Published Date:
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
FIU Fines Binance INR 18.82 Crore for AML Violations
The Financial Intelligence Unit (FIU) has imposed a hefty penalty of ₹18.82 crore ($2.25 million) on the cryptocurrency exchange Binance for violating anti-money laundering (AML) regulations. The penalty highlights the importance of compliance among virtual digital asset service providers, who are required to register with the FIU and adhere to its AML rules. Binance has yet to respond to the FIU’s actions.
FINMA Finds HSBC Violated AML Regulations
In Switzerland, the financial regulator FINMA has concluded that HSBC Private Bank (Suisse) SA breached money laundering regulations. The enforcement proceedings, initiated in December 2021, revealed that HSBC managed two high-risk accounts without adequately verifying the origins, purpose, or legitimacy of the assets. FINMA criticized the bank for its insufficient documentation and lack of thorough investigation into high-risk transactions.
FCA Arrests Two in £1 Billion Illegal Crypto Business
The UK’s Financial Conduct Authority (FCA) and London’s police force have arrested two individuals linked to an illegal cryptocurrency operation valued at £1 billion ($1.3 billion). The suspects, aged 38 and 44, were detained and interviewed under caution before being released on bail. This crackdown underscores the FCA’s commitment to tackling unregistered crypto activities and enforcing regulatory compliance.
Singapore Identifies Banks as Highest AML Risk
Singapore’s latest money laundering risk assessment report indicates that the banking sector, particularly wealth management, poses the highest money laundering risk. The assessment, conducted by the home affairs ministry, the central bank, and the finance ministry, emphasizes the vulnerability of banks due to their large transaction volumes and exposure to high-risk jurisdictions. This report follows a recent US$2.24 billion scandal, underscoring the critical need for stringent AML measures.
ED Arrests Delhi Man in INR 1,800 Crore Crypto Money Laundering Case
The Enforcement Directorate (ED) has arrested Manideep Mago, a Delhi-based individual, for his alleged involvement in a money laundering operation worth over ₹1,800 crore through cryptocurrency transactions. Mago was apprehended under the Prevention of Money Laundering Act and is currently in ED custody. This arrest highlights the ongoing efforts to combat financial crimes in the cryptocurrency sector.
Israel Enhances AML and Terrorist Financing Regulations
Israel’s Capital Market Authority has strengthened its approach to managing money laundering and terrorist financing risks within the financial services sector. The new directive aligns with international standards and mandates that financial service providers avoid serving clients without appropriate licenses. This measure aims to bolster the supervision of virtual assets and ensure compliance with global AML and terrorist financing regulations.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
- #AML
- #MoneyLaundering
- #CryptoRegulation
- #FinancialCompliance
- #Binance
- #HSBC
- #FINMA
- #SingaporeFinance
- #EnforcementDirectorate
- #IsraelFinance
- #VirtualAssets
- #CryptoCrime
- #RegulatoryUpdates
- #FinancialNews