AML Weekly Insights and Recap | Week 15th -19th July 2024
Hello everyone!
We've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening!
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FinCEN, along with OFAC and the FBI, issued a joint notice on timeshare fraud. The notice alerts financial institutions about the methodologies, financial typologies, and red flags associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations (TCOs) targeting U.S. owners of timeshares in Mexico. The notice provides guidance on identifying suspicious activity like wire transfers from U.S. personal accounts to newly formed Mexican companies citing "taxes" or "fees" related to timeshares, and reminds institutions of their reporting requirements under the Bank Secrecy Act to combat this fraud and money laundering threat.
BaFin – the German regulator – threatens Solaris that, if it doesn’t meet deadlines to improve its anti-money laundering (AML) controls and other shortfalls.
INTERPOL operation strikes major blow against West African financial crime. The annual operation resulted in some 300 arrests, the identification of over 400 additional suspects, and the blocking of more than 720 bank accounts.
Transnational Human Smuggler Indicted and Sanctioned in the United States and Arrested in Mexico. The organization allegedly smuggled thousands of migrants to the United States through Mexico. The migrants paid smuggling fees, often tens of thousands of dollars, to be transported through various countries such as Brazil, Colombia, Ecuador, Panama, Costa Rica, Nicaragua, Honduras, and Guatemala, on the way to the U.S.-Mexico border.
What is a Trust? Learn the parties and how they can be abused for money laundering
Why do money launderers always stay one step ahead of regulations?
10 years on LinkedIn. Don’t do the same mistake with me!
Friday Career Tips: Is it easy to stay humble in a world that values success?
If you are not a paid subscriber, here’s what you have missed this week.
Money laundering with the use of life insurance and trusts – A real-life case study
Best Practices for Effective Monitoring for Suspicious Activity: The Wolfsberg Group Approach
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Wishing you a very best weekend, get some rest, and see you next week!
Anna Stylianou
Founder, AML Cube Consulting and Education