AML

The UK’s current system of supervisors overseeing the anti-money-laundering (AML) programs of law firms, accountancies, and other professional bodies is failing to take “sufficiently dissuasive disciplinary measures” against those that fail to meet compliance standards, according to a new report. 

Malaysian Prime Minister Anwar Ibrahim said a special committee investigating anti-graft chief Azam Baki’s shareholdings is expected to release its findings soon, Bloomberg said. 

Western governments are being urged to tighten controls on cryptocurrency after new research warned that criminals and hostile states have laundered an estimated $350 billion using crypto over the past two decades.

Luxembourg authorities raided the premises of EFG Bank last week as part of a preliminary investigation into the institution’s compliance with anti-money laundering (AML) and counterterrorism financing (CTF) laws.

Stablecoin issuer Tether said it has frozen about $4.2 billion of its USDT tokens over links to “illicit activity,” with most of the freezes occurring in the past three years, as authorities worldwide intensify efforts to curb crypto-related crime.

Guernsey’s government is weighing new transparency rules that would let approved applicants access information on the beneficial owners of companies registered on the island.

Autonomous AI “agents” that can initiate and execute transactions without real-time human input are compressing the timelines that anti-money laundering (AML) compliance teams and law enforcement rely on to detect and stop illicit crypto activity.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed a Section 311 “special measure” that, if finalized, would cut MBaer Merchant Bank AG off from the American financial system.

A senior Treasury Department official is preparing to resign after privately raising objections to a White House-backed initiative aimed at alleged fraud tied to the Somali immigrant community in Minnesota.

Germany will overhaul its core federal security agencies and deploy artificial intelligence as part of a crackdown on organized crime, related money laundering, and other financial crimes, Reuters reported Wednesday.