Newsletter (27 Jan – 02 Feb 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Meta Strikes Back: 2 Million Scam Accounts Shut Down In Battle Against $75 Billion Fraud Epidemic
In a significant move to combat online financial fraud, Meta (META, Financial) announced that it has shut down over 2 million accounts linked to “pig butchering” scams in 2024. These scams, which involve criminals tricking victims into investing in fraudulent ventures such as fake cryptocurrency or forex schemes before disappearing with their money, are considered among the most harmful crimes on the internet today.
For the past two years, Meta has adopted a proactive strategy to tackle these schemes, focusing on hotspots like Cambodia, Myanmar, Laos, the UAE, and the Philippines. By combining real-time feedback mechanisms with advanced technology, Meta’s systems can quickly identify and block suspicious activity while learning to improve detection methods.
Three Charged With Money Laundering Offences In £120m YHROCU Cryptocurrency Investigation
Three people are due to appear in court charged with money laundering offences in connection to an investigation involving an estimated £120million worth of cryptocurrency.
The two men, one from Leeds and one from Sheffield, and one woman, from Leeds, are due to appear before magistrates later this week and next week. They are charged with acquiring, using or possessing criminal property between January 2021 and October 2023.
Oladele Olojede, aged 37, of Dragon Close, Seacroft, Leeds, is due to appear before magistrates in Leeds on 31/1/2025.
Elena Akintolu-Lopato, aged 43, also of Dragon Close, Seacroft, Leeds, is also due to appear before the same court on 31/1/2025.
Opeoluwa Olojede, aged 38, of Queen Mary Road, Manor, Sheffield, is due to appear before the same court 5/2/2025.
The charges follow an investigation by the Yorkshire and Humber Regional Cyber Crime Unit, part of the Yorkshire and Humber Regional Organised Crime Unit (YHROCU).
Fine For De Volksbank N.V. For Deficient Anti-Money Laundering Controls
On 22 January 2025, De Nederlandsche Bank (DNB) imposed an administrative fine of €5 million on de Volksbank N.V. (de Volksbank) for serious shortcomings in its anti-money laundering controls.
DNB’s examination of de Volksbank reveals that de Volksbank does not adequately monitor its customers for money laundering and therefore failed to detect risks or did not detect risks in time, at least from 1 July 2020 until at least 26 April 2023.
The fine has been imposed due to deficient monitoring and major delays in following up on alerts.
French Investigators Open Fraud Probe Against Crypto Platform Binance
French investigators said on Tuesday they had opened a judicial probe into money laundering, tax fraud and other charges at Binance, the world’s largest cryptocurrency exchange, which said it denied the allegations.
The economic and financial crime section of the Paris public prosecutor’s office (JUNALCO) said in a statement that the probe includes money laundering in connection with drug trafficking.
KuCoin To Pay $300m After Pleading Guilty To Flouting Anti-Money Laundering Law
On Monday, Danielle Sassoon, the newly appointed interim head of the Manhattan US attorney’s office, announced that the federal government had reached a settlement with KuCoin, one of the world’s largest crypto exchanges.
The Seychelles-based firm pleaded guilty to one count of violating US anti-money laundering laws.
KuCoin failed to implement effective anti-money laundering and know-your-customer programmes, report suspicious transactions, and did not register with the US Department of Treasury’s Financial Crimes Enforcement Network, said the Justice Department.
The crypto exchange agreed to pay more than $297 million. It will also exit the US market for at least two years.
Two of KuCoin’s founders, Chun Gan and Ke Tang, who were also facing criminal charges, agreed to step away from all operations within the exchange.
Fintrac Warns Fentanyl Money Laundering Is Linked To Online Gambling
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has released an alert suspecting that online betting platforms are being used to launder money from fentanyl dealing and production.
The alert shows that known fentanyl traffickers are frequently sending money to digital gambling sites and receiving funds in return from associated payment processors in Canada, Malta, and the UK.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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