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Regulatory Watch News

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  Treasury Further Dismantles Overseas Scam Operations Targeting Americans

  OFAC

  June 23, 2026

  WASHINGTON—Today, the U.S. Department of the Treasury took coordinated action to further disrupt the Prince Group Transnational Criminal Organization (Prince Group TCO).  The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine individuals and 26 entities linked to Prince Group TCO, including TCO leadership, investors in scam compounds, and front companies.  In parallel, Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed amending its October 2025 Huione Group Final Rule to include H-Pay Service PLC and any successor entity.  Huione Group served as a critical node for laundering proceeds of cyber heists and virtual currency investment scams and was used by the Prince Group to transfer and consolidate scam-derived assets.

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  OLAF and Cyprus Authorities advance digital fight against fraud to better protect EU funds

  OLAF

  June 23, 2026

  The European Anti-Fraud Office (OLAF) and the Cyprus Anti-Fraud Coordination Service (AFCOS) are hosting the 2^nd Technical Workshop on Digital Anti-Fraud Tools in Lemesos, Cyprus. The event, taking place from 22 to 24 June 2026, brings together nearly 100 anti-fraud specialists from EU Member States, the European Public Prosecutor’s Office (EPPO), Europol, Eurojust, the European Court of Auditors (ECA) and OLAF. The workshop is supported by the Treasury of the Republic of Cyprus. Organised under the auspices of the Cyprus Presidency of the Council of the European Union, the workshop marks an important milestone in the digital transformation of anti-fraud cooperation in Europe. It also forms part of the Republic of Cyprus’ continued efforts to strengthen cooperation with OLAF and the Member States, promoting modern, practical and effective solutions for the protection of the European Union’s financial interests.

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  Cyber criminals who hacked into Transport for London’s computer network are convicted

  National Crime Agency

  June 23, 2026

  Two young men have admitted mounting a cyber attack on Transport for London (TfL), which cost tens of millions of pounds in losses and inconvenienced thousands of customers. The National Crime Agency and City of London Police investigated Thalha Jubair, 20, from East London, and Owen Flowers, 18, from Walsall, West Midlands, after TfL’s network was infiltrated between 31 August and 3 September 2024. Jubair and Flowers, who were arrested at their home addresses on 16 September last year by the NCA and COLP, were both members of the online criminal collective known as Scattered Spider. The pair compromised TfL’s network, forcing all 28,000 employees to attend a TfL office for a password reset. The organisation suffered a reported £29 million in loss and recovery costs.