AML Weekly Recap and Insights | Week 2nd December - 6th December 2024

Anna Stylianou

Dec 06, 2024

Dear AML Community,

Here's another "AML Weekly Recap and Insights" post to keep you updated on the latest AML developments.

This week’s Recap and Insights is brought to you by my newly rebranded website

https://www.amlcube.com

and its “Insights” blog which aims to be your go-to resource for all anti-financial crime developments!

Let’s move on to this week’s news…

The European Banking Authority (EBA) has issued an explainer document on “Preventing money laundering and terrorism financing in the EU’s crypto assets sector”. The explainer provides a clear and concise overview of the evolution of EU's regulatory approach to crypto-assets, the role of the EBA, and the regulatory instruments issued to assist institutions and their supervisors.
Lombard Odier, a prestigious private bank based in Switzerland has recently been involved in a legal case related to allegations of aggravated money laundering. The Swiss Attorney General's Office has indicted Lombard Odier and a former employee for their alleged role in facilitating the laundering of money derived from criminal activities linked to a fund of Gulnara Karimova, the daughter of the former president of Uzbekistan.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has joined five federal financial regulatory agencies and state financial regulators in issuing a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
Transparency International has issued a position paper on “Cheques and Balances: Countering the Influence of Big Money in UK Politics”. The paper analyzes the issue of political finance in the United Kingdom over the last two decades. It highlights the increasing reliance of political parties on a small number of wealthy donors and the potential for this to lead to undue influence and corruption.