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

This week we begin with the US Department of Justice has prosecuted a co-founder of the Airbit Club, a global cryptocurrency Ponzi scheme responsible for millions in fraud. Moving on, PR Arivandakshan, a CPM councillor, has been arrested by the ED in connection with the Karuvannur Co-op Bank scam case.

Furthermore, we shed light on DGGI issuing notice to Dream11 for suspected tax evasion totalling a staggering INR 400 billion in a major financial controversy. In another significant story, a Spanish prosecutor alleges Shakira owes EUR 7 million in a second tax fraud case, adding to her ongoing legal troubles related to taxes.

Moving forth JPMorgan Chase UK will decline cryptocurrency payments from clients citing fraud concerns, signaling caution in the crypto market. Lastly, a judge’s ruling states that former US President Trump and his sons engaged in fraud by inflating asset values, marking a significant setback for Trump.