Category: Money Laundering

Anti-money laundering: Council and Parliament strike deal on stricter rules

Money Laundering, Regulation
The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU’s financial system against money laundering and terrorist financing. Vincent Van Peteghem Belgian Minister of FinanceThis agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system. Vincent Van Peteghem Belgian Minister of FinanceWith the new…

Former Banking Executive Pleads Guilty to Evading Anti-Money Laundering Regulations

Money Laundering, Prosecutions
The former vice president of a bank located in Missouri pleaded guilty today to assisting high-risk bank customers in evading the bank’s anti-money laundering controls. Peter McVey, 45, of Kansas City, Missouri, who served as vice president and director of treasury services for a bank, pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA). According to court documents, between April 2014 and July 2022, McVey assisted high-risk bank customers engaged in deceptive sweepstakes and short-term online loan activities in evading the bank’s anti-money laundering controls. Specifically, McVey worked with other bank officials…

London Carpet Shop used in Iranian money laundering operation

Money Laundering
An Iranian man has been convicted of using a carpet business as a front for a money-laundering operation linked to small boats. Asghar Gheshalghian, 48, acted as a trusted middleman, accepting payments from migrants or their families, according to the UK’s National Crime Agency. He then released money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Phone evidence showed links with at least eight Iranian migrants who later arrived in the UK by boat or lorry and claimed asylum. Gheshalghian also ran an unregistered money services business from…

UK warns of criminal sanctions evasion through artwork storage facilities

Art Market, Money Laundering, Sanctions
The National Crime Agency has issued an alert to artwork storage facilities, warning of potential criminal exploitation of the sector by individuals subject to Russia sanctions. With new individuals and entities being added to the sanctions list at frequent intervals, the alert highlights the need for the sector to conduct regular due diligence checks to understand any change in a client’s circumstances, or those of elites they may represent. High-net-worth individuals, such as Russian oligarchs hold art in specialist storage facilities for a range of reasons, including secure storage of art as an investment or as a store of value…

NCA investigation ends in eight year jail term for east London money launderer who took payments for small boats crossings

Money Laundering, Prosecutions
A man investigated by the National Crime Agency for laundering money made by people smuggling networks involved in small boats crossings has been jailed for eight years.Iranian Asghar Gheshlaghian, 48, was convicted last week of running an unregistered money services business from an office block in Wood Green, as part of a network of bankers transferring money using the hawala system. He acted as a trusted middleman, accepting payments from migrants or their families, and then releasing money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Gheshlaghian, who…

NEW RESEARCH FROM TI-RUSSIA ACTS AS A REMINDER THAT THE UK NEEDS TO DOUBLE-DOWN ON ITS ROLE AS AN ENABLER OF FINANCIAL CRIME

Money Laundering, Trade Based Finance
Have you ever bought something that’s never arrived, or wasn’t quite what you expected? Frustrating, isn’t it, and maybe far too frequent an occurrence. Now imagine you wanted this to happen, and you intended to spend hundreds of thousands, possibly millions of pounds in the process. Your friends would think you’d gone mad. Yet this is exactly how hundreds of millions of pounds has been moved out of Russia and into the UK in recent years. Here’s how it works. Imagine you’re an organised criminal gang or a senior politician. You’ve managed to generate some income from activity that is…

National Crime Agency calls on parents to help young people recognise the signs of money muling

Money Laundering
The National Crime Agency is asking parents and carers to help young people avoid being persuaded or manipulated into laundering criminal cash. The NCA’s call follows three weeks of coordinated law enforcement action against money mules – a term given to individuals enlisted by criminals to move the proceeds of crime through their bank accounts in return for a cut of the sum. Around 6 in 10 money mules are under the age of 30, with most of these recruited between the ages of 17 and 24 while attending sixth form, college or university. At this age, young people may…

RBC Slapped with $7.4M Penalty by Fintrac Over Anti-Money Laundering Non-Compliance

