Category: Financial Crime

Regulatory Watch News

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  Download Regulatory Watch 2021 FinCrime Fines Report

  AML Intelligence -Regulatory Watch

  January 16, 2022

  AML Intelligence has launched its inaugural Financial Crime Fines Review for 2021.

  The report, which details financial crime fines given out across the world, focuses on three categories. These include:

  • AML Breaches
  • Corruption, Bribery & Fraud
  • Sanctions Violations

  Speaking today, James Treacy AML Intelligence CEO said: “2021 saw a sharp reduction in fines across the 3 main categories, but especially in the AML fines which were notably down by almost 78% from €11.5BN in 2020 to just €2.5BN in 2021”. He added: “It may be too early to say that AML defences in the big banks are impacting the flow of dirty money through the banking system. However, they are now spending record amounts on financial crime compliance, and that coupled with the introduction of personal accountability regimes throughout the world seem to be having a positive effect – for now.”  

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  Unifying Cryptocurrency ESG Efforts Key to Boost Global Adoption

  World Economic Forum

  January 14, 2022

  Geneva, Switzerland, 14 January 2022 – Environmental and social impact is top of mind for investors as climate change and social cohesion top the list of Global Risks 2022. Cryptocurrencies provide both new opportunities and new challenges related to ESG across a diverse and often-fragmented ecosystem.

  To support the global efforts to accelerate the development and responsible use of cryptocurrency, the World Economic Forum, in collaboration with CoinDesk, announced today the Crypto Impact & Sustainability Accelerator (CISA).

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  Former Acting Inspector General for the U.S. Department of Homeland Security Pleads Guilty to Scheme to Defraud the U.S. Government

  US Department of Justice

  January 14, 2022

  A former Acting Inspector General for the U.S. Department of Homeland Security, Office of Inspector General (DHS-OIG) pleaded guilty today to federal charges stemming from the theft of proprietary software and sensitive databases from the U.S. government. According to court documents, Charles K. Edwards, 61, of Sandy Spring, Maryland, executed a scheme to steal confidential and proprietary software from the government. Edwards worked for DHS-OIG from February 2008 until December 2013, including as Acting Inspector General. Prior to DHS-OIG, he worked at the U.S. Postal Service Office of Inspector General (USPS-OIG). At both agencies, Edwards had access to software systems, including one used for case management and other systems holding sensitive personal identifying information of employees.