NEWS ARTICLES

US Sanctions Myanmar Militia Tied to Cyber-Scams, Human Trafficking

Human Trafficking, Sanctions
The U.S. has slapped sanctions on a militia aligned with Myanmar’s ruling military junta, accusing the group of facilitating cyber-scam operations that have bilked billions from American victims over the past three years. The U.S. Treasury Department designated the Karen National Army (KNA) as a “transnational criminal organization” on Monday, and also sanctioned three of its leaders: Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit. The KNA runs a large territory on the frontier with Thailand that “is home to multiple cyber scam syndicates,” Treasury said in its announcement. The syndicates rely largely…

Julius Baer’s Fine in Money Laundering Case Compounds Legal Woes

Money Laundering
(Bloomberg) — Julius Baer Group Ltd. has been ordered to hand over 4.4 million Swiss francs ($5.2 million) including confiscated profits linked to alleged failures in money laundering controls, in a fresh setback for the bank’s newly installed management team.The Zurich-based bank had been under investigation over transactions that had occurred between 2009 and 2019 and linked to operations in Monaco and Singapore, according to a person familiar with the matter.The previously undisclosed “enforcement proceeding” is separate to an existing Finma probe into losses linked to the Signa real estate empire, in which Baer was forced to write off $700…

US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s Democracy

Sanctions
The U.S. House of Representatives has passed a bill authorizing sanctions against members of the Georgian government who pose a threat to the country’s stability, security, and democratic development. After Congress approved it on Monday, the bill — called the Megobari Act which means “friend” in Georgian — will now move to the Senate for debate and a vote. If approved in the Senate, it will be sent to U.S. President Donald Trump for final approval and signature into law. “The passage of the MEGOBARI Act sends a strong message to the Georgian people that the U.S. supports them as…

Man Sentenced to Over 30 Years in Prison for Crypto-Terror Financing Scheme

Counter Terrorist Financing
Defendant Collected and Sent More Than $185,000 to ISIS A Springfield, Virginia, man was sentenced yesterday to 364 months in prison for his efforts to provide material support to the Islamic State of Iraq and al-Sham (ISIS), a designated Foreign Terrorist Organization. According to court records and evidence presented at trial, from at least October 2019 through October 2022, Mohammed Azharuddin Chhipa, 35, collected and sent money to female ISIS members in Syria to benefit ISIS in various ways, including by financing the escape of female ISIS members from prison camps and supporting ISIS fighters. Chhipa would raise funds online…

EU Fraud Probe Nets 12 Arrests, €9.6M in Assets Seized

Fraud
talian authorities arrested 12 people and seized more than 9.6 million euros ($10.9 million) in assets as part of a sweeping investigation into an alleged fraud scheme targeting European Union agricultural subsidies, officials said Wednesday. At the request of the European Public Prosecutor’s Office (EPPO) in Naples, the Financial Police (Guardia di Finanza) in Caserta carried out the arrests under an order from a judge at the Court of Salerno. The case centers on a suspected criminal network that allegedly defrauded the EU of more than 12.5 million euros ($14.2 million) in agricultural funds between 2018 and 2022. Prosecutors say…

FCA confiscates over £300,000 from convicted fraudsters

Fraud
The FCA has secured confiscation orders of £305,284 against Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. This amounts to all their remaining assets. The confiscation proceedings for Reuben Akpojaro have been adjourned to a later date. The money will be returned to investors at the earliest opportunity. Failure to pay can lead to imprisonment. Between June 2016 and January 2020, the defendants cold called people to convince them to invest in a shell company. They then claimed to trade their client’s money in binary options (a type of fixed odds financial betting) when…

Credit Suisse Fined $511M in US Tax Evasion Case

Tax Evasion
Credit Suisse Services AG has agreed to pay nearly $511 million in penalties to settle a U.S. criminal case accusing the Swiss bank of helping wealthy American clients evade taxes by hiding more than $4 billion in offshore accounts for over a decade. The bank pleaded guilty to conspiring to defraud the Internal Revenue Service (IRS) by concealing assets in at least 475 accounts from 2010 to 2021, according to a statement from the U.S. Department of Justice (DOJ) on Monday. The investigation, launched in 2023, found that Credit Suisse facilitated efforts by U.S. clients to hide their ownership and…

