MSBs | Certain Risk

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Florida Officials Put Sanctions Pressure on Businesses with Cuban Ties

South Florida Republican officials are pressing for tougher scrutiny of businesses that send goods or provide services linked to Cuba, the Miami Herald reported.

U.S. Oversight of MSBs is Weakest in Years as Crypto Usage Surges

Cryptocurrency usage is surging in the United States. You wouldn’t know that from the number of federal examiners tasked with supervising the industry for anti-money-laundering (AML) compliance though.

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Paxful to Pay $4 Million for Helping Sex Traffickers and Money Launderers

Paxful Holdings Inc., a peer-to-peer virtual currency trading platform, was sentenced on Tuesday to pay a $4-million criminal penalty after pleading guilty to conspiracies tied to illegal prostitution, anti-money-laundering failures and transmitting criminal proceeds.

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Bill Would Take on Criminals Seeking to Circumvent AML Laws

Two U.S. senators reintroduced a bipartisan bill that would subject informal-value transfers and blank checks to anti-financial crime laws and strengthen the hand of prosecutors pursuing money-laundering charges.

EU’s New AML Supervisor Set for Full Launch in 2028

The European Union’s new Anti-Money Laundering Authority said it is on track to become fully operational in 2028, setting out a multi-year plan that flags emerging illicit-finance threats ranging from crypto-assets to “novel payment channels.”

Mexican Drug Traffickers’ Latest Illicit Good: Vape Pens

Mexico’s sweeping crackdown on electronic cigarettes is accelerating a shift in the country’s $1.5-billion vape-pen market toward organized crime, according to ABC News.

Photo of anti-Hamas protestors in Manchester, UK as British hostage Emily Damari arrives in Israel.

OFAC Levies Sanctions on Hamas-Linked Charities

The U.S. is targeting Hamas’ covert support network, including six Gaza-based nonprofits that purportedly masquerade as medical charities while supporting the Palestinian group’s militant wing.

Postcard that reads 'Greetings from Minneapolis' — Greetings from Minneapolis!

U.S. Launches New GTO, Probes Aimed at Minnesota Benefits Fraud Scandal

The U.S. Treasury Department on Thursday launched a set of initiatives to investigate what it called “rampant government benefits fraud” in Minnesota, including the imposition of new reporting requirements for financial institutions.

Physical coin representing the crypto currency, Ripple.

OCC Grants Five Virtual-Asset Firms Initial Approval to Launch Trust Banks

The Office of the Comptroller of the Currency has conditionally approved five national trust bank charters for firms focused on digital assets, in a move that brings more crypto-related activity into the federal banking system but under supervisory constraints.

Black and white photograph of a young boy working a field in Darfur Sudan.

U.S. Targets Alleged Financial Network Tied to Colombian Mercenaries in Sudan

The United States has imposed sanctions on four individuals and four companies it says helped recruit, pay and deploy Colombian mercenaries to fight for Sudan’s Rapid Support Forces (RSF).