Category: AI

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NEWS: Israeli fincrime detector ThetaRay acquires Screena to bolster AI offering

INSIGHT: Identity fraud & the role of AI – post webinar round-up

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NEWS: Fears European banks will be left behind as only 6% prepare to implement AI ‘at scale’

WORRIES: Boom in AI will make EU banks dependent on US big tech, executives warn

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INSIGHT: AI can help tackle ML, lower transaction costs but comes with ‘significant risks,’ warns Yellen

INSIGHT: Generative AI, PPPs and the chain of trust – what’s top of mind for fincrime professionals

NEWS: Lee lauds PPPs, tells how they helped secure major cases – including shutting down dark web child porn ring

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

NEWS: AI ‘explosion’ will see up to $34.7BN spent on AML this year

LATEST: ID-Pal launches cutting-edge AI fraud detection tool ‘ID-Detect’

NEWS: Italy pens new law with tougher penalties for using AI in money laundering crimes

INSIGHT: Finding the optimal path to AI in screening for financial crime compliance

Memorandum of Understanding between OFAC and the Swiss State Secretariat for Economic Affairs
OFAC
May 16, 2025
The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published its Memorandum of Understanding with Switzerland's State Secretariat for Economic Affairs (SECO).
Crime group used light aircraft to smuggle cocaine haul to UK
National Crime Agency
May 16, 2025
A qualified pilot used his light aircraft in a bid to smuggle cocaine into the UK. Pilot Anastasios Balian, 52, and accomplice Errol McCardo Weir, 48, admitted trying to bring 30kg of the Class A drug into the country, following a National Crime Agency investigation. On 20 March this year, they were stopped by Border Force officers at North Weald airfield in Epping, Essex, after landing from Belgium via Calais. Officers searched the small plane and discovered a concealment had been built into the rear seats. Inside it were 30 1kg blocks of cocaine with a street value of about £2.4m.
£2m fine for online operator Spreadex Limited
Gambling Commission
May 16, 2025
A gambling business will pay a £2,022,000 penalty after a Gambling Commission investigation revealed Anti-Money Laundering (AML) and social responsibility failings.
Spreadex Limited – which operates from Spreadex.com – will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls. The failures were revealed during a compliance assessment in July 2023 and relate to the operator’s Gambling Commission licence to offer casino and fixed odds betting.