Category: Money Laundering

Leaked Letters Give Insight Into Anti-Money Laundering Gaps at Swiss Bank Reyl

Money Laundering
Leaked correspondence between the Swiss regulator FINMA and private bank Reyl Intesa Sanpaolo shows the bank has been under investigation for “weaknesses in the area of money laundering.”FINMA said it found a “very high” appetite for risk at Reyl, along with “a certain carelessness” in how it conducted due diligence.Reyl’s clients included the daughter of Kazakhstan’s former president, who amassed vast wealth for himself and his family during his two decades in power, and the son-in-law of Uzbekistan’s longtime strongman ruler.In response to OCCRP, Reyl said it has “strengthened its compliance and anti-money laundering frameworks” and has carefully reviewed and…

NYDFS Hits Block, Inc. with $40 Million Settlement Over Cash App Compliance Failures

Money Laundering, Prosecutions
Key Takeaways: $40 Million Penalty: Block, Inc. has agreed to pay a $40 million penalty for failing to meet BSA/AML compliance requirements related to Cash App.Independent Monitor: Block must retain an Independent Monitor to oversee the company’s compliance improvements.Investigation Findings: DFS found inadequate customer identification, insufficient risk-based controls, and transaction monitoring issues within Block’s operations.Bitcoin Transactions: The company failed to scrutinize high-risk Bitcoin transactions, creating vulnerabilities for illicit activity.Growth-Related Issues: Cash App’s rapid growth between 2019 and 2020 led to a significant backlog of transaction alerts that were not promptly addressed.Deep Dive The New York Department of Financial Services (NYDFS)…

Man convicted of trying to smuggle £1m in suitcases out of UK

Money Laundering
A man who was stopped at Heathrow Airport with £1m in two suitcases has admitted money laundering following a National Crime Agency investigation. Mazen Al Shaar custodyMazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three to Beirut. Al Shaar, of Marsworth Close, Middlesex, said he only had £500 in cash on him and that he was leaving the UK to visit family. But officers searched his three suitcases and two of them contained the huge cash haul. Today, Al Shaar, who is a supermarket…

MGM agrees to pay $8.5 million fine for money laundering violations

Money Laundering, Regulatory Fines
MGM Resorts International executives had suspicions about illegal bookmaker Mathew Bowyer’s source of income as early as 2015, and were notified by a customer in 2018 that Bowyer was attempting to poach gamblers from MGM casinos, alleges a complaint filed Thursday by the Nevada Gaming Control Board. In April of 2018, the complaint says, an MGM customer wrote in an email to a corporate host that his casino hosts may be sharing information about him with Bowyer, including an allegation that “Mr. Bowyer is attempting to steal clients from the MGM, hence he is in the illegal bookmaking business and…

Operation Machinize: Hundreds of barbershops targeted in NCA-coordinated crackdown

Money Laundering
Barbershops and other cash-intensive businesses across England have been targeted by police and other law enforcement officers during a three-week crackdown on high street crime. In total, 265 premises were visited across Operation Machinize, where officers secured freezing orders over bank accounts totalling more than £1m, executed 84 warrants and made 35 arrests. The operation saw 55 individuals questioned about their immigration status and a further 97 individuals safeguarded in relation to potential modern slavery. In addition, officers seized more than £40,000 in cash, some 200,000 cigarettes, 7,000 packs of tobacco, over 8,000 illegal vapes and two vehicles. Two cannabis…

Emerging money laundering and terrorist financing risks from April 2025

Counter Terrorist Financing, Money Laundering
Licence Condition 12.1.1(3) of the Licence Conditions and Codes of Practice (LCCP), requires operators to keep up-to-date with emerging risks information published by the Gambling Commission. This emerging risks publication is a trigger for operators to review their money laundering and terrorist financing risk assessments and related policies, procedures and controls to ensure that they remain appropriate and effective. Money service business activity in remote and non-remote casinos Risk information Some remote and non-remote casinos offer money service business (MSB) facilities, which include: foreign currency exchangethird-party cheque cashingthird-party money transfer (into and out of the casino)We are aware of casino…

