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ANALYSIS: The key problems identified in the massive Wells Fargo AML enforcement order

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INSIGHT: Wells Fargo’s new AML trouble may delay asset cap removal timeline, analysts predict

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ANALYSIS: Wolfsberg Group warns new FinCEN rules could lead to more box-ticking AML programs at banks

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INSIGHT: Behind arrest of Telegram boss Durov – the small Paris cybercrime unit with big ambitions, led by Johanna Brousse

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LATEST: External candidate set to succeed Masrani at TD – but all depends on cleaning up AML mess by EOY – and no more surprises

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LATEST: Billions in fines could pale in face of regulator-imposed restrictions on growth at TD Bank, analysts warn

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ANALYSIS: TD Bank’s dirty laundry – inside the cultural shift that seeded a money laundering crisis, succession woes and a leadership exodus

Warning from UBS audit on bank's statements

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INSIGHT: Swiss regulator scrutinises KYC processes being used by UBS, CDD to onboard risky wealthy Credit Suisse clients

NEWS: UK announces world’s largest fincrime data sharing project, involving seven banks and police; eight illicit networks already identified

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INSIGHT: Jersey officials explain why the island’s beneficial ownership register isn’t open to the public

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NEWS: Jersey’s financial services minister says MONEYVAL report counters view of island as illicit finance hub

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INSIGHT: FinCEN estimates beneficial ownership reporting will cost U.S firms $200m per year

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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.