Under the terms of the settlement, EagleBank will pay approximately $9.1 million in civil penalties and forfeit more than $700,000, representing proceeds the bank earned from overdraft fees on accounts involved in the check kiting scheme. The forfeiture component is consistent...

AUSTRAC has finalised its enforceable undertaking with Sportsbet Pty Ltd (Sportsbet) after the company addressed serious deficiencies in its anti-money laundering and counter-terrorism financing (AML/CTF) controls.

Investigators said the probe covers transactions across numerous accounts held in different banks and includes the identification of account holders, their beneficial owners, and a paper trail of transfers and withdrawals. The FIA’s forensic accounting teams are tracing origin...

CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime.

This regulation represents the most significant transformation in EU anti-money laundering prevention since the first AML Directive was introduced in 1991. The new framework replaces the directive-based 6th AMLD with a directly applicable single rulebook, eliminating national ...

The central bank’s supervisory report, released after an on‑site inspection and review of internal controls, identified several core gaps in VALUTA+’s AML framework. Inspectors found inadequate risk assessments for customers and products, failure to properly verify beneficial ...

2. News 3. Insurance 4. Manulife Pulls Leveraged Insurance Loan Product for Wealthy Hong Kong Clients

The sentencing comes after an extensive investigation into a laundering operation that authorities said relied on high volumes of criminal cash, structured banking activity and front businesses to disguise the source of illicit funds. Judges said the scale of the scheme was “a...