UK Cuts At High Street Money Laundering and Organised Crime

Money Laundering
The UK high street has caught the attention of organised criminals seeking avenues for money laundering, leading to recent and high-profile action from British police forces. Last month, 19 police forces across England and Wales engaged in ‘Operation Machinize’ – a nationwide crackdown on High Street businesses suspected of laundering the proceeds of serious and organised crime (SOC). Over the course of the headline-grabbing operation, law enforcement agencies visited 265 premises, froze over £1 million in bank accounts, seized £40,000 in cash, made 35 arrests, shut down two cannabis farms and forcibly closed ten shops. Although widely welcomed, this action…

Indonesia Targets Gambling Ring Using Crypto, QR Codes

Digital Currencies, Money Laundering
ndonesian authorities have arrested two individuals suspected of running an online money laundering operation linked to gambling proceeds. The National Police’s Criminal Investigation Department (Bareskrim) said the suspects, identified as OHW and H, were involved in a scheme to launder gambling money through Indonesia’s QR code payment system—QRIS—and cryptocurrency. Criminal Investigation Unit Chief Commissioner General Wahyu Widada said the suspects established and controlled companies to place, receive and move funds from illegal online gambling operations. All forms of gambling are illegal in Indonesia. The money was later funneled through “thousands of accounts” as part of the laundering process. Police said…

International Coalition Uncovers €3m Online Investment Fraud

Fraud
An organised criminal group (OCG) operating globally has defrauded more than 100 victims of over EUR 3 million through a fake online investment platform. Cooperation between German, Cypriot, Albanian, British and Israeli investigators, supported by Eurojust and Europol, led to the dismantling of the criminal group and the arrest of a suspect in Cyprus.Using the method of cyber trading, the group was able to make considerable profits and defraud victims of their substantial savings. The criminals created a fake online trading platform that promised large profits in a short period of time. After initially transferring modest sums of money to…

EU Expands Sanctions, Targets Russia’s Shadow Fleet

Sanctions
Two months after adopting its 16th sanctions package against Russia, the European Union has backed a 17th round on Wednesday, targeting Russia’s so-called “shadow fleet”—a network of vessels used to evade sanctions and export oil to foreign markets. The new sanctions target 194 ships associated with the shadow fleet, 31 arms supply companies involved in circumventing sanctions, and several banks, according to France’s Foreign Minister Jean-Noël Barrot. Media reports say the package will also include “dozens” of additional individuals linked to Russia’s military and security apparatus. They will be added to the nearly 2,400 people and entities already subject to…

“Unsubstantiated” suspicious transaction reports

Regulation
While financial institutions, on the one hand, are in the process of implementing and preparing to apply the fundamental amendments and changes that will take place in upcoming years by the EU AML Package—entering into force mainly in mid-2027—there are, on the other hand, signs of a relaxation of AML compliance requirements in the US. Meanwhile, the Federal Financial Services Authority (“BaFin”) published a remarkable sanctions decision in a case where a payment institution was penalized for failing to establish and maintain a proper business organization in the area of detection of suspicious transactions. BaFin, the German regulator, argued that…

Cypriot Auditor Scrutinizes Political Donations From ‘Golden Passport’ Program

Bribery
Cypriot political parties received more than 1 million euros in donations connected to the country’s controversial “golden passport” program, according to the country’s Auditor General. Before the Cyprus Investment Program was shut down amid allegations of corruption, foreigners could obtain citizenship by purchasing real estate worth at least 2 million euros. The scheme reportedly brought an estimated 9 billion euros into the country over the course of 13 years. The Auditor General published its series of reports on Tuesday — one overview and eight more scrutinizing donations to specific political parties. The reports analyzed a total of 1.12 million euros…

Former German MP Affirms Indictment Accusing Him of Taking Bribes from Azerbaijan

Bribery
Former conservative parliamentarian Eduard Lintner has affirmed that the indictment against him in the Azerbaijani Laundromat trial is correct — even though it includes accusations that he accepted bribes. While Lintner said in a Munich court on May 15 that he agreed with the indictment, he later told DPA he was innocent, because he did not consider the payments he received from the Azerbaijan government as bribes. The case centers on Azerbaijan’s covert strategy to buy political influence in Europe, particularly within the Parliamentary Assembly of the Council of Europe, a body tasked with safeguarding human rights. The Azerbaijani Laundromat…

