Anti-Financial Crime & Financial Crime Compliance
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NEWS: Crypto is the mainstream money laundering avenue to send dirty money offshore; ATMs are increasing problem, warns Austrac

AML: Germany's Federal Financial Supervisory Authority (BaFin) ordered futurum bank AG to remedy shortcomings in its precautions for the prevention of money laundering and terrorist financing. Serious deficits were identified in internal controls and safeguards, in the fulfilment of due diligence requirements and in suspicious transaction reporting at the bank, owned by Bitcoin.

By AML Intelligence Correspondents

THE AUSTRALIAN Transaction Reports and Analysis Centre (Austrac) has said cryptocurrency is now the “standard part of the money-laundering tool kit” for organised crime groups.

The financial intelligence agency also described how Russian paramilitary groups are soliciting cryptocurrency donations to buy weapons to fight in Ukraine.

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