Money Laundering, Prosecutions
Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), has levied a substantial $7.4 million penalty against the Royal Bank of Canada (RBC) for its non-compliance with anti-money laundering (AML) and terrorist financing measures. Fintrac’s findings reveal multiple violations, including the failure to submit suspicious transaction reports when there were reasonable grounds to suspect connections to money laundering offenses. Out of 130 case files reviewed, RBC neglected to submit 16 suspicious transaction reports, leading to the hefty penalty. The administrative penalty, imposed on November 3, follows a compliance examination conducted by Fintrac in 2022. Despite…

Joint action in Germany and Italy against money laundering via rental of luxury cars

Money Laundering
Eurojust has assisted the German and Italian authorities in a coordinated action against large-scale money laundering through the fake long-term rental of mainly luxury cars. Seven suspects were arrested across the two countries for using a car hire agency to launder the proceeds of drug trafficking, extortion and illegal betting for other criminals. The enterprise has been seized in addition to a real estate complex and nearly one hundred mainly luxury vehicles.The criminal network primarily used a German-registered car rental agency, which rented out over 150 vehicles for periods of three to four years to customers in Italy. Via fake…

UK to remain global centre of ‘dirty money’ without offshore registers, MPs say

Money Laundering
Britain will remain the global centre of “dirty money” unless ministers revive stalled plans for public registers of who owns companies based in offshore havens such as the British Virgin Islands (BVIs) and Jersey, campaigners and senior MPs have said. The veteran anti-corruption campaigner Dame Margaret Hodge MP said it was a matter of national security to do away with the secrecy offered by the 10 inhabited overseas territories and three crown dependencies. In 2020, the government gave the overseas territories, which include the BVIs, Cayman Islands and Bermuda, a deadline of December 2023 to introduce public registers of corporate…

U.S. Treasury Announces Largest Settlements in History with World’s Largest Virtual Currency Exchange Binance for Violations of U.S. Anti-Money Laundering and Sanctions Laws

Digital Currencies, Money Laundering
WASHINGTON — The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has taken unprecedented action to hold Binance Holdings Ltd. and its affiliates (collectively, Binance) accountable for violations of the U.S. anti-money laundering (AML) and sanctions laws that protect American national security and the integrity of the international financial system. Binance is the world’s largest virtual currency exchange, responsible for an estimated 60% of centralized virtual currency spot trading. Today, Binance settled with FinCEN and OFAC for violations of the Bank Secrecy Act (BSA)…

SFO secures conviction of solicitor for tipping off client about money laundering investigation

Money Laundering
Today at the Old Bailey the Serious Fraud Office (SFO) secured the conviction of William Osmond, a solicitor, who disclosed confidential details about an investigation and forged a legal document in an attempt to mislead investigators. Osmond, co-founder of a London-based commercial and property law firm Osmond & Osmond Solicitors Ltd, is the first ever solicitor the SFO has prosecuted with “tipping off” a client. Solicitors are legally obliged not to share details of money laundering investigations into their clients. Osmond was also the acting Money Laundering Reporting Officer for the firm, meaning he was expected to report any suspicions…

Leading firm fined £101,000 for anti-money laundering failures

Money Laundering
A leading South-West law firm has been fined £101,357 for failing to act over money laundering red flags on three property transactions, two of which may have involved a sanctioned entity. The Solicitors Regulation Authority (SRA) said both the fee-earner and the compliance team at Exeter-based Ashfords missed, did not adequately act on or sufficiently record the red flags, demonstrating “a failure in the firm’s client onboarding and ongoing monitoring processes”. This resulted in the firm receiving “significant sums into its client account in the absence of source of funds evidence”. Ashfords accepted the fine in a regulatory settlement agreement…

Binance chief Changpeng Zhao pleads guilty to money laundering charges

Money Laundering
The Binance chief executive, Changpeng Zhao, has resigned after pleading guilty to money laundering violations. “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself”, he said in a post on X. The Justice Department said it was requiring Binance, the largest crypto-exchange in the world, to pay $4.3bn (£3.4bn) in penalties and forfeitures. It said Binance had helped users bypass sanctions across the world. “Binance enabled nearly $900 million in transactions between US and Iranian users, and facilitated millions of dollars in transactions between US users and users in Syria,…