Proposed Law Would Attract Dirty Money to Northern Cyprus, Experts Warn

Money Laundering
A draft law allowing offshore funds to be brought into northern Cyprus with little oversight could turn the breakaway territory into a money laundering hub, experts warn. The draft law was discussed on Tuesday by the assembly that governs the territory, which is recognized as a state only by Turkey. The proposed legislation — which would charge 3 percent interest on imported funds until the end of 2025 — still needs to be voted on by the Turkish Cypriot assembly. But the proposal has already raised concerns. “Once the 3 percent tax is paid and the money is deposited in…

No action against ex-Tory worker in £1m VAT scam

Fraud, Money Laundering
A former Conservative party branch treasurer involved in a £1m VAT fraud and money laundering scheme will have no further action taken against him. Malcolm Macaskill – who has a brain tumour and was unfit to stand trial – filed bogus forms to HMRC which grossly overstated the sales from his sandwich businesses to reclaim more than £800,000. He also laundered £200,000 through his local Conservative parties in Glasgow and Rutherglen, Lanarkshire where he was treasurer as well as deputy chairman. Further money was then funnelled through the bank accounts of his current and ex-wives. Because of Macaskill’s illness, an…

UK Art Businesses Fined for Money Laundering Compliance Failures

Art Dealers, Art Market, Money Laundering
Nearly 50 UK art businesses have landed on a newly published list of Art Market Participants (AMPs) that failed to comply with money laundering regulations, according to a disclosure by HM Revenue & Customs (HMRC) last week. The fines were first reported by the Art Newspaper. Galleries such as Opera and Carl Kostyál made the HMRC list, as did a fundraising initiative led by White Cube. The penalties, issued between January 1 and September 30, 2024, average over £3,000 and peak at £13,000. All stemmed from failure to register by the June 2021 deadline. One gallerist, speaking anonymously to the…

2025 International Narcotics Control Strategy Report

Money Laundering
he 2025 International Narcotics Control Strategy Report (INCSR) is an annual report by the Department of State to Congress prepared in accordance with the Foreign Assistance Act. It describes the efforts of key countries to attack all aspects of the international drug trade in Calendar Year 2024. Volume I covers drug and chemical control activities. Volume II covers money laundering and financial crimes. Article Credit: https://www.state.gov/2025-international-narcotics-control-strategy-report

FCA bans former Credit Suisse executives following US criminal convictions

Bribery, Corruption, Money Laundering
The FCA has banned Andrew Pearse and Surjan Singh from the UK financial services industry. The former Credit Suisse managing directors have been banned for lacking integrity, following US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US$45m in unlawful kickbacks in connection with the loans. In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him…

Mastercard Launches Tool to Help Firms Trace Money Laundering

Money Laundering
Mastercard is bringing its TRACE financial crime-fighting and anti-money-laundering tool to the Asia-Pacific region. TRACE uses “timely and large-scale payments data from multiple financial institutions” to provide intelligence beyond a “financial institution’s siloed view,” allowing financial crime tracing across payment networks, according to a Thursday (Feb. 13) news release. Consumers and businesses in APAC are increasingly using real-time payments to settle accounts within seconds rather than days, per the release. “However, this speed has also made it a target for money launderers and ‘mules,’ who try to evade detection by moving funds rapidly between multiple accounts,” the release said. “Oftentimes,…

PNG Central Bank Chief Appointed Amid Money Laundering Investigation

Money Laundering
The acting head of Papua New Guinea’s central bank was the subject of a police investigation for suspected money laundering when she was permanently appointed to the position in early 2024, according to court documents obtained by OCCRP. Officers from the country’s National Fraud and Anti-Corruption Director executed a series of searches on the offices of the Bank of PNG (BPNG) in August and September of 2023 as part of inquiries into its then-acting governor, Elizabeth Genia. The documents, from PNG’s National Court, show that Genia lodged a legal challenge later that year that managed to temporarily freeze the probe.…