How Criminal Groups Have Adapted to the Digital Age

Cyber Crime
The cyber world is constantly evolving, and criminal groups in Latin America are adapting their modus operandi to make the most of it. Technological innovations brought about by the Internet era have influenced various criminal economies, from drug trafficking to money laundering. In Mexico, producers of synthetic drugs, such as fentanyl and methamphetamine, use the open and dark web to acquire precursors and highly regulated chemicals through sellers who can ensure successful shipments to almost anywhere. Latin American criminal groups, such as the Sinaloa Cartel and the Jalisco Cartel New Generation (Cartel de Jalisco Nueva Generación – CJNG), frequently use…

Fraud costing U.S. government hundreds of billions a year as crime rings use stolen identities

Fraud
Fraud costing U.S. government hundreds of billions a year as crime rings use stolen identities It’s the most popular f-word in Washington: fraud. And DOGE — the Trump administration’s Department of Government Efficiency — has been tearing through federal agencies on the hunt for it. But is DOGE looking in the right places? The fraud we’ll tell you about tonight is complex, pervasive and being carried out by transnational criminal organizations often using stolen identities to target U.S. taxpayers – costing the government hundreds of billions of dollars a year. Linda Miller: To be honest, Elon Musk coming out and…

The story so far: A snapshot of what we’ve seen since our APP scams reimbursement requirement went live

Fraud
Managing Director David Geale reflects on what we have seen since implementation of the world leading reimbursement requirements to protect users. Our new authorised push payment (APP) scams reimbursement requirement went live on 7 October 2024. It gave stronger protections to victims of APP scams in a way no other country had done before. We’re now just over seven months in and we’re looking back at how payment service providers (PSPs) implemented the policy, and the impact it’s had on people so far. As with any new policy, implementation can be challenging as firms train staff and roll out the…

EXCLUSIVE: UK Sanctions Azerbaijan State-Owned Tanker for Shipping Russian Oil

Sanctions
A tanker sanctioned by the U.K. for shipping oil on behalf of Russia is owned by the government of Azerbaijan, corporate documents show. Targeting a state-owned tanker was a warning to Azerbaijan at a time when the oil-rich country has been striking energy deals with the European Union, according to Maximilan Hess, an analyst with the Foreign Policy Research Institute, a U.S. think tank. “It is a clear warning shot across the bow that further Azerbaijani-sponsored efforts to support Russian sanctions evasion carries major risks to Azerbaijan’s diplomatic position and potentially wider economy,” Hess told OCCRP. The sweeping sanctions package…

Three charged in NCA investigation into £3m cash seizures

Money Laundering
Three men have been charged as part of a National Crime Agency (NCA) investigation into attempts to smuggle millions of pounds out of the UK in lorries. Uzbekistan nationals Azizillo Ugli Azamov, 20, Khalilullokh Omonillaev, 22, and Mukhammadamin Abdurakhmonov, 20, all from London, appeared at Uxbridge Magistrates’ Court on 8 May charged with money laundering. An NCA investigation was launched on 21 June 2024 after Border Force seized £950,000 from a vehicle at the Eurotunnel terminal in Folkestone. The cash was hidden inside 13 boxes of washing powder. A second vehicle was stopped at Harwich Port two weeks later, on…

Bargain Hunt expert admits failing to report sales to suspected Hezbollah funder

Counter Terrorist Financing
An art dealer who has appeared as an expert on the BBC programme Bargain Hunt has admitted failing to report his dealings with a suspected Hezbollah financier. The court heard that Oghenochuko Ojiri sold artwork to Nazem Ahmad but did not tell the authorities despite knowing Ahmad had been under US sanctions over links to the proscribed organisation. On Thursday, Ojiri became the first person to be charged with such an offence. He pleaded guilty to eight counts relating to a period between October 2020 and December 2021 at Westminster magistrates court on Friday. The prosecutor, Lyndon Harris, told the…

