Estonia ranked least risky for money laundering by Basel; Canada ranked at 47th place, behind Malta, Egypt, Poland and Bulgaria

The country of Estonia came in 1st place on the Basel AML Index this year, for anti-money laundering (AML) and counter terrorist financing (CTF) compliance. The annual ranking by the Basel Institute on Governance, measures the risk of money laundering and terrorist financing in countries using data from publicly available sources and includes assessments for such [...]

US Treasury files civil claim against foreign Bitcoin exchange and its owner / officer to enforce penalties of $100M for AML failures

The US Attorney for the Northern District of California, on behalf of the US Treasury, has filed a civil complaint against the Bitcoin exchange known as BTC-e and one of its alleged owners / officers, Alexander Vinnik, to enforce over $100 million in monetary penalties for a series of anti-money laundering law violations. BTC-e was [...]

The Canadian: “[D]ude, we’re criminal drug dealers – what line shouldn’t we cross?” – Explaining the Silk Road Money Laundering Case

4th Anniversary of Silk Road founder’s Sentencing The end of May marked the 4th Anniversary of the sentencing of Ross Ulbricht, aka Dread Pirate Roberts, the founder of the now-defunct darknet marketplace website based in California, called Silk Road that operated on TOR, which brokered sales of illegal goods and services, including narcotics like heroin, [...]

Brazil arrests 2 bank employees for AML compliance failures that allowed $249 million to be laundered and says its considering suing the bank for not stopping money laundering

Two bank employees arrested over AML failures Brazil’s chief prosecutor, Eduardo El Hage, who is in charge of Operation Car Wash, obtained an order from Brazil’s federal court for the arrest of two bank employees with Banco Bradesco SA this week, arguing that they were lax on applying anti-money laundering law. Their alleged AML compliance failures, [...]

Study in China identifies areas in China where most money launderers originate and finds that the number of suspicious activity reports filed does not improve regulatory effectiveness

According to money laundering law empirical research from China, a person from Fujian (Triad land) is most likely to be a money launderer, and the study also found that the filing of voluminous numbers of suspicious activity reports (“SAR”), does not lead to improved anti-money laundering results across any sector or in the economy. Filing [...]

FATF to finalize interpretation of virtual assets, digital currency exchanges and ICOs to require they be FIU-registered and supervised for AML compliance

In furtherance of the US approach to responsible innovation, the Financial Action Task Force (“FATF“)’s private sector consultation in Vienna two weeks ago, will help drive changes to FATF Recommendation 15 to bring digital currencies, ICOs, and digital currency exchanges more fully into the AML requirements in June 2019. The Vienna change will take effect [...]

Former Head of Financial Crime Regulator and Director of Danske Bank Charged with Money Laundering Failures

According to the Danish press, Henrik Ramlau-Hansen, the former head of the Danish Financial Supervisory Authority, Denmark’s bank regulator, who was a director of Danske Bank, has been criminally charged and his house raided in connection with a €200 billion money laundering scandal involving Danske Bank. The charges are pursuant to Denmark’s anti-money laundering legislation and are [...]

OFAC releases framework for sanctions compliance

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a framework for sanctions compliance yesterday which describes the sanctions compliance program standards for US legal and natural persons and for US-origin goods or services. The framework mirrors the requirements for a competence AML program and includes: commitment from the top down in writing. creation [...]