Two bank employees charged with money laundering and creating “doctored” bank records to steal over $1 million

In the Southern District of New York, two employees of a large national bank were charged with money laundering, bribery and wire fraud in connection with activities they allegedly undertook to create “doctored” bank records in order to steal over $1 million. Specifically, the US government alleges that they knowingly devised a scheme to defraud […]

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 […]

21-year-old SIM swapper who allegedly stole $81 million in crypto, ordered to pay it back

Bitcoin investor, Michael Terpin, won a US$75.8 million civil judgment on Friday in California against 21-year-old Nicholas Truglia who SIM-swapped Terpin’s cellular phone and stole over US$23 million from Terpin’s digital currency wallets that held coins from three ICOs. In all, Truglia is alleged to have stolen over US$81 million in crypto currencies via SIM […]

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 […]

Do foreign digital currency exchanges taking US customers online have to be AML registered in the US?

Do foreign digital currency exchanges that take US customers online have to be AML registered in the US? Not unsurprisingly, the answer is yes. Under US law, digital currency ​exchangers​ qualify as money transmitters and are subject to the obligations under the Bank Secrecy Act. Key concepts to know are that: An exchanger is a person engaged […]

Canada doing a lot worse combatting money laundering and drug trafficking according to 2018 US INCSR report

Canada once again a “Major Money Laundering” country The 2018 “International Narcotics Control Strategy Report” (INCSR) published in March 2018 by the U.S. Department of State identifies Canada once again as a “major money laundering country” along with a host of risky countries for financial crime, and is generally doing a lot worse combatting money laundering […]

How the US Alien Tort Statute might expose Canadian financial institutions

The US Supreme Court this term is ruling on a case that may impact Canadian banks and other financial institutions. The case, Jesner v. Arab Bank, involves over 6,000 petitioners from Israel who were victims of terrorism in the Middle East who filed a tort claim against a corporation in New York, the Arab Bank, […]

Four indicted in US cannabis tech pump & dump scheme that allegedly scammed investors and used Canadian promoters

Four people connected with a company called BioCube Inc., with connections to Canada were indicted on Friday for securities fraud and two for money laundering. They are alleged to have defrauded the public securities market by making untrue statements, omitting to make material statements and intentionally deceiving investors  – in essence, for engaging in a […]