Category: US

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NEWS: Identity red flags accounted for $212BN in suspicious activity, reveals FinCEN; more than 40pc of STRs linked to IDs

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NEWS: 100,000 register with FinCEN’s BO registry; real estate, investment advisory AML rules coming soon

NEWS: FinCEN opens its Beneficial Ownership portal to companies for filing

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NEWS: Non-US banks helping Russia’s war efforts face being blacklisted in new executive order

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SARAH BETH: OFAC’s sanctions burden on non-US banks smacks of over-reach

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NEWS: FinCEN announces beneficial ownership data will become available to government agencies; plans to share with banks for CDD

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NEWS: New US rule targeting real estate money laundering reaches White House review

SARAH BETH: AML lessons for US banks from two latest consent orders from Currency Comptroller

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NEWS: Crypto exchange KuCoin to shut in New York, pay $22 mln to settle lawsuit

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LATEST: US flags early 2024 for new rule targeting real estate money laundering

NEWS: FinCEN awards law enforcement agencies which used BSA to launch criminal investigations

NEWS: Bizlato exchange was ‘open turnstile’ for dirty money as Russian co-founder admits processing $700M in illicit funds

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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.