Taiwanese authorities seize $320M in country’s largest crypto laundering scheme

Digital Currencies, Money Laundering
The case has surpassed all previous records of money laundering investigated by the Criminal Investigation Bureau in Taiwan Taiwan authorities have arrested an individual suspected of laundering a record 10.4 billion Taiwanese dollars ($320 million) via digital assets. This marks the largest single case of crypto-related money laundering in the island nation’s history. Identified only by the surname Qiu, the suspect was arrested in June upon his return from a trip to Southeast Asia, according to Taichung’s Criminal Investigation Bureau and local media. The case emerged from an investigation initiated last year into a fake securities trading app. A probe…

Singapore’s DBS Takes a Hit from Money-Laundering Affair

Money Laundering
Singapore’s largest bank, DBS, is grappling with financial exposure of approximately S$100 million (US$73.8 million) in connection with a recent money-laundering scandal that has rocked the city-state, according to the bank’s chief executive, Piyush Gupta. He made this revelation during a press briefing on Monday, shedding light on the bank’s involvement in the ongoing investigation. Gupta disclosed that DBS had provided financing for property purchases involving individuals or companies currently under investigation by Singaporean authorities. In August, the local police made headlines when they arrested 10 foreign nationals on charges that include fraud and money laundering, sending shockwaves throughout the…

DWS Agrees to Pay $25m for AML Violations and ESG Misstatements

Money Laundering, Prosecutions
The Securities and Exchange Commission (SEC) has taken action against registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, for multiple violations related to Anti-Money Laundering (AML) programs and misrepresentations regarding Environmental, Social, and Governance (ESG) investments. As part of the settlement, DWS will pay a total of $25 million in penalties. Anti-Money Laundering Violations: In the AML enforcement action, the SEC’s order determined that DIMA caused mutual funds under its advisement to fail in developing and implementing an AML program consistent with the requirements of the Bank Secrecy Act and applicable…

EY Pays Back £15m to Santander UK

Money Laundering
SANTANDER UK’s fincrime consultants EY have paid back £15M to the bank – and no longer work for the lender, it’s been revealed. A dispute between the banking giant and the Big Four has led to the prospect of redundancies in EY’s fincrime division in the UK. EY had been recruited to work on the bank’s so-called “Project Morgan” but there was a dispute over the quality of assistance, which has now resulted in the multi-million pound refund and termination of contract. The dispute centred on the quality of work performed by EY which Santander claimed was poor, leading the…

Why keeping the UAE on FATF’s ‘grey list’ makes no sense to me

FATF, Money Laundering
June 23rd, 2023, the Financial Action Task Force (FATF) have requested continued focus on the Action Plan for the United Arab Emirates (UAE) and won’t be taking the UAE off the grey list early. In fact, the UAE has completed all the requirements to be taken off the list, however, the FATF traditionally does not automatically remove a grey listed country when this happens and they wait to see a continuing trend of compliance with its requirements. Initially, on 4th March 2022, UAE was added to the list of jurisdictions under increased monitoring (“Grey List”) by the FATF. Grey Listing…

FinCEN Proposes New Regulation to Combat Money Laundering and Terrorist Financing

Counter Terrorist Financing, Money Laundering, Regulation
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has taken a significant step in the fight against money laundering and terrorist financing by announcing a Notice of Proposed Rule Making (NPRM). This NPRM identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern. The move comes in response to growing concerns regarding the extensive use of CVC mixing services by various illicit actors worldwide, including state-affiliated cyber actors, cybercriminals, and terrorist groups such as Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK). The proposed rule…

Albania’s Former PM Sali Berisha Faces Corruption Charges Over Land Privatisation Scandal

Corruption, Money Laundering, Prosecutions
Sali Berisha and his son-in-law face corruption charges related to the alleged misuse of political influence, and Berisha is barred from leaving the country.Albania’s former prime minister Sali Berisha says that prosecutors have charged him with corruption and money laundering in connection with a land deal involving a Tirana property.Berisha, 79, said the prosecutor’s office in charge of cases against senior officials or major cases, ordered him not to leave the country. Berisha also said his son-in-law, 50-year-old Jamarber Malltezi, was arrested on the same charges at Tirana International Airport. Berisha said both he and Malltezi are innocent.“On these charges…

