Anti Money Laundering News (17 Mar – 23 Mar 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Cryptocurrency CEO Convicted of Wire Fraud and Money Laundering
A federal jury in San Francisco convicted the founder and CEO of AML Bitcoin for defrauding investors through misleading claims about the cryptocurrency. The case, investigated by the IRS Criminal Investigation unit, revealed that the defendant falsely advertised AML Bitcoin as being compliant with anti-money laundering regulations while using investor funds for personal expenses. This conviction marks another significant enforcement action against fraudulent crypto schemes.
New Zealand Police Identify Major Money Laundering Risks in Banks
New Zealand police have disclosed critical vulnerabilities in the banking sector that facilitate money laundering and terrorist financing. The risks include weaknesses in customer due diligence, transaction monitoring failures, and an overreliance on automated compliance systems. Authorities are urging financial institutions to strengthen their AML frameworks to prevent illicit activities from infiltrating the financial system.
NZForex Issued Formal Warning for AML Non-Compliance
New Zealand’s Department of Internal Affairs (DIA) has issued a formal warning to NZForex Limited for failing to meet its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The action follows NZForex’s voluntary disclosure of a system issue that led to the failure to report 3,182 prescribed transactions to the New Zealand Police Financial Intelligence Unit between November 2017 and February 2024.
NZForex has since rectified the issue, reported all outstanding transactions, and is undergoing an independent audit. This case highlights the importance of robust transaction reporting systems to prevent regulatory breaches.
Resorts World Las Vegas Fined $10.5 Million for AML Violations
Resorts World Las Vegas has agreed to pay a $10.5 million fine to settle allegations of failing to adhere to AML compliance requirements. The Nevada Gaming Control Board found that the casino did not properly monitor or report suspicious transactions, leading to potential exploitation by criminal elements. This settlement reinforces the need for the gaming industry to maintain robust AML compliance measures.
AUSTRAC Accuses Entain of Facilitating Criminal Money Laundering
Australia’s financial crime regulator AUSTRAC has accused Entain, a major gaming and wagering company, of allowing suspected criminals to launder money through its operations. The allegations include failures in risk-based monitoring and transaction reporting, which could lead to severe regulatory penalties. This case highlights the increasing scrutiny on gambling operators for their role in financial crime prevention.
Ghana’s Interior Minister Calls for Stronger AML Laws
Ghana’s Interior Minister has urged lawmakers to strengthen the country’s AML framework to better combat financial crime. Addressing recent concerns over money laundering risks, the minister emphasized the need for enhanced legislation, improved enforcement mechanisms, and closer collaboration between regulatory bodies. Strengthening AML laws is seen as a crucial step toward preventing illicit financial flows and ensuring compliance with international standards.
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