In 2021, non-fungible tokens (NFTs) firmly established themselves as a major trend in the digital and traditional art markets. This was proven back in March, when an NFT sold at auction house Christie’s for $69 million. If you’re unaware, an NFT is a unique digital token that represents an asset. Each NFT is a unique file that
Last month, the European Banking Authority (EBA) announced plans to strengthen the anti-money laundering (AML) checks required for remote customer onboarding processes. While launching a public consultation on new draft guidelines, the EBA announced a raft of new measures that aim to tackle apparent inconsistencies across EU countries. These particularly relate to checks conducted by financial
Research from Transparency International UK has revealed more than a third of UK-licensed electronic money institutions have been flagged for potential money laundering. In a December 2021 report, the association claimed that the payments industry could become a “major gateway” for illicit funds from around the world unless it faces stricter enforcement. How are electronic
Over the course of 2021, research has shown that regulatory authorities have issued $1,972,797,500 in anti-money laundering fines to banks and financial institutions. Although this statistic itself is eye watering, it’s symbolic of a wider trend. Over the course of the past few years, regulatory bodies have continually updated and toughened restrictions on money laundering. As a
As the popularity of cryptocurrencies continues to skyrocket, the number of bitcoin ATMs in operation across America is also increasing. However, although these ATMs have made it easier for customers to buy bitcoins and other cryptocurrencies using cash, they’ve also made it far simpler for criminals to conduct illicit activities, such as money laundering and drug trafficking. How
A new report from the Financial Crimes Enforcement Network (FinCEN) has revealed a substantial increase in the prevalence of ransomware attacks in the first half of 2021. Section 6206 of the Anti-Money Laundering Act (AMLA) of 2020 requires FinCEN to periodically publish analytical reports based on the suspicious activity reports (SARs) filed by financial institutions. The January 2021
The Treasury recently published draft legislation introducing an economic crime levy on anti-money laundering (AML) regulated businesses under the Money Laundering, Terrorist Financing and Transfer of Funds Regulation 2017. The new Economic Crime (Anti-Money Laundering) Levy aims to fund the fight against economic crime and will raise £105 million annually by 2026-27. Who will the new levy
Earlier this month, NatWest pleaded guilty to criminal charges brought by the Financial Conduct Authority (FCA). This was the first criminal prosecution under the UK’s Money Laundering Regulations 2007 (now superseded by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017). At the proceedings, NatWest accepted that it failed to comply
Several of Australia’s largest banks and financial technology companies recently spoke to the country’s senate about how major loopholes in the country’s anti-money laundering legislation could be closed. The entities involved in the discussions believe that gaps in the country’s current AML framework are causing reputational damage to Australia. Responding to an inquiry started by
China’s top regulators have intensified a crackdown on cryptocurrencies, banning both trading and mining in the country. The move marks the first time that 10 of the country’s top regulators and agencies have joined forces to ban crypto-related activity. The news follows an announcement in May that financial institutions and payment companies were banned from
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