AML Weekly Insights and Recap | Week 29th July - 2nd August 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!
Read:
Weekly News Feed
My Daily LinkedIn Insights
Know anyone that would find this resource valuable?
Read the main financial crime news of this week:
The European Banking Authority (EBA) and the European Central Bank (ECB) published a joint Report on payment fraud data for 2024. The report shows a decrease in payment fraud across the European Economic Area (EEA) to €2 billion in the first half of 2023 from €4.3 billion in 2022. The report credits strong customer authentication for the decline and emphasizes the need for continued monitoring of fraud trends.
INTERPOL-led operation seizes $1.6 billion in drugs and chemicals: A coordinated international effort has resulted in the seizure of over 615 tonnes of illicit drugs and precursor chemicals across 31 countries. The operation, spearheaded by INTERPOL, yielded a total value of $1.6 billion in confiscated contraband.
Public and private partnership in the UK aims to identify criminality with the use of banking data: The National Crime Agence (NCA) – the Financial Intelligence Unit (FIU) of UK - and seven major UK banks have launched a major project against organised crime. The banks will provide the NCA with data indicating potential criminality. The data will be analysed to inform NCA’s investigative work.
Ex-airport policeman extradited for money laundering: A former Dublin airport police officer has been extradited to Northern Ireland to serve a prison sentence for money laundering. Mark Adams, 44, was involved in laundering millions of pounds for organized crime groups by smuggling cash out of the UK on nearly 500 flights over five years.
In case you missed this week’s LinkedIn posts:
Monday, 29th July:
The Four Key Elements of Customer Due Diligence: The post introduces one of my Substack’s Deep Dives which is available also to my FREE subscribers: Customer Due Diligence – Elements, Challenges and Risk Mitigation Techniques.
Tuesday 30th July:
Official Launch: The Comprehensive KYC and CDD Masterclass is here! Learn about my 6-hour live-online course which will teach you everything you need to know to elevate your AML career.
Wednesday 31st July:
Revolut got a UK banking license last week. Why? Couldn’t still grow under its Electronic Money Institution (EMI) license? Learn what is the difference between a bank and an EMI.
Thursday 1st Aug:
State Street Bank and Trust Company Settled with OFAC for $7,452,501 for violating sanctions. Learn the reasons.
Friday 2nd Aug: Friday Career Tips
If you are not a paid subscriber, here’s what you’ve missed on Substack this week!
· Human vs Technology in AML: How the Two Can Work Together
· Cryptocurrency Mixers: What They Are and How They Work
· Case study: How Wachovia Bank Became a Tool for Criminals
· Inspiring Excellence in Compliance Teams: Strategies for Success
Want to receive new AML/CFT knowledge in your inbox every day? Consider upgrading to paid!
Get a free preview of my Substack publication here.
Wishing you a very best weekend, get some rest, and see you next week!
If you know anyone who may find this publication useful, feel free to share!
Anna Stylianou
Founder, AML Cube Consulting and Education