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 European Union fined Apple Inc USD 2 Billion for banning app developers from fully informing iOS users about alternative and cheaper music subscription services outside of the app. This is a violation of their antitrust laws and is illegal. Furthermore, UK’s accounting watchdog, Financial Reporting Council (FRC), fined GBP 1.46 Million (USD 1.90 Million) on KPMG for ‘basic failings’ in its 2018 audit of the advertising firm M&C Saatchi plc. This incorrect audit amplified revenue by GBP 1.2 Million.

Moving on Directorate of Enforcement (ED) under India’s Finance Ministry froze millions of dollars from Singaporean Shell Companies running a complex web of money laundering operations in India. In another major crackdown, ED filed charge sheets against 299 entities including 76 Chinese controlled entities in which 10 directors of Chinese origin and two controlled by other foreign nationals have been named. An app named HPZ Token was used to cheat investors. The funds were fraudulently received for Bitcoin mining, illegal online gaming and betting.

Moving forth UK’s gambling app, Bet365, became the latest target for Australian watchdog, AUSTRAC after Westpac. The agency has been targetting the gambling sector in order to clean the money laundering and financial crime practices. Lastly, UniCredit was fined USD 3.1 Million by Italian data authority for a data breach case in 2018. The massive cyber attack on the mobile banking platform resulted in illicit acquisition of names, tax codes and other identification codes for approx 778,000 customers and former customers.