New Tracfin chief to speak at ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16, tributes to Basel Institute chief Gretta Fenner

New Tracfin chief to speak at ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16, Italy announces tougher penalties on AI-enabled ML, tributes to Basel Institute chief Gretta Fenner who tragically died in car accident

FRANCE’s newly appointed FIU chief, Antoine Magnant will be a keynote speaker at European Anti-Financial Crime Summit 2024’, it has been announced. Antoine took up the role as Head of #Tracfin last week and this will be one of his first public appearances in the role. The summit will hear from banking and fintech FCC leaders, regulators and law enforcement chiefs. Read about Antoine Magnant’s appearance here: New chief of Tracfin, Magnant to speak at ‘European Anti-Financial Crime Summit 2024’ on May 16 in Dublin – announcement

Italy meanwhile is looking at tougher penalties for crimes using Artificial Intelligence (AI) tools - specifically including the crimes of money laundering and market rigging.

The US Treasury Department believes terrorist groups will increase their use of virtual currencies and other digital assets unless Congress approves new regulatory tools, Deputy Secretary Wally Adeyemo says.

The Basel Institute on Governance (Monday) announced the tragic death of MD Gretta Fenner in a car accident. Gretta was much-loved in this sector and a committed champion in supporting global anti-corruption practices. Tragic death of Basel Institute’s MD Gretta Fenner in car accident; tributes paid to anti-corruption champion

AI is on everyone’s lips, but how do compliance functions within financial institutions make sure they are ready to adopt AI for client screening processes, and understand the right regulatory requirements to comply with? On April 17 next we are hosting a special webinar on ‘How to implement AI to combat top AML typologies.’ The event is for FCC, AFC and AML leaders in banking and financial services. We will hear from experts, including Dr Dr Janet Bastiman of #NapierAI and panellist, Andrew Fleming ICA AML Dip of Deutsche Bank. Register your place here: How to implement AI to combat top AML typologies

Fraud is the second most common activity of the most threatening criminal networks in Europe, according to #Europol. We have the story on where the fraudsters are based and the methods they are using.

Wirecard may have been used as a Russian shadow bank and its fugitive COO Jan Marsalek was a spy who gave the Kremlin NATO secrets, new disclosures in the case show. Read this here: Wirecard was ‘shadow bank’ for Kremlin, fugitive COO Marsalek was spy who stole NATO secrets – new claims

US Treasury Secretary Janet Yellen said on Saturday that she and Chinese Vice Premier He Lifeng have agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems.

‘European Anti-Financial Crime Summit (EAFCS) 2024’ is set to be the stand-out Anti-Financial Crime (AFC) event of the year. Have you booked your or your department’s place at the ‘European Anti-Financial Crime Summit 2024’ in Dublin on May 16? The summit will hear from the top global leaders on AML and AFC for a banking, fintech, finreg and gaming audience. Topics being covered are:

• Europe’s new AML regime –what it means for your bank/organisation

• AI and Machine Learning – how can your organisation harness technology in the fight against financial crime

• Sanctions – how your organisation can stay compliant

• Crypto – everything a fincrime leader needs to know

• PPPs – building out the partnerships at home and on a transatlantic basis to fight financial crime.

Delegates from across the globe are preparing for the #EAFCS24 - have you secured your ticket? Book your or your organisation’s tickets here: EAFCS2024

Known internationally for the flow of money through the country, the Netherlands has made a concentrated effort in recent years to combat money laundering.

A report from Europol paints a stark picture of the increasing influence of organised crime in the EU. From their agility to their destructive nature, specific characteristics of criminal networks are essential for their functioning and serve as pointers to better understand the threats these criminal networks pose, the report says. Moreover, the data shows clearly that Legal Business Structures (LBS) are infiltrated or misused by criminal networks across almost all sectors, including tourism, recycling, wellness and sports, retail and cultural associations. Three sectors are particularly affected by criminal infiltration or abuse: construction, hospitality and logistics (i.e. transport and import/export companies). The companies are used in all crime areas with the exception of cyber-attacks. We report here: How Europe’s organised crime networks use construction, hospitality and logistics sectors to launder dirty money

Investigators in Italy, Austria, Romania and Slovakia arrested 22 suspects over a massive €600M fraud from the EU’s Recovery and Resilience Facility (RRF) for Italy.

One of the two executives from #Binance, the world's largest cryptocurrency exchange, detained in Nigeria has appeared in an Abuja court to face tax evasion and money laundering charges. The detention has led to an outcry amongst LEA leaders in the US as the suspect is a former law enforcement official in the US.

Banks and professional advisors will be targeted by South Africa's tax service in an organised crime impetus, the head of the revenue service said. Catch this here: South Africa’s tax chief says banks and advisors are in the crosshairs in fresh focus on organised crime

Now for your mid week news blast...

NEW SPEAKER ANNOUNCED - EAFCS24: France's new FIU chief, Antoine Magnant will be a keynote speaker at the European Commission will speak at ‘European Anti-Financial Crime Summit 2024’, it was announced. Magnant, who last week officially took up his duties as Director of Tracfin, the French Ministry of Finance’s AML department, joins a long list of influential industry figures speaking at #EAFCS2024 in Dublin on May 16 next. Read this here: New chief of Tracfin, Magnant to speak at ‘European Anti-Financial Crime Summit 2024’ on May 16 in Dublin – announcement

COUNTDOWN TO AI & AML WEBINAR: The countdown is on to our special webinar ‘How to implement AI to combat top AML typologies' on Wednesday next. The session - in collaboration between AML Intelligence and NapierAI - will look at screening throughout the client lifecycle, something which is crucial for meeting the needs of regulators. READ the story here: Countdown to ‘AI to combat AML typologies’ webinar for AFC leaders on April 17- have you booked your place?

