The Philippines now requires finance companies and loan companies to register with the AML Council. Contrary to prior operation, such companies must report any transactions considered suspicious and are now…
Updates to the Corruption Perception Index (CPI) by Transparency International
Last week Transparency International published its annual update to the Corruption Perception Index (CPI). Transparency International is a global movement with more than 100 chapters worldwide and an international secretariat…
AML/CFT fines see upward trend in 2020
Many prominent institutions have been fined for not following the AML and KYC regulations in the year 2020, leading to an overall rise on penalties of 26% YOY. $10.4 billion…
£23M fine for MT Global
Money transfer company MT Global has been fined £23.8 million for varius failings in AML policy. MT Global, based in Luton, apparently offers financial services in 97 jurisdiction and claims…
Bermuda regulator hits Insurance firm with $400,00 fine
$400,000 in fines have been imposed on Crown Global Life Insurance Ltd, and Crown Global Life Insurance (Bermuda) Ltd, by the Bermuda regulatot, the BMA (Bermuda Monetary Authority). The punative…
Trust company fined nearly $500,000 for AML failings
The Cayman Islands regulator has fined Western International Trust Company Limited $482,717 for breaches of anti-money laundering regulations (AMLRs). In a notice on 22 Dec., the financial regulator said the…
Waste Management company Manager charged with Money Laundering
An executive with waste management company, Recology, in San Francisco, has been charged with bribery and money laundering as part of a corruption scandal engulfing the city’s Public Works Department. Paul…
Former Austrailan Staffer John Zhang investigated for Money Laundering
An enquiry into a New South Wales Labor MP’s former staffer has widened. The foreign interference investigation will now also focus on money laundering after around $60,000 in cash was…
Lietuvos Bankas Issues fine to Paysera LT for AML failings
Lietuvos Bankas, the central Bank of Lithuania, issued a €370,000 fine last monday to Lithuanian based online payment company, Paysera LT, for AML violations Discovered in aan inspection earlier in…
Colombia’s watchdog fines Banco de Occidente for evasion of AML regulations
Colombia’s banking watchdog has fined Banco de Occidente for the12th time for evading AML regulations, according to local media. The Superintendent for Finance’s imposed the $137,000 fine on the Banco…