Anti-Financial Crime & Financial Crime Compliance
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Financial Services, US

SARAH BETH: Lessons for MLROs from the $32M fine on ICBC Bank in New York

Premium January 20, 2024

ICBC: The bank was fined by the Fed and New York State's Department of of Financial Services. Our file photo shows one of the department's mobile centers.

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NEWS: India’s fincrime watchdog arrests chair of major housing firm

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NEWS: STRs help bust €70m laundering ring in the Netherlands

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OPINION: Why banks must now dig deep to check if they have links to 10 sanctioned Mexican casinos

New York State Department of Financial Services just released a $30MM penalty and consent order for ICBC, New York branch directly related to AML and sanctions.

ICBC is a global bank with $5.7T in assets. The NY branch is sizeable at $22B in assets.

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Premium

NEWS: India’s fincrime watchdog arrests chair of major housing firm

 Premium

NEWS: STRs help bust €70m laundering ring in the Netherlands

 Premium

OPINION: Why banks must now dig deep to check if they have links to 10 sanctioned Mexican casinos

Regulatory Watch News

  • New OFSI General Licence INT/2025/7895596, Continuation of Business of Lukoil Bulgaria Entities issued and 1 FAQ added

    OFSI

    On 14 November 2025, OFSI issued General Licence INT/2025/7895596 under regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (“the Russia Regulations”) which allows for the continuation of business operations with the Lukoil Bulgaria Entities.

    Any persons intending to use General Licence INT/2025/7895596 should consult the copy of the Licence for full details of the definition, permissions, and usage requirements. FAQ 173 has been added to address if business operations with Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD can continue as normal with regard to UK financial sanctions.

  • Investigation ‘Fuel family’: Seizures in €260 million VAT fraud in Italy

    European Public Prosecutor's Office

    (Luxembourg, 14 November 2025) – At the request of the European Public Prosecutor’s Office (EPPO) in Bologna and Naples (Italy), the Italian Financial Police (Guardia di Finanza) in Naples carried out preventive seizures today, in an investigation into a €260 million VAT fraud scheme involving a criminal network alleged to have imported fuel to the Italian market while systematically evading VAT.

  • Europol has identified AI powered fraud as a key problem area
    Strike against synthetics: authorities seize tonnes of chemicals in Central and Eastern Europe

    Europol

      On 6 and 7 November 2025, Europol welcomed 191 experts from 51 countries to its headquarters in the Hague for the latest edition of its annual Drugs Conference. The discussions focused on emerging trends in synthetic drug production and trafficking, the challenges posed by cocaine trafficking, and strategies to strengthen international cooperation in combating these threats. Participants also shared best practices and explored innovative methods to disrupt criminal networks involved in drug trafficking.

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