Couvée

Members of the European Parliament launched a bid to keep the United Arab Emirates on the EU's list of jurisdictions outside the bloc that present a high threat of illicit finance, citing the Gulf nation's outsized role in transnational money-laundering and sanctions-busting schemes.

April 18, 2024

Midweek Roundup: ‘Swazi Secrets’ Fallout Begins, Canada Unveils AML Reforms, and More

Compliance officers rethink travel plans, FinCEN renews GTOs, and more, in the midweek roundup.

April 17, 2024

Breaking April 17, 2024: 6:07 pm ET

Canadian Officials Unveil Raft of AML Proposals

Italy’s Efforts Against Defensive STRs Paying Off, Albeit Slowly

By Gabriel Vedrenne

The annual volume of suspicious transaction reports in Italy fell a modest 3 percentage points from 2022 to end at 150,000 submissions in 2023, according to UIF, the country's financial intelligence unit, while the share of subpar-quality STRs dropped after peaking at 30 percent.

April 17, 2024

Enforcement Actions

OCC: First FS & LA of Lorain Agrees to Address BSA/AML Shortcomings

The Office of the Comptroller of the Currency entered into a formal agreement with the Lorain, Ohio-based bank to resolve unsafe and unsound practices, including the bank's failure to develop an appropriate internal Bank Secrecy Act, anti-money laundering program.

March 4, 2024

SRA Fines Obaseki & Co Limited £9,000 for AML Failures

The Solicitor Regulation Authority fined the London, U.K.-based firm £9,000 for violating the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

April 18, 2024