Tag: Money Laundering
UK Challenger Bank, Monzo fined £21 million by FCA for AML Weaknesses
The Financial Conduct Authority announced fines of £21 million against UK Challenger Bank for serious AML weaknesses between 2018 and 2020. This follows a fine…
FATF R16 From the Travel Rule to Payment Transparency – Recent Changes – Assessment by FCN
The FATF published updated payment transparency standards following their approval in June 2025, after a few years of consultation. The hard work to reach agreement has to…
Latvia Financial Crime Summary & Dashboard by FCN – 2025
1. Introduction Today Financial Crime News is publishing a Financial Crime Dashboard (see Annex 1) for Latvia and a summary of the progress made, a…
Financial Crime Dashboard for Singapore by FCN
Today Financial Crime News is publishing an updated Financial Crime Dashboard on Singapore after spending a few weeks meeting many financial crime leaders in the…
UAE National ML/TF Risk Assessment 2024
The UAE ML/TF Risk Assessment 2024 dropped last week and it’s a very big improvement on those prior NRA extracts reported in 2019 and 2021….
Are Online Scams really on a par with Illegal Drugs as claimed by the Economist? – Not yet
Scams made the front cover of the Economist’s Feb 8, 2025 edition titled “Scam Inc”. It claims, “every year US$500bn is stolen in online scams”…
Bank & FI AML/Sanctions Fines & Penalties in the 21st Century
AML and Sanctions related Major fines (exceeding US$10 million) reached US$45.679 billion for the 21st Century (2000 – end 2024). 85 AML related fines generated…
Evolving AML Supervision – Towards Improving Effectiveness
The evolution of AML supervision to achieve greater effectiveness is an important element in the improvement in effectiveness of the AML regime overall. Whilst effectiveness…
Bank of America Slapped with a Cease & Desist Order in December 2024
Bank of America (BoA) has been slapped with a Cease and Desist Order by the OCC requiring that it must do better and quickly. BoA…
Improving Country Money Laundering Risk Assessments
Country AML Risk Assessments are the foundation for the risk based approach. Whilst many countries have improved in their latest published reported, improvements are still needed. …
