AML Weekly Recap and Insights | Week 6th - 10th January 2025
Dear AML Community,
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These are the main news we found interesting for this week:
Greentube Alderney Limited, trading as Admiral Casino, has been fined by the Gambling Commission in the UK £1 million for failing to implement its social responsibility and anti-money laundering policies. The operator failed to properly assess customer income and vulnerability, verify customer documents, and identify suspicious activity. They also neglected to adequately scrutinize customer occupations and potential conflicts of interest, and failed to investigate potential links between accounts.
Cristine Petitfrere, 30, from Miramar, Florida, was sentenced to 30 months in prison for personally laundering money from romance scams. Petitfrere funneled money from victims to overseas co-conspirators and kept a portion for herself. She laundered over $2.7 million and was ordered to forfeit over $203,000 in proceeds that she personally received as part of those activities.
The U.S. agreed to share $50 million in forfeited assets with Estonia in recognition of their assistance in the Danske Bank prosecution. Danske Bank pleaded guilty to defrauding U.S. banks by concealing high-risk customers. Estonia provided crucial evidence in the investigation. The funds will be used by Estonia to combat financial crime, enhance asset recovery, and improve international cooperation in law enforcement.
In case you missed these posts:
Monday 6th January: What is Proliferation Financing? (2 min read)
Tuesday 7th January: Monthly Newsletter – GET YOUR FREE GIFT (8 min read)
Wednesday 8th January: Does AI know you better than yourself? (2 min read)
Thursday 9th January: How did Bernie Madoff went undetected for so long? (1 min read)
Friday 10th January: Friday Career Tips: If you want to succeed in an interview… (1 min read)
And if you are a compliance officer in Cyprus, join me for an evening of networking and discussion. The event is sponsored by Binderr. Register here.
Bernie Madoff's Ponzi Scheme: How it Went Undetected for So Long (3 min read)
That's all for this week! Wishing you a productive and relaxing weekend.
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Best regards,
Anna Stylianou
