September 30-October 04, 2024 ?Top KYC/AML/CFT Headlines

1?? UK banks will have the power to pause payments for up to 4 days to give them more time to investigate fraud??. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of 3 more days.

2?? UK Financial Conduct Authority fined Starling Bank ￡29M after finding deficiencies in anti-money laundering controls and sanctions screening systems??.

3?? A Singapore court sentenced a former minister to 12 months in prison for obstructing justice and receiving more than $300K worth of gifts??.

4?? The owner of 11 unregistered crypto ATMs in the UK pleaded guilty to multiple charges related to his business, including fraud and money laundering??.

5?? Gold bullion worth €1.4M and €500K in cash were seized from 2 Dublin women accused of money laundering??.

6?? Argentine authorities have arrested 4 people for transferring $1,8M in cryptocurrencies to a virtual account linked to Hezbollah. The virtual wallet received 34 transfers between March and June of this year, was flagged as suspected terrorist financing activity by OFAC??.

7?? A group of Russian companies has received approval to use cryptocurrencies for Chinese imports under a pilot legal framework. Overseen by Russia’s central bank and the Ministry of Finance, this initiative targets firms handling dual-use products and facing challenges with international payments, particularly with China??.

8?? The General Court of the EU has upheld the ban on providing legal services to Russian entities and individuals. The ruling came after the Dutch bar association of Brussels, the Paris bar and others had asked for the measure to be annulled??.