October 28-November 01, 2024 📺 KYC/AML/CFT headlines (w44)
1️⃣ FIU Romania has published the Sectoral Assessment for virtual and fiat currency exchange service providers and digital wallet providers🔗. The assessment concludes that the aggregate ML risk is High, due to the anonymity of transactions, the complexity of products and services, and poor compliance and regulation. In terms of the component categories, the risks are high in terms of customers, products and services, transactions and global threats, with a Medium-Low risk for the compliance risk category. VASP TF risk is Low.
2️⃣ The United States Department of Justice charged the operator of crypto exchange AurumXchange with money laundering, for processing millions for the darknet marketplace, Silk Road🔗.
3️⃣ US government is investigating cryptocurrency firm Tether for possible breaches of anti-money laundering and sanctions laws🔗.
4️⃣ Dutch Central Bank imposed a €2.25 million fine on cryptocurrency exchange Bybit Fintech Limited for operating without proper registration in the Netherlands🔗.
5️⃣ US Senator Elizabeth Warren asked the Department of Justice to explain why it didn’t charge high-ranking executives at Toronto-Dominion Bank over the lender’s failure to prevent money laundering🔗.
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6️⃣ Bank of America Corp. said US regulators may take action against the firm over its efforts to detect suspected money laundering and sanctions violations🔗, as well as its handling of payments on the Zelle network.
7️⃣ A pair of Swiss lawyers were hit by US sanctions for helping illegal money flow from Russia through shell companies🔗. There are 33,000 shell companies based in Switzerland, one for every 37 citizens in Geneva alone.
8️⃣ The European Public Prosecutor Office has dismantled an Italian criminal group that evaded €113 million in VAT by using a Chinese underground banking network to launder money🔗.
9️⃣ A Russian court has fined Google two undecillion roubles - a two followed by 36 zeroes - for restricting Russian state media channels on YouTube🔗. In dollar terms that means the tech giant has been told to pay $20,000,000,000,000,000,000,000,000,000,000,000.