A Third of Inspected Law Firms Break UK’s AML Rules
A third of inspected law firms in England and Wales are breaching anti-money laundering (AML) requirements, according to a report on new figures from the Solicitors Regulation Authority (SRA).
KYC
Hezbollah-Linked Charities Steer Donors to Lebanese Digital Wallets
Blacklisted charities affiliated with Hezbollah have been directing supporters to send money through Lebanon’s booming digital payments sector, routing contributions to wallets held by private individuals rather than official charity accounts, the Financial Times reported.
Mexico’s Banks Look to Tighten AML Controls after U.S. Crackdown
Mexico’s banking lobby is urging lenders to adopt tougher rules on illicit finance that go beyond current law, after U.S. authorities moved to sever three Mexican firms from the American financial system for allegedly laundering money for fentanyl traffickers, according to Bloomberg.
Ex-Director of U.S. Defense Contractor Pleads Guilty to Selling Trade Secrets
A former director at Trenchant, an L3Harris Technologies subsidiary that develops offensive cyber tools, pleaded guilty Wednesday to stealing and reselling trade secrets worth $35 million to a Russian broker whose clients include the Russian government, Bloomberg reported.
Trump Pardons Binance Founder Changpeng Zhao
President Donald Trump has granted a pardon to Changpeng “CZ” Zhao, the founder of Binance, after months of behind-the-scenes efforts by Zhao and his allies to secure clemency.
Worldline Compliance Review Flags ‘Uneven’ Anti-Financial Crime Controls
Worldline SA said an independent review found “uneven” implementation of anti-financial-crime controls across the company, even as the French payments processor reported a drop in third-quarter revenue and outlined plans to streamline its business.
Mexican Cartel Turns to ‘Dark Fleet’ to Smuggle Fuel from U.S. and Canada
One of Mexico’s most powerful drug cartels is smuggling gasoline and diesel into the Port of Ensenada with the aid of a “dark fleet” tanker and a Houston-based company, according to an investigation by Reuters.
Bank Compliance Slow Services for Some in Europe’s Growing Defense Sector
European lenders are re-engaging with defense companies but smaller firms in the sector’s supply chain are running into hurdles clearing bank compliance requirements, according to new reporting by The Banker.
UBS Strengthens AML Checks on Wealthy Clients in Asia
UBS Group AG is intensifying scrutiny of how clients in its Asian wealth hubs make and move their money, pressing some to provide more detailed disclosures as the Swiss lender looks to avoid fresh regulatory clashes.
Judge Quashes Effort to Stop Peru’s Ex-President From Leaving Country During Criminal Probe
A Peruvian judge declined a request to restrict former President Dina Boluarte from leaving the country while prosecutors investigate her for corruption and money laundering, Reuters reported.