Anti-Financial Crime & Financial Crime Compliance
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Financial Crime, Fraud

INSIGHT: Fincrime leaders warn that fraud risks becoming a national security issue

Premium October 14, 2026

(From left) Rory Corcoran, Directorate Coordinator, INTERPOL’s Financial Crime and Anti-Corruption Centre, INTERPOL General Secretariat, Ilze Znotiņa, Founder, RIZEN RIGA. Darren McCormack, Deputy Special Agent in Charge, Homeland Security Investigations (HSI)

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BREAKING: Bank of America fined $1.2 billion over AML, fraud allegations relating to China

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BREAKING: UK authorities arrest three in money laundering and insider dealing probe

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NEWS: EU countries must avoid gaps in football anti-money laundering rules, Italian official says 

By PAUL O’DONOGHUE, Senior Correspondent

THE rapid global rise in fraud has now reached a point where it threatens to become a national security issue in many countries, multiple AFC leaders have warned.

The likes of Ilze Znotiņa, the founder of RIZEN Riga and the former head of Latvia’s FIU, said that the increased prevalence of sophisticated, AI-powered scams risks undermining the financial system.

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Premium

BREAKING: Bank of America fined $1.2 billion over AML, fraud allegations relating to China

 Premium

BREAKING: UK authorities arrest three in money laundering and insider dealing probe

 Premium

NEWS: EU countries must avoid gaps in football anti-money laundering rules, Italian official says 

Regulatory Watch News

  • U.S. Treasury Announces Record Enforcement Actions Against Bank of America

    US Department of the Treasury

    WASHINGTON—Today, the U.S. Department of the Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America (“the Bank”), the second-largest bank in the United States, for violations of anti-money laundering and sanctions laws.  These actions include the third-largest penalty in Treasury history and the largest in the Office of the Comptroller of the Currency (OCC) history.

    • The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty for the Bank’s failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.
    • The OCC assessed a $750 million civil money penalty for the Bank’s deficient and ineffective BSA/AML (anti-money laundering) compliance program.
    • The Office of Foreign Assets Control (OFAC) announced an $11.6 million settlement agreement with the Bank over apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.

  • Treasury Targets Cartel del Noreste’s Horse Racing Enterprise and Expansive Criminal Network

    OFAC

    WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four individuals and 11 entities connected to the U.S.-designated Foreign Terrorist Organization (FTO) Cartel del Noreste (CDN). Those designated include individuals and businesses involved in quarter horse racing, construction, trucking, and the oil and gas sector, highlighting the cartel’s diverse commercial footprint. CDN’s evolution from its predecessor, Los Zetas—responsible for some of the deadliest mass‑casualty attacks in Mexican history—underscores the severity of CDN’s continued threat to the United States and the region.

  • Update to UK Sanctions List: Iran Regime

    UK Government

    Today, Monday 12 October, the UK Government has designated 2 individuals under the Iran Sanctions Regime. Designated Individuals:

    Name: Unique ID:
    Ruhollah BAZGHANDI IRN0282
    Shahram Ali Reza Tamarzadeh JAKKI IRN0283

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