Welcome to our weekly newsletter that provides the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.

This week we begin with Binance founder, Changpeng Zhao, who has been sentenced to four months for allowing money laundering, highlighting the legal repercussions faced by key figures in the cryptocurrency industry. Then the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has fined TD Bank a record $67 million for anti-money laundering (AML) program failings, emphasizing the importance of robust AML measures in financial institutions.

Moving on, the founder of BTC-e has pleaded guilty in a $9 billion laundering conspiracy, underscoring the significant challenges in combating large-scale money laundering operations within the cryptocurrency sphere. Also, the Enforcement Directorate has conducted raids against Ponzi mastermind Vinod Khute, seizing INR 50 Mn worth of assets, highlighting efforts to crack down on financial fraud schemes and money laundering activities.

Moving on, the Enforcement Directorate (ED) has seized cryptocurrency worth INR 1.3 Bn in connection with a probe into drug trafficking and money laundering. This significant seizure underscores the growing intersection between cryptocurrency and illicit activities such as drug trafficking and money laundering. Lastly, Australia’s new laws aimed at stemming money laundering through real estate transactions have been proposed, reflecting efforts to address loopholes in anti-money laundering regulations and combat illicit financial activities in the real estate sector.