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CRYPTO: Bitzlato ‘dirty money safe haven’ channelled €700M in illicit assets, says FinCEN; France Spain, Portugal and Cyprus dismantle its operations

Premium January 18, 2023
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NEWS: Growing need for AI apprentices to help financial services ‘reduce noise in system’ and fight fincrime – AML RightSource chief

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INSIGHT: Fintech leaders from Stripe and Revolut say ‘threshold crossed’ in use of AI to fight financial crime

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NEWS: Fast fashion retailer Shein to hire AML and Compliance executive in face of regulatory oversight in US expansion

By AMLi Correspondents THE MAJORITY shareholder and co-founder of Hong Kong-registered crypto exchange Bitzlato was arresed for allegedly processing €700M in illicit funds. Anatoly Legkodymov, a Russian living in China, was arrested in Miami on Tuesday on charges that he operated the exchange as a “high-tech financial hub that, in his own words catered to…

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Premium

NEWS: Growing need for AI apprentices to help financial services ‘reduce noise in system’ and fight fincrime – AML RightSource chief

 Premium

INSIGHT: Fintech leaders from Stripe and Revolut say ‘threshold crossed’ in use of AI to fight financial crime

 Premium

NEWS: Fast fashion retailer Shein to hire AML and Compliance executive in face of regulatory oversight in US expansion

Regulatory Watch News

  • Administrative Measure Publication Notice -Papaya Ltd

    FIAU

    SUBJECT PERSON: Papaya Ltd RELEVANT ACTIVITY CARRIED OUT: Financial Institution SUPERVISORY ACTION: Compliance review carried out in 2020 DETAILS OF THE ADMINISTRATIVE MEASURE IMPOSED: Administrative Penalty of €279,756, a Reprimand and a Follow-up Directive in terms of Regulation 21 of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR).

  • Poland and Spain take down gang hiding drugs worth millions in fruit and veg crates

    Europol

    In yet another victory on the war on drugs,  law enforcement in Spain and Poland have taken down with Europol’s support an international drug trafficking organisation suspected of bringing into Poland vast amounts of drugs hidden in lorries of fruit and vegetables. Over the course of the investigation, law enforcement seized over 260 kilos of marijuana, amphetamine and cocaine with a total street value of EUR 2 925 400.

  • VIRTUAL ASSETS (VA) AND VIRTUAL ASSET SERVICE PROVIDERS (VASP) NETWORK

    APG

    The APG has recently launched the APG Virtual Asset (VA) and Virtual Asset Service Provider (VASP) Network for public sector representatives of APG members and observers to share information on challenges, enforcement activities, experiences and policy developments relating to VAs and VASPs. The Network will also facilitate discussions on relevant policies and papers issued by the Financial Action Task Force (FATF) concerning VAs and VASPs and any technical assistance requested by APG members relating to the implementation of Recommendation 15.

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