UK’s Economic Crime and Corporate Transparency Act receives Royal Assent

Money Laundering, Regulation
Robust laws to fight fraud, counter corruption and bolster legitimate business received Royal Assent today. The Economic Crime and Corporate Transparency Act introduces world-leading powers which will allow UK authorities to proactively target organised criminals and others seeking to abuse the UK’s open economy. Companies House will receive enhanced abilities to verify the identities of company directors, remove fraudulent organisations from the company register and share information with criminal investigation agencies Law enforcement agencies will benefit from greater powers to seize, freeze and recover cryptoassets, while groundbreaking legal reforms will allow the courts to dismiss spurious lawsuits which seek to…

Money Mules Special Edition

Money Laundering
Hello and welcome to the 22nd issue of the UKFIU’s magazine SARs in Action. In this special edition wefocus on the issue of money mules, starting with an article examining common indicators of money mule accounts… Article Credit: https://www.nationalcrimeagency.gov.uk/who-we-are/publications/675-sars-in-action-issue-22/file

Couple with S$325 million in assets seized in billion-dollar money laundering case denied bail

Money Laundering
SINGAPORE: A couple, among the 10 people charged in a S$2.8 billion (US$2 billion) money laundering probe, turned to court on Wednesday (Oct 18) to seek bail but failed in their attempt. The combined assets between Chinese nationals Lin Baoying, 44, and Zhang Ruijin, 45, come to about S$325 million, with Lin having the larger share of the pie. In the exchange of arguments between the prosecution and defence, with affidavits from the investigating officers involved, more information about their backgrounds were revealed. Lin faces three charges for forging documents to sell a property in Macau and for lying that…

‘El Chapo of the Cotswolds’ accused of helping to run $6.5m drugs racket from home near Bristol

Money Laundering
A man dubbed the ‘El Chapo of the Cotswolds’ faces extradition to the US on six drug charges. Matthew Grimm, a 49-year-old father of two who lives near Bristol, is accused of helping to run a $6.5million drugs racket and faces up to 120 years in prison. Officers from the National Crime Agency detained him last November after the US issued a warrant. Grimm is accused of shipping substances to US-based customers from the Netherlands via an online portal called Smokey’s Chem Site. As reported by The Mirror, the alleged operation began in 2012 and was shut down by an…

Environmental crime money easy to stash in US due to loopholes, report finds

Money Laundering
Secrecy and lax oversight have made the US a hiding place for dirty money accrued by environmental criminals in the Amazon rainforest, a report says. Illegal loggers and miners are parking sums ranging from millions to billions of dollars in US real estate and other assets, says the report, which calls on Congress and the White House to close loopholes in financial regulations that it says are contributing to the destruction of the world’s biggest tropical forest. “We are trying to show that the US is the easiest place to hide dirty money, which is a major problem not just…

IRS investigating sanctioned Russian oligarchs’ use of South Dakota Trusts

Money Laundering, Sanctions
U.S. authorities are investigating cases of Russian oligarchs evading sanctions by hiding assets in South Dakota trusts, an Internal Revenue Service agent told South Dakota Public Broadcasting. In 2021, ICIJ’s Pandora Papers investigation revealed the state had become a financial secrecy hub in the United States, due to a burgeoning trust industry courting millionaire and billionaire clients by promising privacy and wealth protection rivaling overseas tax havens. Special agent Tom Larson told SDPB that the agency had a team dedicated to uncovering assets belonging to sanctioned individuals stashing wealth in trusts through shell companies. “We’ve found that some of that…

Members of alleged Singapore Money Laundering syndicate bought London Properties worth $56M

Money Laundering
Suspected members of a massive money laundering syndicate busted in Singapore last month purchased prestige properties in London in 2021 worth almost $60 million, company and land records reviewed by OCCRP and Radio Free Asia reveal. The investments highlight the global reach of a syndicate that Singapore police say laundered the proceeds of illicit “scams and online gambling.” More than 400 officers swept in on multiple locations in the Southeast Asian city state in mid-August, arresting 10 people. Prosecutors said in a September 5 court hearing that they had seized at least $SG1.8 billion ($1.32 billion) in cash, cryptocurrencies, and…

