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NEWS: FinCEN gives U.S. banks checklist to identify Hezbollah transactions

Premium October 23, 2024

FinCEN Director Andrea Gacki

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EUROPEAN NOTEBOOK: AMLA crunch meeting; DG FISMA has new AML chief and offices; Revolut hackers ask journalist for outreach advice

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INSIGHT: EU businesses warn beneficial ownership overhaul risks compliance surge without transition period

INSIGHT: ‘Follow the money’ – how journalism can combat financial crime

BY PAUL O’DONOGHUE, Senior Correspondent

FinCEN, the AML unit of the U.S. Department of the Treasury, has given banks new guidance on how to recognize if a transaction is funding the Hezbollah organization.

Hezbollah is a Lebanese Shia Islamist political party and paramilitary group which is currently in conflict with Israel.

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Premium

EUROPEAN NOTEBOOK: AMLA crunch meeting; DG FISMA has new AML chief and offices; Revolut hackers ask journalist for outreach advice

 Premium

INSIGHT: EU businesses warn beneficial ownership overhaul risks compliance surge without transition period

INSIGHT: ‘Follow the money’ – how journalism can combat financial crime

Regulatory Watch News

  • Twenty-four CFD firms closing in crackdown on misuse of UK authorisation

    Financial Conduct Authority

    The FCA was concerned the firms were misusing their authorised status to mislead consumers. Three other firms are currently cancelling their permissions. The FCA has been challenging CFD firms that carry out little UK business but use their authorisation as a badge to make linked overseas companies look more trustworthy than they really are. This creates the misleading impression that consumers are dealing directly with a UK-regulated firm and benefit from UK protections when they do not. Firms have faced a range of actions, including restricting their trading abilities, requiring independent reviews of their business and opening enforcement investigations in the 2 most serious cases.

  • Scam alert related to banks

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press release issued by the bank listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which has been reported to the HKMA.  Hyperlink to the press release is available on the HKMA website.  

           Bank        Type of Scam
    Dah Sing Bank, Limited Fraudulent social media posts
     

  • Poland: Suspect caught red-handed in case involving fake identities to obtain Clean Air funds

    European Public Prosecutor's Office

    (Luxembourg, 24 September 2026) – An individual suspected of stealing the identity of several citizens to fraudulently obtain funds intended to modernise residential buildings under the Clean Air programme has been arrested while withdrawing money from an ATM. The arrest follows an investigation by the European Public Prosecutor’s Office (EPPO) in Warsaw (Poland). The suspect allegedly forged documents and assumed the identities of over a dozen legitimate property owners to unlawfully obtain over € 300 000 (PLN 1.3 million) in funds earmarked for the Clean Air Programme – a Polish government scheme that provides funding to homeowners to replace polluting heating systems and improve energy efficiency in residential buildings, co-funded by the EU.

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