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…
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…
Boylesports fined £2.8m over AML risk assessment
Boylesports, the Irish bookmaker has been fined £2.8 million (€3.14m) fand had tougher conditions added to its licence, following an investigation by the UKGC. Boylesports Enterprise offers online betting to UK…
UK Solicitor suspended for AML breach.
A London solicitor dealing in six-figure international transactions apparently having no previous experience doing so has been suspended indefinitely. The Solicitors Disciplinary Tribunal found Biplab Jumar Poddar, who practised from…
Ministers agree to set up dedicated EU AML body
EU finance ministers agreed to set up an EU body Tuesday. the purpose of which is to combat money laundering across the bloc, following an European Commission proposal from May.…
Update to the FATF Grey List
Yesterday, in accordace with the update to the FATF Grey list (other monitored jurisdictons), InScope has made the following amendments to our internal policy: Iceland and Mongolia have been removed…