Money Laundering | Certain Risk

Exterior of HM Revenue and Customs office — “HM Revenue & Customs” by jam_90s, licensed under CC BY 2.0. Source: Flickr — https://www.flickr.com/photos/zerospin/2303706153

UK’s HRMC Steps Up AML Enforcement in Art Sector

The UK art market is coming under sharper scrutiny from HM Revenue & Customs (HMRC), which has intensified enforcement of anti–money laundering rules.

FINTRAC Levies Record $14-Million AML Fine Against KuCoin

Canada’s anti–money laundering watchdog has levied a C$19.5 million penalty against crypto exchange KuCoin for violations of the country’s AML rules.

UBS Office tower. — “Opernturm Frankfurt” by Quartl, licensed under CC BY-SA 3.0 Germany. Via Wikimedia Commons

UBS to Pay Nearly $1 Billion for Alleged Role in French Tax Evasion

UBS Group AG will pay €835 million ($985.6 million) to resolve a yearslong case in France over allegations the Swiss bank helped wealthy clients evade taxes.

“WebSummit2019 Pavilion 2 Day 2 – WireCard” by Web Summit, taken Nov 5, 2019, via Flickr. Licensed under CC BY 2.0

Singapore Convicts Two in Wirecard Forgery Case

A Singapore court on Monday convicted two businessmen of falsifying documents that misled auditor EY into believing Wirecard held substantial cash in Singapore bank accounts.

FinCEN to Delete Ownership Info on U.S. Companies from CTA Registry

FinCEN Files investigation revealed how U.S. banks helped move illicit money worldwide, U.S. authorities are rolling back key reforms enacted in its aftermath, sparking alarm among transparency advocates.

Iranian cleric Ali Khamenei. — Khamenei.ir. (2025, March 19). Nowruz message on the occasion of the beginning of the year 1404. Wikimedia Commons. Licensed under CC BY 4.0

OFAC Takes Aim at Financial Facilitators Aiding Iran’s Military

OFAC sanctioned two Iranian financial facilitators and more than a dozen individuals and entities based in Hong Kong and the United Arab Emirates for moving funds that allegedly benefited Iran’s military.

Georgian Defense Minister Juansher Burchuladze — Juansher Burchuladze at a bilateral exchange at the Pentagon, Washington, D.C., February 9, 2023 (cropped, edited). Photo by U.S. Department of Defense / DVIDS. Licensed under Creative Commons BY 4.0. Source: Wikimedia Commons

Georgia’s Ex-Defense Minister Detained for Money Laundering, Abuse of Office

Georgia’s ex‑Defense Minister Juansher Burchuladze has been arrested on charges of money laundering and abuse of power, OCCRP said.

Swiss Parliament foregrounded against the Swiss flag.

Citing Competition, Swiss Lawmakers Push Back on Proposed AML Law

Swiss lawmakers are seeking to dilute key government proposals aimed at combating financial crime, arguing that stricter regulations threaten the country’s dominance in the global wealth management sector, according to Reuters.

Sumitomo Mitsui Banking Corporation office tower. — J o. Photograph of the SMBC Kobe Office Building. 20 Nov. 2009. Wikimedia Commons, CC BY‑SA 3.0. Edited version.

Fed Terminates AML Order against SMBC

The Federal Reserve terminated a 2019 enforcement action against Sumitomo Mitsui Banking Corp. (SMBC), concluding a six-year period of heightened scrutiny over the institution’s anti-money laundering (AML) practices.

Jersey probes Roman Abramovich for suspected money laundering, sanctions breaches

Jersey authorities are investigating Russian billionaire Roman Abramovich in connection with suspected money laundering and possible sanctions violations, according to Swiss court judgments issued in May.