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€180M UNDERGROUND BANKING ML NETWORK UNCOVERED:?A large-scale money laundering and underground banking system?which siphoned at least?€180M has been?uncovered?in a police operation spanning Europe and North Africa. Police said?“at least €180 million in illicit profits generated by cocaine trafficking had been laundered by the criminal network, which consisted of Moroccan, Spanish, and Belgian nationals.” The international criminal network “relied on investments in cryptocurrencies and the distribution in cash via an underground banking system.” Find the story here:?Police crack international drugs gang which used underground banking system to launder €180M
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RAISED PROFITS:?Danske Bank, Denmark's largest lender, on Thursday?raised?its full-year profit outlook as a result of rising interest rates and high trading income. The bank now expects a net profit of between 16.5 billion and 18.5 billion Danish crowns ($2.45 billion to $2.74 billion) for the full year, up from an earlier estimate of between 15 billion and 17 billion crowns. The bank has faced significantly higher compliance costs in relation to its involvement in one of the world's largest money laundering scandals. Read the story here:?Danske Bank raises full year profit outlook to minimum $2.45BN months after paying $2BN to settle money laundering scandal
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FINCRIME SUMMIT PARTNER ANNOUNCED:?AML RightSource has been confirmed as the headline?sponsor?for next month’s ‘European Anti-Financial Crime Summit,’ it has been announced. The global company is the leading provider of Anti-Money Laundering, Know Your Customer – and in the US Bank Secrecy Act (BSA) - compliance solutions. AML Intelligence confirmed that AML RightSource is the platinum partner of the European AFC Summit, taking place in Dublin on May 25 next. The company’s president Tracy Mortenson will be in Dublin for the Summit, which is to be attended by banking, fintech, government and inter-governmental agency leaders from across the EU, UK and US. Find the full story here:?AML RightSource announced as Headline Sponsor for ‘European Anti-Financial Crime Summit’ in Dublin on May 25
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SPRING WORLD BANK & IMF?MEETINGS:?The Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC this week also included a?review?of AML capabilities for the next five years."This is also an important event for the global fight against money laundering and terrorism financing (AML/CFT) since both organizations are important actors in this field and strategic partners of the FATF," said German finance ministry deputy DG Dr Marcus Pleyer. The IMF incorporates AML/CFT capabilities into its Financial Sector Assessments (FSAP), its bilateral surveillance and its requirements for lending programmes. this provides capacity building and acts as an assessment body in the FATF Mutual Evaluations. Read the story here:?IMF reviewing AML capabilities in its strategic review for next five years
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US?INTRODUCES?SANCTIONS?ON OPIOID GANGS:?The United States plans to?expand?efforts to disrupt illicit financial activities by drug traffickers involved in the fentanyl trade by increasing the use of sanctions, the White House said today (Tuesday). A White House fact sheet outlining its plans for a crackdown on fentanyl supply chains said President Joe Biden’s administration will increase sanctions and other measures against key targets to obstruct drug traffickers’ access to the U.S. financial system and illicit financial flows. “We will also strengthen collaboration with international partners on illicit finance and anti-money laundering efforts related to drug trafficking,” the White House said. Find the full story here:?US plans increase in use of sanctions to target fentanyl traffickers
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CALL FOR CHANGE:?JPMorgan Chase has?demanded?managing directors be in the office five days a week. The bank has also told other employees not to fall short of the "in-office attendance expectations." The move highlights the efforts of Wall Street to draw staff back to the office after tolerating more flexible working following the Covid-19 pandemic. “Our leaders play a critical role in reinforcing our culture and running our businesses,” JPMorgan’s operating committee wrote in an internal memo to staff on Wednesday.?Read the story here:?JPMorgan mandates senior bankers to work 5 days a week in the office
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CUTTING TIES:?Separately a?new version of a?lawsuit?accusing JPMorgan Chase & Co of aiding in Jeffrey Epstein's sex trafficking includes claims that the bank ignored pleas to cut ties with the financier, and that someone joked about whether Epstein knew Miley Cyrus. In a complaint made public on Wednesday, the U.S. Virgin Islands said JPMorgan compliance officials urged the bank to sever ties with Epstein years before it did so in 2013. The complaint details internal warnings that the financier "should go," that there was "Lots of smoke. Lots of questions," and that anti-money laundering officials asked that the bank "exit this relationship." Find the full story here:?JPMorgan was urged to cut ties to Jeffrey Epstein, lawsuit claims
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NEW CMO NAMED AT?AML RIGHTSOURCE:?Leading provider of?AFC?solutions, AML RightSource has named Julie Smith as Chief Marketing Officer and Executive Vice President.?The US-based company said the need for the expanded role is driven by “outpaced corporate growth” and added the “continued evolution of the company’s global services and technology-enabled compliance platform.”?Julie Smith will be responsible for driving the company's go-to-market strategy and educating a market facing exponential complexity and escalating compliance challenges about the company's platform.?Read the story here:?FinCrime provider AML RightSource appoints new Chief Marketing Officer
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Have you booked your place for yourself or your AFC department(s) yet? Excitement is growing apace ahead of the much-anticipated ‘European AFC Summit’ in Dublin featuring the biggest names in world AML and Anti-Financial Crime.?The summit’s Opening Address will be delivered by Eurogroup President?Paschal Donohoe TD, Minister for Public Expenditure, Ireland. The conference to be held in the historic RDS convention centre near central Dublin will be attended by some 250 AFC professionals from across the EU, UK and US.
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Confirmed Speakers?to date?include:
Topics to be discussed at the summit, organised by?AML Intelligence,?are:
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Alisha and the team at AMlintelligence.