How a Tiny Zurich Bank Became a Nexus for Risky Transactions
It was a tiny Swiss bank, headquartered in an open-plan office close to Lake Zurich and little known abroad. But MBaer Merchant Bank AG would sometimes charge clients 10 times the normal rate to process payments.
U.S. Blacklists Network Accused of Diverting Over $100 Million to Hezbollah
The U.S. Treasury Department said on Friday it had imposed sanctions on an international network of 16 people and companies that allegedly diverted more than $100 million to Hezbollah since 2020.
Companies House Dissolves IRGC-Linked Crypto Firm that Cited Fake Owner
Companies House has removed cryptocurrency exchange Zedxion Exchange Ltd. from the UK’s register of businesses after an investigative report by OCCRP found the firm used a fictitious director and misleading incorporation filings to conceal links to sanctioned Iranian tycoon Babak Zanjani.
Binance Flagged ‘Chinese Nexus’ in Web of Illicit Iranian Payments
Binance internal investigators identified VIP accounts they said helped channel more than $1 billion to wallets tied to Iran-linked entities, including one account registered to a 79-year-old Chinese resident and another linked to a suspected Iranian gold smuggler.
OFAC Targets Hamas-Linked Charities, DPRK-Linked IT Worker Schemes
The U.S. Treasury Department on Thursday announced two new sanctions actions targeting financing and revenue-generation networks tied to Hamas and the Democratic People’s Republic of Korea.
Halkbank Granted 90-Day Stay in U.S. Criminal Case Amid DPA Talks
A federal judge in Manhattan on Wednesday granted a 90-day pause in the criminal case against Turkey’s state-run Halkbank, a first step toward a possible dismissal of charges that the bank helped launder billions of dollars in Iranian oil and gas proceeds.
FATF Flags Dirty-Money Risks of Offshore VASPs
Gaps in the international oversight of offshore virtual-asset firms have made it possible for criminals to commit large-scale fraud, money laundering, and terrorism financing beyond the reach of most supervisory bodies, according to FATF.
U.S. Launches New Probe into Binance Transfers Linked to Iran
The U.S. Justice Department is investigating Iran’s use of Binance to evade U.S. sanctions, according to new reporting by The Wall Street Journal.
Financial Institutions Failing to Identify Activity Linked to Illicit Mining: Report
Banks and investors are failing to adequately screen for illegal mining risks even when operating in sectors highly exposed to the trade, according to a report by the World Wide Fund for Nature and financial-crime risk platform Themis.
Court Dismisses Lawsuit to Hold Binance, Zhao Liable for Terror Attacks
A U.S. federal judge has dismissed a civil lawsuit that sought to hold Binance and its founder, Changpeng Zhao, liable for transactions allegedly linked to terrorist groups behind 64 attacks worldwide.