EXCLUSIVE: Montenegro Will Extradite Convicted Money Launderer to China

Money Laundering, Prosecutions
Montenegro will extradite a man convicted in one of Asia’s largest-ever money laundering cases to his native country of China, where he is wanted for allegedly running illegal gambling operations. Wang Shuiming has lost his appeal against extradition from Montenegro, a court in the capital of Podgorica told OCCRP’s local member center, MANS. “The defendant’s attorney filed an appeal against the aforementioned decision, which was rejected as unfounded,” said Ivana Vukmirović, a spokesperson for the Podgorica High Court, in an email. Wang Shuiming was arrested in Singapore in August 2023 for his role in a money laundering syndicate that cleaned…

Barclays Under Investigation for Gaps in Money-Laundering Oversight

Money Laundering
Key TakeawaysFCA Investigation: Barclays is under investigation by the U.K.’s Financial Conduct Authority (FCA) over its money-laundering controls, with the probe focusing on the management of higher-risk customers.Civil Enforcement: The investigation is classified as a civil enforcement action, a common procedure for high-profile institutions, though details about the probe’s scope remain limited.Transparency and Cooperation: Barclays has confirmed full cooperation with the FCA and highlighted its transparency by submitting an annual report to the National Storage Mechanism, offering further public insight into the investigation.Deep DiveBarclays has found itself in the midst of an investigation by the U.K.’s Financial Conduct Authority (FCA)…

MONEYVAL calls on Guernsey to step up efforts against money laundering

Money Laundering
The Council of Europe’s anti-money laundering body, MONEYVAL, has today published a report urging Guernsey to improve the investigation, prosecution and conviction of money laundering offences whilst also highlighting Guernsey’s good understanding of the risks of money laundering/terrorist financing and its highly effective application of targeted financial sanctions.The report commended Guernsey’s Financial Intelligence Unit for producing high-quality analytical products and strategic analysis, while acknowledging the limited extent to which they are used by law enforcement authorities to initiate investigations. The quality of suspicious activity reports also remains a concern.The Guernsey Financial Services Commission and the Alderney Gambling Control Commission have…

A smokescreen for secrecy: Why the British Virgin Island’s corporate register reform plans fall flat

Money Laundering
Last week, the British Virgin Islands (BVI) unveiled its long-awaited plan for granting access on the ultimate owners of companies registered there – a vital tool to prevent tax abuse and financial crime. Unfortunately, rather than enhancing corporate transparency the BVI’s proposal would effectively block journalists and NGOs from uncovering the true owners of companies, maintaining the region’s long-standing culture of financial secrecy. Despite the UK Parliament mandating UK Overseas Territories like the BVI to reveal the true owner of companies registered on their shores, their proposed register is designed to hinder scrutiny, effectively undermining global efforts to combat money…

Brazilian Cop-Turned-Banker Arrested in Major Money Laundering Bust

Money Laundering
Brazilian authorities have arrested a police officer who owns a fintech allegedly used to launder money for the powerful criminal group First Capital Command (PCC). The case highlights the infiltration of organized crime into state structures and exposes regulatory gaps that have allowed fintechs to operate with minimal oversight, facilitating large-scale money laundering. Brazilian authorities said they have detained a police officer who also owned a bank believed to be one of the financial institutions laundering money for a major criminal organization. Brazil’s Federal Police and the Special Action Group for Combating Organized Crime (GAECO) of the São Paulo Public…

As the Azerbaijani Laundromat scandal reaches German court, will there finally be some accountability?

Money Laundering, Prosecutions
For an autocracy, maintaining a clean reputation is a Sisyphean task. While the international news cycle moves quickly from one scandal to the next, some stains are not easily erased. Silencing members of the opposition, journalists, academics and other independent voices can provide temporary relief. Regimes that imprison or intimidate dissidents effectively kill two birds with one stone: from behind bars or under serious threat, it is much harder to raise awareness or criticise the wrongdoings of public officials, while at the same time there are fewer people left to tell the stories of those who have been imprisoned for…

U.S. Transfers $50M in Forfeited Assets to the Republic of Estonia in Recognition of Assistance in the Danske Bank Prosecution and Forfeiture

Money Laundering, Prosecutions
The Justice Department announced today that it entered into an agreement to share $50 million in forfeited assets with the Republic of Estonia (Estonia) in recognition of Estonia’s assistance in the successful prosecution of Danske Bank and related forfeiture. “Coordinating with our foreign law enforcement counterparts is critical in the fight against complex financial crime — which now, more than ever before, is transnational in nature,” said Principal Deputy Assistant Attorney General Brent S. Wible, head of the Justice Department’s Criminal Division. “Today’s agreement to share $50 million in forfeited funds with Estonia recognizes Estonia’s valuable contribution to the successful…

