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LATEST: Canada’s FINTRAC hits Binance with $6M fine for AML failures

Premium May 9, 2024

BINANCE FINED: Sarah Paquet, FINTRAC’s director and CEO, said companies abiding by the country’s AML regulations are vital to “protect the safety of Canadians and the security of Canada’s economy”. 

INSIGHT: Setting up the new EU AML Authority (AMLA) for success

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NEWS: Nigeria court rules Binance executive can face trial on behalf of crypto exchange

NEWS: EU must do more to battle ‘faceless’ criminals, Eurogroup President Paschal Donohoe tells Anti-Financial Crime Summit 2024

By PAUL O’DONOGHUE, Senior Correspondent Cryptocurrency exchange Binance has been handed a $6M fine by Canada’s FINTRAC due to problems with its AML reporting. FINTRAC,Canada’s national financial intelligence agency, said that it imposed the penalty on Binance for non-compliance with part of Canada’s ‘Proceeds of Crime (Money Laundering) and Terrorist Financing Act’. The organisation said…

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INSIGHT: Setting up the new EU AML Authority (AMLA) for success

 Premium

NEWS: Nigeria court rules Binance executive can face trial on behalf of crypto exchange

NEWS: EU must do more to battle ‘faceless’ criminals, Eurogroup President Paschal Donohoe tells Anti-Financial Crime Summit 2024

Regulatory Watch News

  • MAS Issues Prohibition Order Against Mr Muhammad Hafiz Bin Ismail for Dishonest Conduct

    MAS

    Singapore, 20 May 2024… The Monetary Authority of Singapore (MAS) has issued a 5-year prohibition order (PO) against Mr Muhammad Hafiz Bin Ismail, a former representative of DBS Bank Limited (DBS). The PO was issued following Mr Hafiz’s conviction for intentionally obstructing the course of justice by the State Courts, and separate contraventions of the Financial Advisers Act (FAA) and the Securities and Futures Act (SFA).

  • Two Foreign Nationals Arrested for Laundering At Least $73M Through Shell Companies Tied to Cryptocurrency Investment Scams

    An indictment was unsealed in the Central District of California yesterday charging two Chinese nationals alleging they played leading roles in a scheme to launder proceeds from cryptocurrency investment scams.

    Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport and subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested yesterday in Los Angeles.

  • Setting up the new EU Anti-Money Laundering Authority for success

    Central Bank of Ireland

    Speaking at the European Anti-Financial Crime Summit today, Deputy Governor of the Central Bank of Ireland Derville Rowland said: “The commitment of European leaders to introduce a single rulebook for Anti-Money Laundering (AML) and the creation of a new European AML supervisory and financial intelligence coordination authority is truly historic, and we are at an inflection point in the journey of financial crime prevention.

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