AML Weekly Insights and Recap | Week 21st - 25th October 2024

Oct 25, 2024

Hello everyone!

This edition of the AML Weekly Insights and Recap is sponsored by OMNIO – your all-in-one compliance software.

OMNIO automates key tasks like AML, KYC, and transaction monitoring, using cutting-edge machine learning to identify risks and provide recommendations in real time.

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So 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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FinCEN has issued an alert to financial institutions with the purpose of raising awareness about the risks of Hizballah financing and providing guidance on how to identify and report suspicious activity. Recognizing the ongoing threat posed by Hizballah, a U.S.-designated Foreign Terrorist Organization, FinCEN aims to help disrupt the group's ability to fund its terrorist activities through illicit means. The alert provides detailed information on Hizballah's financing methods, suspicious activity indicators, and best practices for financial institutions to follow.
Sources have confirmed that Lebanon is set to be placed on the FATF grey list. This is expected to have a negative impact on correspondent banks’ dealings with Lebanese banks. The governor of the Banque du Liban is in discussion with officials from the International Monetary Fund (IMF) “requesting an assessment of the damage caused to Lebanon by Israeli attacks” and also collaboration and assistance during this challenging period.
Tigran Gambaryan, the head of financial crime compliance at Binance, has been released from detention in Nigeria after the government dropped money laundering charges against him. His release comes after eight months of legal battles, during which he faced accusations of using the cryptocurrency platform to launder up to $35 million and manipulate the local naira currency, allegations that Binance has denied.