Anti Money Laundering News (31 Mar – 06 Apr 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Indian Bank and Amana Takaful Life PLC Fined LKR 3 Mn for AML/CFT Non-Compliance
The Central Bank of Sri Lanka (CBSL) has imposed penalties totaling LKR 3 million on Indian Bank and Amana Takaful Life PLC for violating the Financial Transactions Reporting Act (FTRA), following investigations by the Financial Intelligence Unit (FIU). Indian Bank was fined LKR 2 million for lapses including failure to report high-value electronic fund transfers and not maintaining updated UN sanction lists. Amana Takaful Life PLC was fined LKR 1 million for similar deficiencies in maintaining and verifying updated designated persons lists under various UN regulations. While procedural lapses were identified, neither institution was found to have maintained business relationships with sanctioned entities.
OKX Fined $1.2 Million in Malta Over AML Failures
Crypto exchange OKX has been fined $1.16 million (€1.054 million) by Malta’s Financial Intelligence Analysis Unit (FIAU) for anti-money laundering (AML) violations uncovered during a 2023 compliance test. The FIAU cited major deficiencies in the company’s Business Risk Assessment (BRA) and Customer Risk Assessment (CRA) processes, including failure to evaluate ML/FT risks tied to its product offerings and onboarding nearly half of its customers without proper CRA. Despite these issues, regulators acknowledged that OKX has made substantial compliance improvements in the past 18 months.
AUSTRAC Warns Crypto ATM Providers Over Rising AML/CTF Risks
Australia’s financial intelligence agency AUSTRAC has raised red flags about compliance gaps among crypto ATM (or kiosk) providers, citing potential money laundering and fraud risks. An internal taskforce launched in September 2024 found indicators of suspicious activity, including scam-linked transactions. With over 1,600 crypto ATMs now operating across the country—up from just 23 in 2019—AUSTRAC emphasized the urgent need for stronger AML/CTF controls. CEO Brendan Thomas warned that while AUSTRAC will work with the industry to improve standards, enforcement action will follow for non-compliant operators.
IMF Dispatches Second Anti-Corruption Mission to Pakistan Amid Governance Concerns
The IMF has deployed a second anti-corruption team to Pakistan to examine issues related to governance, money laundering, expenditure, and systemic corruption. Running from April 4 to 14, the Corruption and Governance Diagnostic Mission will engage with over 30 departments, including the judiciary, anti-corruption agencies, and financial regulators. Focus areas include sugar industry price manipulation, AML compliance, judicial accountability, and transparency in public procurement. The mission also aims to address Pakistan’s weak information disclosure framework and is expected to submit its findings by July or August.
Switzerland’s AML Reform Faces Criticism Over Loopholes and Weak Enforcement
As Switzerland moves forward with legislative reforms to strengthen its anti-money laundering (AML) framework, Transparency International warns that key gaps risk undermining the country’s efforts to combat corruption. Proposed changes, including a transparency register for beneficial owners and due diligence obligations for lawyers and notaries, are being diluted by parliament. Loopholes such as the “presumption of correctness” and exemptions for trusts could allow illicit actors to continue hiding assets. Critics argue that the current draft falls short of global AML standards and echoes past reforms weakened by industry lobbying.
Nasdaq Verafin Report Reveals $750 Billion in Illicit Funds Flowed Through Europe in 2023
Nasdaq Verafin’s Financial Crime Insights: Europe report reveals that an estimated $750 billion in illicit funds, equating to 2.3% of Europe’s GDP, moved through the region’s financial system in 2023. The report, produced in collaboration with Celent and Oliver Wyman, found that over $194.9 billion of this was laundered through cross-border transactions. Fraud-related losses, including scams and bank fraud, totaled $103.6 billion. With financial crime linked to human trafficking, terrorism, and elder abuse, Nasdaq Verafin urges pan-European collaboration, data sharing, and adoption of AI-driven compliance tools to strengthen AML efforts.
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