Oversight | Certain Risk

An exterior shot of Brazil's Finance Ministry — “Fotos produzidas pelo Senado (35452533366).jpg” (Prédio do Ministério da Fazenda), Senado Federal (photo credit: Pillar Pedreira/Agência Senado), 23 June 2017, via Wikimedia Commons, licensed under CC BY 2.0.

Brazil Looks to Close Two Loopholes Used to Dodge Asset Freezes

Brazil’s Finance Ministry has urged the country’s central bank to tighten regulation around pooled and escrow accounts that authorities say are being used by bad actors to circumvent asset freezes, according to Reuters.

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.”

A photo of a Bank of Scotland branch in Halifax — “Bank of Scotland Halifax” — Secret Pilgrim, via Flickr — CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/) — Source: https://www.flickr.com/photos/umdrums/2828957108 — Edited from the original.

Bank of Scotland Fined £160,000 for Failing to Flag Blacklisted Putin Ally

The UK’s Office of Financial Sanctions Implementation (OFSI) has levied a £160,000 monetary penalty on Lloyds Banking Group for violations of Russia sanctions made by its subsidiary Bank of Scotland Plc.

Banco Santander, Punta Arenas at the south corner of Plaza Muñoz Gamero (also known as Plaza de Armas) at the junction of Avenidas 21 de Mayo and Pantano. — Robert Cutts, “Banco Santander, Punta Arenas” (2015), Flickr, CC BY-SA 2.0, https://www.flickr.com/photos/panr/17020952200/ (edited from the original: cropped and text/graphics added). License: https://creativecommons.org/licenses/by-sa/2.0/

Santander Fined Over €40mn for AML Violations at Digital Unit

Banco Santander has been fined more than €40 million by Spain’s anti-money laundering (AML) watchdog Sepblac for past shortcomings in internal processes at its digital unit.

Jack Zhang, Chief Executive Officer and Co-Founder, Airwallex, Australia speaking in the Start-Ups in Austerity session at the World Economic Forum Annual Meeting 2023 in Davos-Klosters, Switzerland, 20 January. Congress Centre — Jack Zhang, Chief Executive Officer and Co-Founder, Airwallex, Attribution (CC-compliant): “World Economic Forum Annual Meeting” by World Economic Forum (credit: World Economic Forum/Sikarin Fon Thanachaiary), licensed under Creative Commons Attribution–NonCommercial–ShareAlike 2.0 (CC BY-NC-SA 2.0).

Airwallex Faces AML Audit over Concerns of Child Sex Abuse Funding

Australia’s financial intelligence unit has ordered Singapore-based Airwallex to review whether the payments giant has violated the nation’s anti-money laundering (AML) laws.

Photo of the CaixaBank building, Barcelona — Jordiferrer, “Torre de CaixaBank” (8 October 2011), Wikimedia Commons, CC BY-SA 3.0. Source: https://commons.wikimedia.org/wiki/File:Torre_de_CaixaBank.jpg License: https://creativecommons.org/licenses/by-sa/3.0/ Edits: cropped and overlaid text/graphics.

Spain’s AML Watchdog Fines CaixaBank €30mn over Real-Estate Deal

CaixaBank has been hit with several fines totaling more than €30 million by Spain’s anti-money laundering watchdog, Sepblac, over a legacy real-estate transaction.

National flag of India against a blue sky

India Tightens KYC and AML Rules for Crypto Exchanges

India’s Financial Intelligence Unit (FIU) has rolled out stricter identity verification requirements for cryptocurrency exchanges, aiming to curb money laundering and terrorist financing, CoinDesk reported, citing Press Trust of India.

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.

Rakuten debit card — Source: https://commons.wikimedia.org/wiki/File:Rakuten_Bank_Visa_Basic_Debit_Card.jpg License: https://creativecommons.org/licenses/by-sa/4.0/

Luxembourg Fines Rakuten Europe Bank €185,000 for AML Deficiencies

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.

Trump Signs Order to Loosen Cannabis Regulations

President Donald Trump on Thursday signed an order directing the federal government to loosen marijuana regulations and accelerate a long-stalled effort to reclassify the drug, a step that could mark one of the biggest federal shifts on cannabis policy in decades, Reuters reported.