More than 70 years in jail for money laundering and people smuggling network dismantled by the NCA

Money Laundering
Sixteen people who were part of a West London-based organised crime group involved in international money laundering and people smuggling have been given jail sentences totalling more than 70 years. A National Crime Agency investigation identified that members of the network were likely to have smuggled around £70 million in cash out of the UK, making hundreds of trips to Dubai, UAE, between 2017 and 2019. OCG custody imagesCharan Singh; Valjeet Singh; Swander Dhal; Amarjeet Alabadis; Diljan Malhotra;Jackdar Kapoor; Jaginder Singh Kapoor; Jasbeer Malhotra; Jasbir Dhal; Jasbir Kapoor;Joe Round; Louise Smith; Manmon Kapur; Mircea Denes; Pinky Kapur; Sundar Vengadassalam NCA…

Criminals and oligarchs are hiding wealth in secretive Dutch foundations, new investigation finds

Money Laundering
A discrete Dutch legal structure, favored by family-owned businesses, has become a popular tool for oligarchs and other bad actors to hide their wealth and evade taxes, a new investigation from Follow the Money found. Over the past two decades, financial service providers worldwide have increasingly touted the use of trust office foundations, or STAKs (short for stichting administratiekantoor), which only reveal the names of company directors, concealing actual stakeholders and their assets. Currently, an estimated 21,000 STAKs are registered in the Netherlands, according to FTM. The investigative outlet used ICIJ’s Pandora Papers leak, which contained nearly 12 million documents…

Switzerland Proposes to Strengthen Anti-Money Laundering Laws

Money Laundering, Regulation
The Swiss government stated its intentions Wednesday to strengthen its anti-money laundering laws, in a bill that, if passed, would bring its financial due diligence measures closer in line with international standards. Switzerland, which has shielded the wealth of the world’s criminals and corrupt, has now proposed to strengthen its anti-money laundering laws. (Photo: Wally Gobetz, Flickr, License)Switzerland’s seven-member Federal Council, among them Finance Minister Karin Keller-Sutter, proposed a series of reforms meant to restore the country’s integrity as a global banking hub, which has suffered several black eyes over the years for keeping the ill-gotten gains of the world’s…

Europe’s Massive Money Laundering and Corruption Problem; Crime Gangs Exploit Fintech, vIBANs and DeFi

Corruption, Money Laundering
HE GROWING sophistication of money laundering by organised crime in the EU is exposed in a Europol report today (Monday) – which also highlights the bloc’s increasing public and private sector corruption problem. All new forms of financial services, including fintech, DeFi and vIBANs – as well as Artificial Intelligence – are increasingly being exploited by criminal networks to launder drugs money and commit fraud, says the economic crime report. Starkly, the report also find that more than 60% of the crime gangs operating in the EU use corruptive methods to achieve their illicit objectives. It finds almost 70% of…

UK universities still taking cash payments for fees ‘is money laundering risk’

Money Laundering
A significant number of UK universities are still taking millions of pounds in cash as payment for tuition fees and accommodation, making them vulnerable to criminal gangs and money laundering, according to a study. A fifth of universities who responded to a freedom of information (FoI) request said they had accepted cash payments, while three institutions each accepted more than £1m in cash in 2019-20 alone. Researchers received responses from 110 universities of which 22 were continuing to accept cash payments, while a further 17 stopped taking cash during or after 2019-20. Cash payments across the 39 institutions totalled £12m…

Upcoming UK Reforms: Tackling AML Will Require Consolidation, Not Further Fragmentation

Money Laundering, Regulation
With a series of proposed reforms on the table to improve the effectiveness of the UK’s anti-money laundering and counter-terrorism financing regulatory structure, First AML’s Simon Luke argues it’s essential to find the right fit for the regime going forward. A 2022 review of the UK’s AML/CTF framework determined that while the overall regulatory approach was sound, the regime in place has weaknesses that need to be addressed through structural reform. Four options have been offered for consultation (which closes Sept. 30): an enhanced version of the current model, Office for Professional Body Anti-Money Laundering Supervision (OBPAS), called OPBAS+; a…