Chancellor Rachel Reeves could use £5billion of Bitcoin seized from money-laundering probe into Chinese fraudster to plug economic black hole

Money Laundering
Rachel Reeves is sitting on a £5billion windfall of Bitcoin seized from organised criminals that could now be used to plug the huge black hole in her budget. The Mail on Sunday has learnt the Government has amassed an astonishing stash of crypto-currency after a money-laundering probe into a Chinese fraud led to one the world’s biggest ever seizures. Valued at an estimated £5.2billion, the seized Bitcoin was last night described as a ‘get out of jail free card’ for the embattled Chancellor amid fears that Britain faces an ‘economic doom loop’. Crucially, the sum is worth more than the…

France deepens probe into Binance over alleged ML

Money Laundering
French authorities have announced their decision to extend the 2023 investigation into Binance, over alleged money laundering accusations. Following this announcement, the French authorities have deepened their investigation into Binance on suspicion that a large cryptocurrency exchange broke European money laundering and terrorist financing laws. The public prosecutor also mentioned that it had opened a judicial investigation into Binance as it was likely to have assisted in habitual money laundering, in particular drug trafficking and tax fraud. The potential offenses were committed in the region of France, but also in all countries of the European Union. France deepens probe into…

Crypto ‘Laundromat’ Tied to Russian Financial Sector and Cocaine Trade – Police

Digital Currencies, Money Laundering
An international money-laundering ring run out of Moscow and Dubai has been moving billions in cryptocurrency and hard cash for criminal operations, ranging from Russian ransomware attacks to street-level drug deals in the U.K., Britain’s National Crime Agency (NCA) said Wednesday. Several alleged key figures in the money-laundering ring, which the NCA said had “multiple links to the Russian financial sector,” were sanctioned by the U.S. also on Wednesday. They included George Rossi, the Russian-born Ukrainian founder of the TGR group of companies, one of two “criminal enterprises” allegedly running the network. The other group, Smart, was led by Russian…

Senators Demand Accountability from TD Bank Executives as Insider Arrested for Money Laundering

Money Laundering, Prosecutions
Senators Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) are turning up the heat on TD Bank, demanding answers about what its executives and employees knew regarding a sprawling money-laundering operation. This operation, spearheaded by Da Ying Sze—a Queens-based individual—funneled more than $470 million from drug sales through the bank. The senators’ inquiry, detailed in a letter to TD Bank CEO Bharat Masrani, signals ongoing scrutiny despite October’s record-breaking $3 billion settlement with the Justice Department. The senators’ letter, obtained by The Wall Street Journal and dated Monday, presses TD Bank to disclose internal knowledge and accountability for the…

EBA Finds Gaps in Combating Money Laundering & Terrorist Financing, Despite Significant Progress

Money Laundering, Prosecutions
The European Banking Authority (EBA) has unveiled the results of its fourth and final round of reviews, examining how competent authorities across 30 EU/EEA member states are tackling the ever-present risks of money laundering and terrorist financing (ML/TF) in the banking sector. With this report, the EBA has completed its comprehensive assessment of the authorities responsible for AML/CFT supervision, offering a detailed snapshot of the progress made—and the work that remains. Authorities have come a long way since the first round of reviews in 2018. The EBA’s findings point to meaningful steps taken towards implementing a more risk-based approach to…

Belgian Money Laundering Investigation Overlaps With Ukraine War Profiteering Probe

Money Laundering
Belgian prosecutors have seized about $2 million as part of an investigation into Iryna Kut and her diamond company. In Ukraine, authorities raided her warehouses while investigating a scandal about food sold to the military at inflated prices. Kut has not been charged in either country, and it’s unclear if the cases are connected. Formed in 1893, the Diamond Club of Antwerp “watches over certain moral values in the sector,” and hosts more than 150 companies in its building. Among them is IKG, a firm at the center of a Belgian money laundering investigation. The jewelry and diamond trading company…