Wine Fraud Rocks Switzerland

Fraud
Wine fraudster Cédric Flaction once drove showy cars including two Aston Martins, two Ferraris, two Porsches, an Audi and a BMW. The Swiss winemaker, however, has become better known for being the first vigneron in the Valais, Switzerland’s biggest wine region, to be convicted of wine fraud and forgery. On September 2, 2024, a court in Sion sentenced Flaction to three-and-a-half years’ imprisonment, and ordered him to pay 1.94 million Swiss francs ($2.34 million) in compensation costs. Flaction is alleged to have bought 750,000 liters of Spanish bulk wine and 105,000 liters of Pinot Noir from Schaffhausen – a less-prestigious…

India’s Former UCO Bank Chief Arrested in Major Fraud Case

Fraud
Indian authorities have arrested Subodh Kumar Goel, the former Chairman and Managing Director of UCO Bank, in connection with major money laundering and bank fraud worth some $726 million. The case concerns loans he allegedly approved to Concast Steel & Power Ltd. (CSPL) during his tenure. Investigators say the funds were diverted through shell companies and front entities by the borrowers and in exchange, Goel allegedly received large illegal payments. According to the Enforcement Directorate (ED), Goel was paid in cash, real estate, luxury items, and hotel stays. These benefits were routed through family members and dummy companies to hide…

UK offshore havens miss deadline for transparency plans

Money Laundering
British Virgin Islands criticised for launching financial crime-fighting cartoon mascot before new legislation UK offshore havens have missed a deadline to publish their plans to improve corporate transparency, as MPs criticised the British Virgin Islands (BVI) in particular for launching a financial crime-fighting cartoon mascot before new legislation. Jurisdictions including the BVI and Bermuda pledged last year to approve laws allowing access to company ownership data to those with a “legitimate interest” by April 2025, with implementation to follow in June. But four British overseas territories – the BVI, Bermuda, Anguilla and Turks & Caicos – have failed to meet…

Cyprus Parliament Asked to Probe Abramovich Firm’s Taxes After Superyacht Scheme

Fraud
A Cypriot parliamentary committee is scheduled to discuss a company owned by Russian billionaire Roman Abramovich, which shut down after being hit by $18.5-million in taxes related to a fraudulent superyacht-rental scheme. Citing a January investigation by OCCRP and its Cypriot member center, CIReN, Parliamentarian Alexandra Attalides wrote a letter asking the Committee on Ethics to look into whether the tax bill was paid. “In the event that this has not happened,” she asked the parliamentary committee to seek information on “what actions the competent authority took before the dissolution of the company, in order to ensure the repayment of…

MAS Proposes New Regulatory Framework to Open Private Market Investment Funds to Retail Investors

Regulation
Key Takeaways Wider Investment Choices: MAS is proposing a framework to allow retail investors to access private market investment funds, including private equity, private credit, and infrastructure.Two Fund Options: The proposal outlines two structures—Direct Funds for transparency into investments and Long-term Investment Fund-of-Funds (LIFF) for diversification and expert management.Consultation Process: MAS is seeking feedback on regulatory requirements and the types of assets suitable for retail investors.Future Potential: The proposal aims to create a sustainable and diversified market, with the potential for future listings of private market investment funds.Deep Dive The Monetary Authority of Singapore (MAS) is looking to broaden the…

Switzerland’s Frozen Russian Assets Continue to Climb

Sanctions
Switzerland has increased the total value of frozen Russian assets by $1.81 billion over the past year, bringing the total to over $8 billion, as authorities continue to enforce sanctions related to the war in Ukraine. US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s DemocracyOfficials with the ruling Georgian Dream party rejected the move, with the mayor of Tbilisi claiming it was a “deep state” plot. US Sanctions Myanmar Militia Tied to Cyber-Scams, Human TraffickingThe Treasury Department said Americans have lost $5.5 billion to scam operations run from Southeast Asia since 2022. Switzerland has tightened its grip on Russian…

Treasury Sanctions Houthi Network Procuring Weapons and Commodities from Russia

Sanctions
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network has procured tens of millions of dollars’ worth of commodities from Russia, including weapons and sensitive goods, as well as stolen Ukrainian grain, for onward shipment to Houthi-controlled Yemen. Additionally, OFAC has identified eight digital asset wallets used by the Houthis to transfer funds associated with their activities. “The Houthis remain reliant…

