NEWS: vIBANs and fintech – how dirty money flows into digital finance with less robust controls

Regulatory Watch News

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  Leader of Massive Scheme to Traffic in Fraudulent and Counterfeit Cisco Networking Equipment Sentenced to Prison

  US Department of Justice

  May 2, 2024

  A Florida resident and dual citizen of the United States and Turkey was sentenced yesterday to six years and six months in prison for running an enormous operation over many years to traffic in fraudulent and counterfeit Cisco networking equipment. Under the terms of the plea agreement, Onur Aksoy, 40, of Miami, agreed to pay restitution of $100 million to Cisco and amounts to other victims that will be determined by the court at a later date, and to permit destruction of millions of dollars of counterfeit goods seized from his businesses.

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  Treasury Targets Sanctions Evaders Supporting Key Hizballah Financial Advisor

  OFAC

  May 2, 2024

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five individuals for helping U.S.-designated Hizballah money exchanger Hassan Moukalled (Moukalled) and his company, CTEX Exchange, evade sanctions and facilitate illicit activities in support of Hizballah. These individuals, including two co-founders of CTEX Exchange and two of Moukalled’s sons, operate two companies in Lebanon and the United Arab Emirates (UAE) that are being concurrently designated. Individuals and entities targeted today are being designated pursuant to Executive Order (E.O.) 13224, as amended, which targets terrorist groups, their supporters, and those who aid acts of terrorism.

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  FINTRAC imposes an administrative monetary penalty on The Toronto-Dominion Bank

  FINTRAC

  May 2, 2024

  FINTRAC announced today that it has imposed an administrative monetary penalty on The Toronto-Dominion Bank. Following a compliance examination in 2023, this bank in Toronto, Ontario, was imposed an administrative monetary penalty of $9,185,000 on April 9, 2024, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.