AML Weekly Recap and Insights | Week 10th - 14th March 2025
Dear AML Professionals,
Another week has come to an end, bringing with it key developments and insights in the world of financial crime compliance.
If you want to learn what to expect this year in the area of anti-financial crime, download the Anti-Financial Crime 2025 Report! Packed with expert contributions and practical guidance, it’s a must-read for compliance professionals navigating today’s challenges.
AML work can often be frustrating…
… and often feels like a battle against an invisible opponent.
But instead of dwelling on what’s beyond your control, focus on where you can make a difference. Improving a process, spotting an anomaly, or educating a colleague may seem small, but these actions add up.
Every red flag you identify, every risk you mitigate, and every control you strengthen helps protect your organization, not just from financial crime, but from regulatory troubles.
Real change happens where you have the most control.
We can’t change the world, but we can change but we can change how our organization stands against financial crime.
Have a great weekend!
Anna
Some anti-financial crime highlights of the week:
Huione Pay Loses Banking License Over Illicit Transactions: Huione Pay, the financial arm of Cambodia’s Huione Group called as the world’s “largest ever illicit online marketplace”, has lost its banking license due to regulatory non-compliance. The group operates a Telegram marketplace linked to $24 billion in illicit transactions, making it one of the largest online crime hubs.The National Bank of Cambodia did not disclose when the license was revoked or potential penalties. Huione denies wrongdoing despite reports linking it to criminal payments.
The 12th edition of the Global Terrorism Index (GTI), published by the Institute for Economics & Peace (IEP), analyzes global terrorism trends over the past decade. Measuring the impact of terrorism across 163 countries, the GTI considers incidents, fatalities, injuries, and hostages—weighted over five years—to assess long-term effects. With data from 66,000+ terrorist attacks since 2007, the report offers critical insights into evolving threats and regional patterns.
The London office of Simpson Thacher & Bartlett, a top US law firm, has been fined £300,000 by the Solicitors Disciplinary Tribunal (SDT) for historic AML compliance failures. The firm admitted it lacked a firm-wide risk assessment, compliant client risk assessments, and fully compliant AML policies between 2017 and 2023, in breach of the Money Laundering Regulations 2017. The fine is the largest of its kind, following similar sanctions against UK firms, including Clyde & Co’s £500,000 fine last year. While no money laundering occurred, the case highlights growing regulatory scrutiny.
Indian authorities have arrested a cryptocurrency exchange administrator accused of money laundering conspiracy and sanctions violations, following a request from the United States. The arrest comes after the U.S., Germany, and Finland dismantled the online infrastructure of the Russian crypto exchange Garantex, which has been linked to illicit financial activities. The U.S. Justice Department recently charged two administrators of the exchange as part of the crackdown.
The FATF has issued a on detecting, disrupting, and investigating online child sexual exploitation, a growing and complex cyber-enabled crime with severe, long-lasting impacts on victims and their families. Drawing on case studies and expertise from its Global Network, the report focuses on two key forms of OCSE: 1. Live-streamed Sexual Abuse of Children and 2. Financial Sexual Extortion of Children. The report aims to enhance early detection, intervention, and prosecution efforts.
In case you missed my Weekly LinkedIn Activity:
Monday 10th March: Personal liability is often underestimated.
Tuesday 11th March: Highlights from the Anti-Financial Crime Report 2025: Most companies separate anti-fraud and AML (2 min read)
Wednesday 12th March: A compliance officer is a leader. (1 min read)
Thursday 13th March: Call Spoofing: The scam that can fool even a Pro (including me) (2 min read)
Friday 14th March: Some people wonder why they can’t find a job (1 min read)
That's all for this week! Wishing you a great weekend!
Wondering who we are? AML Cube and its associates can assist you with:
AML Compliance
Sanctions Compliance
MiCA Regulations
Cybersecurity / DORA Compliance
Don't hesitate to schedule a call with our team to discuss how we can help.
Best regards,
Anna Stylianou