AML Weekly Insights and Recap | Week 19th – 23rd August 2024

Hello everyone!

This week’s Substack is brought to you from my new live-online KYC and CDD Masterclass, carefully designed to guide and inspire you through the complexities of Anti-Money Laundering (AML)!

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

Read:

• Weekly News Feed

• My Daily LinkedIn Insights

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• Myanmar Charges Serge Pun With Money Laundering: Serge Pun, the former executive chairman of Yoma Strategic Holdings Limited, was charged with money laundering and other illegal activities in late July after being detained for a month by Myanmar's junta. The 71-year-old tycoon also faces charges of misusing public funds and harming national interests by allegedly using proceeds from online scams to fund the expansion of Star City, a large real estate project in Yangon.

• The FCA, has fined PricewaterhouseCoopers LLP (PwC) £15 million for failing to report their suspicions that London Capital & Finance plc (LCF) might be involved in fraudulent activity. During their 2016 audit, PwC encountered misleading and inaccurate information from LCF and suspected potential fraud. However, despite these concerns, PwC did not fulfill their legal obligation to report their suspicions to the FCA, the supervisory authority in the UK.

• German authorities have seized almost 250,000 euros ($279,000) in cash in an operation targeting cryptocurrency ATMs. Authorities seized 13 machines that had been operating without the necessary permits, posing a risk of money-laundering, according to BaFin, the German regulator.

• The Italian Carabinieri (police) arrested a major figure involved in currency counterfeiting, dismantling a sophisticated print shop and seizing nearly EUR 3 million in counterfeit banknotes. The operation was conducted in collaboration with the French National Police and supported by Europol. The investigation, which began in 2022, included intelligence from anti-currency counterfeiting units in at least 10 countries, all of which reported seizures of similar counterfeit euro bills. 

  

In case you missed this week’s LinkedIn posts:

Monday 19th August (1 min read):

• AML News: AML Penalty for AIA Group Ltd (Hong Kong)

Tuesday 20th August (1 min read):

• I’m pleased to announce that I’ll be participating in an upcoming webinar organized by ComplyAdvantage. Register for free here.

Wednesday 21st August (1 min read):

• I have more than 20 years of experience in the financial industry..

Friday 23rd August (2 min read):

• Friday Career Tips: Stop Competing, Start Contributing

If you are not a paid subscriber, here’s what you’ve missed on Substack this week!

• Laundering the Proceeds of Ransomware – A Growing Threat

• Deep Dive: Dealing with Non-Profit Organizations (NPOs)

• Cuckoo smurfing - What it is and how it works

• Guiding New Team Members Through the Complexities of AML

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• Money Laundering Methods and Trends

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Wishing you a great weekend, get some rest, and see you next week!

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Anna Stylianou

Founder, AML Cube Consulting and Education