EXCLUSIVE: Singapore Money Laundering Suspects Spent Lavishly on Dubai Real EstateBullion bypass: How Russia circumvents sanctions to export billions of dollars worth of gold through Armenia

Money Laundering
Singaporean authorities have announced 17 new suspects in their sprawling investigation of a money laundering network, which cleaned billions reaped from illegal gambling and cyberfraud. Leaked data shows that three of those suspects bought properties worth at least $28 million in Dubai, which has become a magnet for dirty money from around the world. Courts in Singapore have already convicted 10 members of the money laundering syndicate. They were arrested in August 2023, when more than 400 officers swept in on multiple locations throughout the Southeast Asian island state. Prosecutors said shortly afterwards that they had seized $1.32 billion in…

EUR 2.7 million seized in European operation against money laundering and cash smuggling

Money Laundering
From 12 to 24 November, Europol supported Customs authorities from 23 EU Member States in a large operation against money laundering, transnational criminal activities and terrorism financing. The operation resulted in over 500 cash movement checks and the subsequent detection of illicit cash flows of almost EUR 2.7 million in cash. This amount is likely to increase in the upcoming months as many discoveries are currently being prosecuted. In addition to cash, authorities also seized valuable items such as gold and jewellery, including 18 gold bars with a value exceeding EUR 1,7 million. The joint action was aimed at identifying…

Global investigation exposes alleged billion-dollar Russian money-laundering network

Money Laundering
Operatives said to be behind a billion-dollar Russian money-laundering network – used by drug dealers, financial criminals and foreign spies – have been sanctioned and arrested in a coordinated international investigation led by the National Crime Agency. The UK law enforcement body, which tackles serious and organised crime, said the actions constituted the “most significant money laundering operation” it had undertaken in the past few years. The operation involved America’s Federal Bureau of Investigation, France’s Direction Centrale de la Police Judiciaire and Ireland’s Garda. The networks are said to have laundered cash and cryptocurrencies for serious and organised crime gangs…

Basel AML Index 2024

Money Laundering, Risk Assessments
This is the 13th annual Public Edition report of the Basel AML Index, an independent, data-based ranking and risk assessment tool for money laundering and related financial crime risks around the world. The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: Quality of AML/CFT/CPF frameworkCorruption and fraud risksFinancial transparency and standardsPublic transparency and accountabilityLegal and political risksThe…

OCC Issues Cease and Desist Order Against Bank of America for BSA Deficiencies

Money Laundering
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC took this action based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious activity reports and failure to correct a previously identified deficiency related to its Customer Due Diligence processes. The order also identifies deficiencies in the internal controls, governance, independent testing, and training components of the bank’s BSA compliance program. The order requires the…

Major Canadian Banks TD and RBC Hold Mortgages for Alleged Toronto Mafia Boss

Money Laundering
Angelo Figliomeni was at the center of a media storm when police brought organized crime and money laundering charges against him in 2019. But the charges were never tried in court, and two top banks continued to do business with him, documents show. With Toronto Dominion Bank already reeling from historic fines in the U.S. for conspiracy to commit money laundering, evidence has emerged that the bank continues to do business in Canada with alleged mafia boss Angelo Figliomeni. Property documents show that Toronto Dominion, better known as TD Bank, continues to provide financing for Figliomeni on two homes in…

OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens

Money Laundering, Prosecutions
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur. TD Bank and its employees had no idea their crimes would be revealed in May of 2021 when Special Agents of the IRS and DEA arrested Da Ying Sze (AKA David). Six years before his arrest, David had began laundering mountains of cash generated from the sale of drugs, including deadly fentanyl, that killed tens of thousands of residents in the United States. Most of the $653m in currency he cleaned went through the TD Bank laundromat, but six other banks…

Bitcoin Fog Operator Sentenced for Money Laundering Conspiracy

Digital Currencies, Money Laundering, Prosecutions
Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency since 2011A dual Russian-Swedish national was sentenced today to 12 years and six months in prison for his operation of the longest-running bitcoin money laundering service on the darknet. According to court documents and evidence presented at trial, from 2011 through 2021, Roman Sterlingov, 36, was involved in operating Bitcoin Fog, the darknet’s longest-running cryptocurrency “mixer.” Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2…