STRICTER AI & AML LAWS IN ITALY: Italy is looking at tougher penalties for crimes using Artificial Intelligence (AI) tools - specifically including the crimes of money laundering and market rigging. A draft new law published (Tues), beefs up penalties for market rigging through #AI tools. The bill also stipulates that the use of AI for money laundering represents an aggravating element.

TERRORIST GROUPS UTILIZING CRYPTO: The US Treasury Department believes terrorist groups will increase their use of virtual currencies and other digital assets unless Congress approves new regulatory tools, Deputy Secretary Wally Adeyemo says. In testimony for Tuesdays hearing of the Senate Banking, Housing and Urban Affairs Committee on Tuesday, Adeyemo warned groups like al Qaeda, Hamas and even state actors like Russia and North Korea were finding new ways to hide their identities and move resources using virtual currency.

TRIBUTES PAID TO ANTI CORRUPTION CHAMPION: The Basel Institute on Governance (Monday) announced the death of MD Gretta Fenner in a car accident. "It is with great sadness that we confirm the tragic death of our Managing Director Gretta Fenner," the institute said. The institute said Gretta (49) had been an extraordinary force for change in the fight against corruption. Read this here: Tragic death of Basel Institute’s MD Gretta Fenner in car accident; tributes paid to anti-corruption champion

WHERE FRAUD NETWORKS OPERATE REVEALED: Fraud is the second most common activity of the most threatening criminal networks in Europe, according to Europol. One-fifth of all crime organisations in Europe engage in fraud as their main criminal activity, sometimes strategically engaging in other crime areas.

SPY STOLE NATO SECRETS: Wirecard may have been used as a Russian shadow bank and its fugitive COO Jan Marsalek was a spy who gave the Kremlin NATO secrets, new disclosures in the case show. According to court documents filed in Vienna, Marsalek used corrupt Austrian intelligence officials to work on behalf of Russia.

US AND CHINA ESTABLISH FORUM: US Treasury Secretary Janet Yellen said on Saturday that she and Chinese Vice Premier He Lifeng have agreed to start a forum to cooperate on anti-money laundering efforts in their respective financial systems. “This new effort will enable the US and China to share best practices and provide updates on the actions we are each taking to close loopholes in our respective financial systems,” Yellen said in a statement.

TOP 20 FINCRIME THREATS: Known internationally for the flow of money through the country, the Netherlands has made a concentrated effort in recent years to combat money laundering. The latest Financial Crime Threat Assessment from the Dutch Banking Association - known as Nederlandse Vereniging van Banken (NVB) - is an effort to provide a comprehensive overview of the nation’s key risks of financial crime.

CRIME NETWORKS TARGET SECTORS: From their agility to their destructive nature, specific characteristics of criminal networks are essential for their functioning and serve as pointers to better understand the threats these criminal networks pose. In a report Europol considers the relevance of such threat indicators and explains why these make some networks more threatening than others.

*** On April 17 next we are hosting a special webinar on ‘How to implement AI to combat top AML typologies.’ The event is for FCC, AFC and AML leaders in banking and financial services. We will hear from expert Dr Janet Bastiman of NapierAI. We will be looking at screening customers during, after onboarding, and throughout the client lifecycle. The applications of AI for FCC are game-changing, freeing operational efficiencies and transforming compliance. In this webinar, we will discuss AI implementation and the regulatory landscape its use. Interest is high, so if you are a leader in this sector, don’t miss out. Book your place now. REGISTER HERE:

MASSIVE €600M FRAUD UNCOVERED: Investigators in Italy, Austria, Romania and Slovakia (Thursday) arrested 22 suspects over a massive €600M fraud from the EU’s Recovery and Resilience Facility (RRF) for Italy. A network of accountants, service providers and public notaries supported the suspects to successfully obtain hundreds of millions in non-refundable funds from the Italian NRRP in the timespan of two years, it's believed.

EAFCS HEADLINE SPONSOR REVEALED: Global identity verification solution ID-Pal is thrilled to announce its headline sponsorship of the exclusive European Anti-Financial Crime Summit (EAFCS) 2024, by AML Intelligence. The partnership underscores #ID-Pal’s place at the core of the financial services ecosystem, with its award-winning platform for robust anti-money laundering (AML) screening and customer onboarding. Find this story here: ID-Pal revealed as Headline Sponsor of the European Anti-Financial Crime Summit 2024

BINANCE EXECUTIVE DETAINED: One of the two executives from Binance, the world's largest cryptocurrency exchange, detained in Nigeria appeared in an Abuja court (Thursday) to face tax evasion and money laundering charges. Binance and two of its executives Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa, have been charged with four counts of tax evasion and with laundering over $35 million.

BANKS AND ADVISORS IN CROSSHAIRS: Banks and professional advisors will be targeted by South Africa's tax service in an organised crime impetus, the head of the revenue service said. Tax officials would lenders and advisers suspected of being “professional enablers” as the country tackled illicit capital flows and tax evasion, said Revenue chief Edward Kieswetter. Catch this here:South Africa’s tax chief says banks and advisors are in the crosshairs in fresh focus on organised crime

☝️ We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at jtreacy@amlintelligence.com for further information.

Join the world’s fastest-growing FinCrime community and become an AML Intelligence member.

Subscribe now

Have a great Wednesday👋

Stephen and the team at AMlintelligence.