Allianz fined €283,000 for AML failures in Luxembourg
In a significant regulatory action, the Luxembourg Financial Sector Supervisory Commission (CSSF) has imposed a €283,000 fine on Allianz Global Investors’ Luxembourg branch for breaching anti-money laundering (AML) and counter-terrorist financing (CFT) laws. This decision, upheld by Luxembourg’s Administrative Court in February 2025, underscores the importance of robust compliance frameworks in the financial sector. Background […]
OKX fined €1.1M for AML failures in Malta
Malta’s Financial Intelligence Analysis Unit (FIAU) has imposed a €1.1 million fine on OKX, one of the world’s leading cryptocurrency exchanges, for “serious and systematic” breaches of anti-money laundering (AML) regulations. This penalty highlights the increasing regulatory scrutiny on crypto platforms as global authorities push for stricter compliance standards. The FIAU investigation and findings The […]
Italy Implements Transfer of Funds Regulation: A Milestone in Crypto AML Compliance
Italy has taken a significant step forward in regulating the cryptocurrency sector by implementing the Transfer of Funds Regulation (TFR), a key anti-money laundering (AML) rule that aligns with the European Union’s broader crypto regulatory framework. This regulation is part of Italy’s commitment to enhancing transparency, combating financial crime, and ensuring the traceability of crypto […]
Strengthening transparency in Switzerland – Why the Beneficial Ownership register matters
Switzerland has long been a global financial hub, but its reputation as a bastion of corporate secrecy has drawn criticism from anti-corruption advocates. Recent efforts by the Swiss government to create a beneficial ownership register represent a significant step forward in combating money laundering and promoting transparency. However, Transparency International has raised concerns that proposed […]
The Art Market Under Scrutiny: Compliance and Consequences
The UK art market has recently come under intense scrutiny as nearly 50 art businesses, including renowned galleries like White Cube, Opera, and Carl Kostyál, were fined for failing to comply with anti-money laundering (AML) regulations. HM Revenue & Customs (HMRC) issued penalties between January and September 2024, with fines averaging over £3,000 and peaking […]
FCA’s Five-Year Strategy: A Bold Step Towards Combating Financial Crime
Introduction: The Financial Conduct Authority (FCA) has unveiled its ambitious five-year strategy, marking a significant shift in tone and objectives compared to its previous three-year plan. This new strategy underscores the FCA’s commitment to deepening trust, rebalancing risk, and fostering growth while maintaining its focus on tackling financial crime—a top priority for the regulator. The […]
Austria Faces Scrutiny Over Anti-Money Laundering Efforts
Introduction Austria has recently received critical reports from the Council of Europe regarding its anti-money laundering (AML) practices. These reports highlight significant shortcomings in Austria’s legislative and administrative frameworks, particularly in the supervision of high-risk sectors. This article explores the implications of these findings and the steps Austria is taking to address them. Background on […]
Streamlining Banking Regulators – A New Era for Financial Oversight
Introduction The US Treasury Department is poised to introduce significant changes in the banking regulatory landscape by streamlining key oversight bodies. This move aims to enhance the department’s influence over major financial institutions, potentially impacting the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The initiative reflects a […]
Luxury Car Market Stalls in Singapore Amidst Money Laundering Scandal
Singapore, once a haven for luxury car enthusiasts, is witnessing a dramatic shift in its high-end automobile market. Sales of prestigious brands like Bentley, Ferrari, Jaguar, and Rolls-Royce have experienced a significant decline, plummeting by as much as 75% in 2024 compared to the previous year. This downturn follows increased due diligence checks and higher […]
ICBC’s compliance crisis – A wake-up call for global banking standards
The Canadian subsidiary of China’s Industrial and Commercial Bank of China (ICBC) has come under scrutiny for allegedly violating financial crime compliance (FCC) requirements over several years. A recent report from the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) indicates that ICBC failed to adequately review high-risk clients and neglected to file suspicious […]
