News

Most suspicious transaction reports and suspicious activity reports filed in Luxembourg last year appear to have originated from PayPal, the global payment processor, and a second, larger and perhaps more unlikely source: Amazon, the world's largest e-commerce firm. In a 122-page report, the country's financial intelligence unit, also known as CRF, disclosed having received 56,000 STRs and SARs in 2018, a year-on-year increase of 44 percent that officials aim to reduce in the coming years by instructing firms on how to submit higher-quality filings on suspected money laundering, terrorist finance and other illicit activity. Lenders typically file the lion's share...