Why Switzerland is a Haven for the World’s Biggest Money Launderers

Money Laundering
Over the past fifteen years, notable investigations and exposés, such as the Magnitsky Investigation, Laundromats, Offshoreleaks, Panama Papers, and Pandora Papers, have shed light on the staggering scale of global money laundering with trillions of dollars, predominantly originating from kleptocracies like Russia and other former USSR countries. These illicit funds are cleverly disguised and anonymized through laundering mechanisms, infiltrating the Western financial systems via a vast network of banks, lawyers, real estate agents, and have been utilized to purchase influence, garner political support, and secure positions within local establishments. Recently there have been efforts to combat money laundering such as…

Goldman Sachs Could be in Trouble Again Over Its Malaysian Money Laundering Settlement

Money Laundering, Prosecutions
Goldman Sachs agreed to pay Malaysia $3.9 billion in July 2020 to settle a money laundering scheme involving its bankers, Malaysia’s new Prime Minister Anwar Ibrahim says it wasn’t enough. In 2018, Malaysian prosecutors sued the investment bank, accusing bankers of helping to raise billions of dollars for 1Malaysia Development Berhad, known as 1MDB. The funds were part of an international money laundering scheme involving major financial institutions in the United States, Switzerland, Singapore, Luxembourg and others. “We’ll have to reopen this negotiations with Goldman Sachs, because they were complicit to the crime,” Anwar, who was took office in November,…

E.U.’s Regulators Warn of Money Laundering Threat in Deal for Closer Economic Ties with Monaco, San Marino and Andorra

Money Laundering
THE CHAIR of the European Banking Authority (EBA) has warned of the money laundering risks of closer financial relatonships with Monaco, San Marino and Andorra. In a letter to the European Commission, the EBA chair warned that the trio of tiny states “historically maintained less rigorous financial regulations” and “may be prone to money laundering and other illicit activities.” The letter says that companies might be tempted to set up in the so-called microstates in a deliberate attempt to benefit from lighter financial standards, which would create “significant risks to consumers” if they sold their wares across the bloc. Monaco…

Cash, cars and homes seized in $735m Singapore anti-money laundering raids

Money Laundering
Singapore police have seized about S$1bn ($735m; £578m) – including luxury homes, cars and watches – in one of its biggest anti-money laundering probes.Gold bars, designer handbags, wine and S$23m in cash were among the items seized in the raids.Police arrested ten people in the operation, all of whom held foreign passports.Raids of this size are rare in Singapore, which has one of the lowest crime rates in the world.The Singapore Police Force said in a statement that simultaneous raids were held across the city-state on Tuesday.It added that 94 properties, including houses in some of the country’s most sought…

Estonia’s FSA fines LHV bank €900K for AML/CFT failings

Money Laundering, Regulatory Fines
ESTONIA’s Financial Supervision Authority (FSA) has fined LHV Pank €900,000 for AML/CFT shortcomings, the watchdog announced today (Tuesday). The FSA said that LHV fell short in the fields of establishing business relations and their monitoring, as well as its obligation to store data. The watchdog has also issued an order, obligating the Estonian bank to improve its AML/CFT risk control systems. Kilvar Kessler, head of the authority, suggested that it was LHV’s rapid growth coupled with a high-risk environment that led to deficiencies and violations at the bank. “Rapidly developing payments intermediaries could experience a situation where their risk management…

FINMA publishes guidance on money laundering risk analysis

Money Laundering, Regulation
The Swiss Financial Market Supervisory Authority today published guidance on the money laundering risk analysis. It repeatedly identified shortcomings in this area during on-site supervisory reviews. It sets out its observations in the guidance.FINMA is publishing guidance on the money laundering risk analysis. By doing so, it is creating transparency about its observations and experiences gained from supervisory practice in this area. FINMA has repeatedly identified shortcomings in the area of the money laundering risk analysis during on-site supervisory reviews. This prompted it to conduct an in-depth review of the money laundering risk analyses of more than thirty banks in…