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)…

EPPO Uncovers Massive €100M VoIP VAT Fraud

Fraud
German authorities have convicted three men in a massive tax fraud scheme involving internet-based phone services, in a case that European prosecutors say cost taxpayers an estimated 100 million euros ($113.9 million). The European Public Prosecutor’s Office (EPPO) said Monday that its office in Munich helped secure the convictions, which mark a significant breakthrough in one of Europe’s most complex cases of so-called VAT carousel fraud. The scheme was run by a criminal group code-named “Cuba” and centered around Voice over Internet Protocol (VoIP)—technology that allows people to make phone calls over the internet instead of traditional telephone networks. Investigators…

California Attorney General Reminds Businesses That Bribery Is Still Illegal, No Matter What’s Happening in Washington

Bribery
Key Takeaways Bribery is still illegal: Even though the DOJ has paused enforcement, both the FCPA and California law remain in full effect.California has its own enforcement power: The UCL allows the state to take action against businesses for bribery, regardless of what happens on the federal level.No relaxation in compliance: Companies must continue adhering to strong anti-corruption measures to avoid legal risks down the road.Internal controls are key: Businesses should maintain accurate financial records and strong internal controls to keep things above board.Deep Dive California and U.S. businesses should take note, bribing foreign officials is still a big no-no,…

Transnational Cybercrime in Southeast Asia Hits Record High

Fraud
Transnational organized crime in Southeast Asia has reached unprecedented levels, driven by a surge in large-scale cyber scam operations run by complex criminal networks, according to a new report from the United Nations Office on Drugs and Crime (UNODC). The report describes the rise of “sophisticated transnational syndicates” that have built vast cybercrime centers powered by interconnected networks of money launderers, human traffickers, data brokers and other illicit service providers. These actors have helped turn Asian criminal syndicates into global leaders in cyber fraud, underground banking and money laundering, the UNODC said. Their success is credited to their ability to…

Ex-Senior Chinese Anti-Corruption Official Arrested on Bribery Charges

Bribery
Li Gang, a former top Chinese anti-corruption official, has been arrested for allegedly accepting bribes, marking a dramatic fall from grace for the former Party watchdog. Banner: EditQ/Wikimedia CommonsRELATED ARTICLES US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s DemocracyOfficials with the ruling Georgian Dream party rejected the move, with the mayor of Tbilisi claiming it was a “deep state” plot. US Sanctions Myanmar Militia Tied to Cyber-Scams, Human TraffickingThe Treasury Department said Americans have lost $5.5 billion to scam operations run from Southeast Asia since 2022.Reported byAlena KorolevaOCCRPApril 22, 2025A former top anti-corruption official once tasked with sniffing out…

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…

UK insurance broker charged with failure to prevent bribery

Bribery, Corruption
Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The broker is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury. UIBL offered re-insurance services which insure against any losses caused by making significant and…

NCA secures first convictions for breach of UK sanctions

Sanctions
Dmitrii Ovsiannikov, the former Russia appointed Governor of the illegally annexed Ukrainian city of Sevastopol, has become the first person to be convicted for breaching the UK’s Russia sanctions. Dmitrii OvsiannikovOvsiannikov was found guilty of circumventing sanctions regulations and money laundering after receiving £76,000 from his wife and a new Mercedes from his brother. His brother Alexei Owsjanikow was also found guilty of circumventing sanctions regulations, having made economic resources available to Dmitrii. These are the first convictions for enabling a designated person. In 2016, Russian President Vladimir Putin appointed Dmitrii Ovsiannikov as governor of the city of Sevastopol in…

France to Seize Villa Owned by Moldovan Politician Charged in $1B Corruption Scandal

Corruption
French authorities have been given the greenlight to seize a villa owned by Vladimir Plahotniuc, a former top Moldovan politician who is on the run from corruption charges stemming from his alleged role in a billion-dollar banking scandal. Plahotniuc, the former leader of the Democratic Party of Moldova, fled the country amid a power shift in June 2019. He has since been implicated in a scandal dubbed the “Theft of the Century,” which saw $1 billion stolen from three national banks between 2012 and 2014, plunging the country into economic crisis. Moldovan prosecutors accuse Plahotniuc of receiving tens of millions…

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…