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

1. German Regulator Fines N26 Bank Over Late Money Laundering Reports

BERLIN, May 21 (Reuters) – Germany’s financial watchdog, BaFin, has imposed a €9.2 million ($10 million) fine on online bank N26 for systematically failing to file timely reports of suspected money laundering in 2022. Credit institutions must submit a report to the Financial Intelligence Unit if they suspect a transaction could be related to money laundering or terrorist financing, BaFin emphasized in their statement.

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2. SkyCity Reaches US$2.5 Million Settlement Over Historical AML Failures in New Zealand

SkyCity Entertainment Group has reached a US$2.5 million agreement with New Zealand’s Department of Internal Affairs (DIA) to resolve civil penalty proceedings initiated in February 2024. This follows a similar AU$67 million (US$45 million) settlement with Australian regulator AUSTRAC for historical anti-money laundering (AML) failures at its Adelaide casino. SkyCity admitted breaching several obligations under New Zealand’s AML laws, including maintaining a compliant AML program and conducting proper customer due diligence.

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3. Woman Jailed for Laundering Bitcoin in UK from $6.4BN China Fraud

A woman, Wen Jian, has been sentenced to nearly seven years in prison by a London court for laundering money through bitcoin. Jian converted bitcoin into cash and property to help conceal the proceeds of a £5 billion ($6.4 billion) fraud scheme that defrauded around 130,000 Chinese investors between 2014 and 2017.

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4. Founder of Cryptocurrency Futures Platform Digitex Pleads Guilty to Bank Secrecy Act Violations

Adam Colin Todd, founder and former CEO of cryptocurrency futures exchange Digitex Futures, pleaded guilty to violating the Bank Secrecy Act. Todd, who initially pleaded not guilty in December, admitted to failing to implement an anti-money laundering program on his platform, a requirement to prevent money laundering activities.

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5. Forex, Crypto Ring Busted in Malaysia; RM51 Million in Luxury Assets Seized

KUALA LUMPUR: Malaysian police have dismantled a forex investment fraud and cryptocurrency syndicate laundering funds from overseas scams. Raids between May 13 and 21 resulted in the arrest of eight men and two women and the seizure of luxury assets including 129 vehicles with exclusive plates, branded watches, luxury vehicles, and over RM51.2 million frozen in bank accounts.

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6. Singapore Police Seize S$530 Million in Cash, Assets from Money Laundering Probe

Singaporean authorities have seized more than S$530 million in cash and assets, including 28 properties, linked to two foreign nationals involved in a S$3 billion money laundering case. The individuals, aged 37 and 39, fled the country before the police began their investigations. Prohibition of disposal orders has been issued on their assets, the police confirmed in a statement on May 22.

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Stay informed on the latest global efforts to combat money laundering and financial crimes.