AML Weekly Recap and Insights | Week 25th November - 29th November 2024
Dear AML Community,
Here's another "AML Weekly Recap and Insights" article 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 Wolfsberg Group Issued a Frequently Asked Questions (FAQs) Document on Defining Digital Assets which aims to provide a clear and consistent understanding of digital assets and their associated risks. The FAQs are designed to assist financial institutions, policymakers, supervisors, and regulators in assessing, mitigating, and managing the risks associated with these emerging technologies.
The Asia Pacific Group on Money Laundering (APG) published its annual typologies report which includes information provided by its 18 members and 11 observer organisations and includes 138 case studies. The report includes also a focus chapter on threats and trends related to the misuse of legal persons.
The Office of Foreign Assets Control (OFAC) has issued an alert to warn foreign jurisdictions and financial institutions about the sanctions risks of joining the Russian financial messaging “System for Transfer of Financial Messages” (SPFS). Specifically, the alert warns that any foreign financial institution that joins or has already joined SPFS may be subject to sanctions under Executive Order 14024, which authorizes the U.S. government to impose sanctions on individuals and entities involved in harmful foreign activities of the Russian Federation.
FINTRAC, Canada's financial intelligence unit, has imposed a $229,350 fine on Simple Canadian Services for multiple violations of anti-money laundering and anti-terrorist financing regulations. The company failed to comply with reporting requirements, maintain adequate compliance policies and procedures, and assess and document risks. FINTRAC emphasizes the importance of compliance with these regulations to protect Canada's financial system and national security.
Ng Yu Zhi, the alleged mastermind of a $1.46 billion nickel investment scam in Singapore, is accused of using the proceeds of his crimes to fund a lavish lifestyle. Prosecutors claim he spent millions on luxury cars, high-end properties, expensive artwork, and fine jewelry. This includes purchasing multiple luxury cars, prime real estate, and artwork by renowned artists. Additionally, he allegedly spent millions on high-end jewelry and watches from top brands.
In case you missed my LinkedIn posts:
Monday 25th November 2024: If you think crypto is anonymous, think again.
Tuesday 26th November 2024: Money laundering is a problem for big banks only… ?
Wednesday 27th November 2024: You know it well…
Thursday 28th November 2024: CDD cannot be effective without …
Friday Career Tips - 29th November 2024: Many professionals face this dilemma: complying with their employer's social media policy or staying active on LinkedIn.
Last but not least: Marco Beranzoni of FinCrime Agent a content creator known for his great YouTube channel, is launching a new, self-paced course. As part of the BETA phase, he's offering one-to-one meetings:
Book a free meeting with Marco here
Read this week on www.amlcube.com:
Bitfinex Hack Money Laundering Methods: Lessons learned (2 min read)
Customer Due Diligence (CDD): How Bad Actors Exploit the Gaps (4 min read)
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
If you found this weekly recap useful, feel free to share it with other people!
Regards
Anna Stylianou
Founder, AML Cube Consulting and Education