Expert insight on EUCJ ruling, major investigation sees 2,500 money mules arrested and Senaca unveils industry-leading AML Governance course

Expert insight on EUCJ ruling, major investigation sees 2,500 money mules arrested and Senaca unveils industry-leading AML Governance course

Following on from last month’s landmark decision by the Court of Justice of the EU, we carry an exclusive insight piece by Dr. Michelle Frasher, Co-Chair of the Data Privacy Experts Group of the Global Coalition to Fight Financial Crime.

Dr. Frasher writes that the decision provides an opportunity for “contextual analysis” with an “eye for the future.”

She argues that the EUCJ restrictions do not “completely shut the door on compliance and transparency in the fight against financial crime.”

An international police investigation between 25 countries saw the arrest of almost 2,500 people in a co-ordinated operation against money mules and money laundering.?

Europol revealed that 8,755 money mules were identified alongside 222 money mule recruiters, while €17.5M was intercepted.?

The investigations were part of the European Money Mule Action (EMMA8), which saw efforts also take place in Columbia, Singapore and Australia.?

And finally, Seneca, one of Canada’s leading postsecondary institutions has unveiled its AML Governance executive certificate.?

Find out more about this flexible delivery course designed for leaders in the AML and Compliance space on AML Intelligence.

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Here are the top Anti-Financial Crime and AML stories so far this week:

EXCLUSIVE INSIGHT:?Dr. Michelle Frasher writes an?exclusive?piece with AML Intelligence on EUCJ’s landmark decision presents an opportunity for ‘contextual analysis’ with an eye for the future.

She argues that the EUCJ restrictions do not “completely shut the door on compliance and transparency in the fight against financial crime.”

Find the story:?EUCJ’s landmark decision presents an opportunity for ‘contextual analysis’ with an eye for the future

'DON'T BE A MONEY MULE':?POLICE in 25 countries?arrested?almost 2,500 in a co-ordinated operation against money mules and money laundering, Europol said today.

The strike was carried out between mid-September and the end of November with the aim of targeting the mules and their recruiters.?

Read the story here:?Weeks of money mule targeting lead to 2,500 arrests in 25 countries, say police as ‘Don’t Be A Money Mule’ campaign launched

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AML GOVERNANCE:?Seneca, one of Canada’s?leading?postsecondary institutions has unveiled its AML Governance executive certificate.

Offered through flexible delivery, this?course is designed for leaders and managers in the AML and Compliance space, who want to enhance and develop their skills and executive presence.

Learners will be taught by expert faculty and guest speakers working in the industry and will also gain hands-on experience in the sector.

READ the story here:?Seneca unveils industry-leading, flexible delivery AML Governance course

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FINCRIME REPORT:?Criminals, tax evaders and?sanctioned?individuals can "easily breach" international finance regulations aimed at tackling dirty money, a new study has revealed.?

A joint report from The University of Cambridge and the University of Texas at Austin, released Thursday highlighted that?the UK and other countries are not complying with international anti-corruption regulations with respect to banks and other financial institutions.?

In 2020-21, researchers sent emails to 5,000 banks and 7,000 other financial intermediaries in 273 countries and jurisdictions to test compliance with rules that prohibit money laundering, terrorist financing, tax evasion, and sanctions against Russian officials under the Magnitsky Act.

Find the story here:?New study finds criminals and sanctioned officials can ‘easily breach’ anti-financial crime regulations

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HSBC FINE:?Malta's Financial Intelligence Analysis Unit (FIAU) has?fined?HSBC Malta €82K for violating anti-money laundering (AML) regulations.

The anti-money laundering unit revealed the bank failed to sufficiently document the reason behind a €2M transaction by a customer, according to The Times of Malta.

A notice posted online from the FIAU said, although HSBC provided more details about the business operations of the customer, it failed to provide invoices or any other supporting documentation.

Read the story here:?HSBC fined €82K by FIAU for AML violations

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CREDIT SUISSE'S LATEST HEADACHE:?Credit?Suisse Group will?face?another legal challenge this week and looks set to fight a $600M (€567M) damages award for the "mishandling" of a former star banker turned fraudster.

Lawyers for Credit Suisse Life (Bermuda) Ltd, will reportedly challenge its ability to pay the money, reports Bloomberg.

Damages were awarded in March by a Bermuda judge to Georgian billionaire Bidzina Ivanishvili after the judge ruled Credit Suisse Life turned a "blind eye" to convicted fraudster Patrice Lescaudron's misuse of Ivanishvili's funds.

Find the story here:?Credit Suisse Group fights potential $600M (€567M) damage award

WIRECARD SCANDAL:?The former CEO of Wirecard is?facing?trial this week in Munich for his role in the collapse of the now defunct payments firm.

Charges filed against Markus Braun and two other former Wirecard executives include fraud, breach of trust, manipulation of the market and accounting fraud, according to France24.

Read the story here:?Former Wirecard CEO faces trial for ‘unparalleled’ fraud allegations

FENTANYL CRISIS:?Organised crime groups are?“fuelling”?a synthetic opioid crisis, resulting in the deaths of hundreds of thousands of people in the past ten years, according to the Financial Action Task Force (FATF).?

In its latest report on ‘Money Laundering from Fentanyl and Synthetic Opioids’, the global watchdog examines the link between the synthetic opioid crisis that has engulfed North America, and the laundering of illicit funds.?

Find the story here:?FATF says OCGs are ‘fuelling’ a synthetic opioid crisis as North America battles fentanyl crisis

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Have a great Wednesday??

Elizabeth, Alisha and the team at AMlintelligence.