Covered Institutions

Luxembourg’s financial regulator has fined Rakuten Europe Bank €185,000 for multiple breaches of anti-money laundering and counter-terrorist financing (AML/CFT) regulations, according to a new report by the Luxembourg Times.

PwC has decided to “lean in” to cryptocurrency work after years of a more guarded approach, citing a friendlier U.S. policy environment under President Donald Trump and new legislation governing digital assets, according to the Financial Times. 

Japan’s rapidly aging population is creating a sprawling new target for financial abuse, with older people experiencing cognitive decline controlling assets worth almost half the country’s GDP.

Iran is offering to sell ballistic missiles, drones, warships, and other advanced weapons systems to foreign governments in exchange for payment in cryptocurrency, the Financial Times reported.

UK law firms are preparing for more stringent oversight of their anti-money laundering (AML) programs after the Financial Conduct Authority (FCA) was designated as the compliance supervisor for the legal sector, The Guardian reported.

European banks could cut more than 200,000 jobs over the next five years as lenders accelerate adoption of artificial intelligence and continue closing branches, according to estimates cited by the Financial Times.

The U.S. Treasury Department on Wednesday imposed new sanctions on four companies it said were operating in Venezuela’s oil sector, along with associated oil tankers.

Donald Trump’s return to the presidency has marked a stark shift in white-collar crime enforcement, with federal prosecutors and investigators stepping back from complex foreign-bribery, money-laundering, and corruption cases, The Wall Street Journal reported. 

Abubakar Malami, Nigeria’s former attorney general and minister of justice, has been charged with 16 counts of money laundering and conspiracy involving billions of naira, Reuters reported.

Malaysia’s High Court sentenced ex-Prime Minister Najib Razak to 15 years in prison after convicting him on 25 charges of money laundering and abuse of power linked to the looting of the 1MDB sovereign-wealth fund, The Wall Street Journal reported.