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

REVEALED: From housing to adult daycare – how Chinese gangs launder billions through US banks

Premium August 30, 2025

FINED: File photo shows a bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington.

INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

NEWS: AML Intelligence Academy launches four Recommended Specialist Courses

NEWS: Former ECB Supervisory Board member Elizabeth McCaul tells #EAFCS2026 how ‘digital twins’ are redefining compliance

By PAUL O’DONOGHUE, Senior Correspondent

DURING the week U.S. banks received a stark warning – Chinese gangs have laundered up to $312 billion through the American financial system in just a few years.

It’s suspected most of this is moving dirty money on behalf of Mexican cartels. Officials said by doing this, Chinese money laundering networks (CMLNs) “enable cartels to poison Americans with fentanyl”.

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INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

NEWS: AML Intelligence Academy launches four Recommended Specialist Courses

NEWS: Former ECB Supervisory Board member Elizabeth McCaul tells #EAFCS2026 how ‘digital twins’ are redefining compliance

Regulatory Watch News

  • Administrative monetary penalties: Changes following legislative amendments

    FINTRAC

    FINTRAC has had the legislative authority to issue administrative monetary penalties to reporting entities that are in non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations since December 30, 2008. The Strengthening Canada’s Immigration System and Borders Act (Bill C-12), which received Royal Assent on March 26, 2026, introduces a new administrative monetary penalties framework under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

  • OLAF helps uncover suspected textile diversion scheme

    OLAF

    The European Anti-Fraud Office (OLAF) has supported a coordinated customs operation with Polish and Spanish customs that led to the seizure of several containers of textiles suspected of being diverted onto the EU grey market instead of being exported to Africa as declared. The operation focused on flows of goods transported from China towards Africa via a rail corridor entering the European Union through Poland and then expected to leave the EU via the ports of Spain to Africa. According to customs declarations, the goods – mainly textiles – were only transiting through the EU and were not intended for the sale on European market.

  • Scam alert related to banks

    HKMA

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

           Bank        Type of Scam
    The Bank of East Asia, Limited Fraudulent website and internet banking login screen
    Shanghai Commercial Bank Limited Fraudulent website and internet banking login screen
    Chong Hing Bank Limited Fraudulent website and internet banking login screen
    OCBC Bank (Hong Kong) Limited Fraudulent websites and internet banking login screens
     

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