Luxembourg Bank ‘Central’ to Purchase of High-End British Real Estate with Embezzled Azerbaijan Funds, U.K. Police Say

Money Laundering
The U.K.’s National Crime Agency successfully argued in a High Court case in London that accounts at the Banque Internationale à Luxembourg were used to move millions from a high profile embezzlement case in Azerbaijan into expensive properties. Accounts at a major Luxembourg bank played a “central” role in moving funds from an embezzlement scheme that led to the imprisonment of the former chairman of the International Bank of Azerbaijan, Jahangir Hajiyev, according to the U.K.’s National Crime Agency (NCA). The claim by the NCA sheds light on how tens of millions of dollars stolen from Azerbaijan’s most important state-owned…

Swiss Lawyers Won’t Face Duty to Flag Dirty Money: Minister

Money Laundering
Switzerland’s parliament is unlikely to adopt rules forcing lawyers to fight money laundering as many lawmakers are themselves attorneys, the country’s finance minister said. “It’s very difficult because there are a lot of lawyers in parliament and they really don’t feel that they have anything to do with that,” Karin Keller-Sutter said on Thursday at a Bloomberg event in Zurich. Her comments come as the Swiss parliament debates a draft law that would force companies to declare their real ownership and require lawyers to flag suspect transactions — or face criminal prosecution. With Switzerland’s traditional bank secrecy now notionally a…

TD Bank Pleads Guilty to $1.8 Billion in Criminal Penalties, Totaling Over $3 Billion in Regulatory & Civil Penalties

Money Laundering, Prosecutions
TD Bank, one of the largest financial institutions in North America, has pleaded guilty to multiple felonies and agreed to pay a staggering $1.8 billion in criminal penalties, in a resolution that also involves civil enforcement actions totaling over $3 billion. This marks the largest penalty ever imposed under the Bank Secrecy Act (BSA) and signals a significant shift in how U.S. regulators are addressing persistent compliance failures in the banking industry. In an unprecedented move, the U.S. Department of Justice (DOJ) applied the Bank Secrecy Act’s daily fine provision—$500,000 per day for violations—making it the first-ever daily fine levied…

Citigroup Ordered to Strengthen AML Compliance Amid Federal Scrutiny

Money Laundering
Citigroup Inc., one of the largest banking institutions in the United States, has been ordered to significantly overhaul its anti-money laundering (AML) compliance programs following deficiencies uncovered by federal regulators. A consent order, issued jointly by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), requires Citigroup to implement sweeping reforms across its subsidiaries to address critical lapses in its oversight and governance. Citigroup’s global operations, including its ownership of Citibank, N.A. in South Dakota and Banamex USA in California, are governed by stringent U.S. anti-money laundering laws. The Bank…

Kuwait’s measures to combat money laundering and terrorist financing

Counter Terrorist Financing, Money Laundering
Kuwait has an adequate legal and supervisory framework to address illicit finance, but has serious shortcomings delivering effective outcomes, including its understanding, investigation and prosecution of money laundering and terrorist financing. The FATF/MENAFATF mutual evaluation report of Kuwait assessed the effectiveness of Kuwait’s measures to combat money laundering, terrorist financing and proliferation financing, and their level of compliance with the FATF Recommendations. Kuwait is a high-income country with low levels of violent crime but that nevertheless faces money laundering risks from crimes that include fraud, corruption, forgery and offences committed abroad. The country is exposed to terrorist financing risks from…

OCC Cracks Down: October Enforcement Actions Highlight BSA/AML Failures & Insider Threats

Money Laundering, Prosecutions
The Office of the Comptroller of the Currency (OCC) has unveiled its latest round of enforcement actions for October 2024, cracking down on banks and individuals for a variety of compliance failures. This month’s actions cover a wide spectrum of issues, from severe violations in Bank Secrecy Act/Anti-Money Laundering (BSA/AML) programs to internal fraud by individual employees. The most significant penalty on the list goes to TD Bank, which received a hefty $450 million civil money penalty, coupled with a cease-and-desist order, for BSA/AML compliance deficiencies. This penalty continues to send shockwaves through the financial sector. It highlights that when…