Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
€41 Million in Assets Seized from Monaco Owner Fedorychev in Corruption Case
Italian authorities have seized assets worth €41 million from Alexey Fedorychev, the owner of AS Monaco. This includes company shares and four real estate properties, notably the Castle of Torre del Gallo. The seizure is part of a broader investigation into money laundering and corruption linked to activities in Kyiv, Ukraine.
Terraform Labs Faces $5 Million Loss in Major Security Breach
The Terra blockchain is facing a significant security breach, resulting in the theft of assets worth over $5 million, including USDC and Astroport tokens. This incident occurred due to the absence of a crucial security patch. The Terra team is currently taking steps to address the hack and secure the chain.
Key Highlights:
– The hack occurred on Wednesday, causing immediate action from the Terra team.
– Approximately $5 million in assets were stolen.
– The exploit stemmed from a missing security patch on the Terra chain.
New Anti-Money Laundering Bill Passed by South Sudan Parliament
On Monday, the Transitional National Legislative Assembly (TNLA) passed the Anti-Money Laundering and Counter-Terrorist Financing Act 2012 (Amendment) Bill 2024. This legislation aims to prevent the concealment of criminal profits within the financial system and to combat the financing of terrorism. It also seeks to enhance national security, protect human rights, and strengthen international cooperation in preventing terrorism.
Founders of P2P Lending Platform Sentenced for NT$8.3 Billion Fraud
The Taipei District Court has sentenced Tseng Yao-feng (曾耀鋒) and Chang Shu-fen (張淑芬), founders of the peer-to-peer lending platform im.B, to 16 years and six months, and 12 years and two months in prison, respectively. They were convicted of money laundering and illegally accepting deposits. An additional 29 defendants were found guilty of similar charges, with sentences ranging from one to eight years.
AIA Group Fined $3 Million for Anti-Money Laundering Deficiencies
The Insurance Authority of Hong Kong has fined AIA Group HK$23 million ($2.9 million) for deficiencies in their anti-money laundering procedures. The penalty follows an inspection of the company’s operations from March 2016 to October 2022, which uncovered technical issues in their AML system.
Cryptonator Founder Indicted for Handling $235 Million in Illicit Funds
Roman Pikulev, a Russian national, has been indicted by the U.S. Justice Department for founding and operating Cryptonator, an unlicensed cryptocurrency exchange. The platform allegedly processed over $235 million in illicit funds from 2014 to March 2023. The Justice Department has released an indictment but declined to comment further on the ongoing case.
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