AML Weekly Insights and Recap | Week 23rd - 27th September 2024

Anna Stylianou

Sep 27, 2024

Hello everyone!

We've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening this week!

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The U.S. Department of the Treasury, in a coordinated international effort, has targeted Sergey Sergeevich Ivanov, PM2BTC, and Cryptex (virtual currency exchanges) for their roles in enabling Russian cybercrime. These entities were involved in laundering illicit funds, facilitating ransomware payments, and evading sanctions. Ivanov, has processed hundreds of millions of dollars for ransomware groups and other criminal networks. PM2BTC failed to implement anti-money laundering and KYC controls, allowing it to facilitate substantial illicit transactions. Cryptex, operating from Russia, processed millions from ransomware attacks and conducted transactions with sanctioned entities, further supporting criminal operations.
Italian police arrested 61 people and seized €60 million following an investigation into an international drug trafficking and money laundering network. The criminal organization, based in Albania, imported cocaine from South America into Europe, transporting it to Italy via commercial shipping routes and trucks. The proceeds from drug sales were funneled through a shadow banking system operated by a Chinese syndicate, which used complex money laundering schemes, including false invoices created by compliant Italian entrepreneurs, to transfer illicit funds abroad.
In 2023, the UAE imposed fines exceeding AED254 million and seized over AED2.348 billion in assets for money laundering violations. The Central Bank conducted 119 inspections with fines totaling AED113 million, while the Ministry of Economy carried out 3371 inspections, imposing AED101 million in fines. The gold sector saw a sharp rise in suspicious activity reports and inspections, leading to AED78.65 million in fines and the suspension of 32 refineries for non-compliance. The UAE has signed 45 mutual legal assistance treaties to enhance international cooperation, with more agreements planned for 2024 and 2025, reinforcing its commitment to safeguarding the global financial system.