AML Weekly Recap and Insights | Week 9th December - 11th December 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 Australian Federal Police (AFP) recently uncovered a sophisticated money laundering network that allegedly funneled over $10 million in criminal proceeds. The syndicate operated by coordinating the collection of cash through "dead drops," where illicit funds were deposited into online banking accounts associated with the group and then quickly converted into cryptocurrency.
FINTRAC imposes an administrative monetary penalty of $2,457,750 on Exchange Bank of Canada. The Bank was found to have committed the following violations: Failure to submit suspicious transaction reports where there were reasonable grounds for this, failure to conduct ongoing monitoring of business relationships and failure to report amounts of $10,000 or more in cash.
The U.S. Treasury Department sanctioned 28 individuals and entities involved in a global gold smuggling and money laundering network led by Kamlesh Pattni, a Zimbabwean businessman, on International Anti-Corruption Day. This network, facilitated by bribery, exploited Zimbabwe's natural resources, enriching corrupt officials while depriving citizens of their benefits. The sanctions, coordinated with the FBI and the UK, highlight the global nature of corruption and the importance of international cooperation to combat it.
Leonardo Ayala, a former TD Bank employee was charged in U.S. for facilitating money laundering to Colombia. This follows TD's guilty plea to money laundering charges and a $3 billion penalty for its role in shuttling hundreds of millions of dollars in drug proceeds. Ayala allegedly exploited his position by issuing debit cards for shell company accounts in exchange for bribes, enabling these accounts to be used to launder millions of dollars in narcotics proceeds through ATMs in Colombia.
In case you missed my LinkedIn posts:
Monday 9th December 2024: The Basel Anti-Money Laundering Index 2024
Tuesday 10th December 2024: Ever wondered how the idea of the Risk-based approach has evolved?
Wednesday 11th December 2024: How do compliance teams thrive?
Thursday 12th December 2024: Honored to be recognized as a Top AML Influencer of 2024 but…
Friday Career Tips - 13th December 2024: Kindness is a Superpower in every career path. Why?
Bit-sized weekly article on www.amlcube.com:
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
Regards
Anna Stylianou
Founder, AML Cube Consulting and Education