Newsletter (20 Jan – 26 Jan 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
1. Wall Street Exchange Faces USD 9 Million Fine
Wall Street Exchange (WSE), a Dubai-based financial exchange, has entered into a non-prosecution agreement with US authorities. WSE will pay USD 9.2 million to resolve a bank fraud investigation into false statements regarding its anti-money laundering compliance. This includes a criminal monetary fine of USD 3.9 million and a forfeiture of USD 5.3 million.
2. Rabobank National Association Pleads Guilty
Rabobank National Association, a California subsidiary of Cooperatieve Rabobank U.A., has pleaded guilty to a felony conspiracy charge. The bank agreed to pay a staggering $368.7 million in penalties to settle allegations that it hid deficiencies in its anti-money laundering program. This marks the largest financial penalty in the Southern District of California.
3. ED Raids Ex-Rajasthan MLA in Cricket Equipment Scam
The Enforcement Directorate (ED) has raided properties linked to former Rajasthan MLA, Baljeet Yadav, in connection with a Rs 332 crore cricket equipment distribution scam. Yadav, known for his anti-corruption crusades, is under investigation for his involvement in the scam.
4. Fugitive Cyber-Fraud Boss Charged in Philippines
China-born fugitive Huang Zhiyang, also known as “Boss Wang,” has been charged with money laundering in the Philippines. Zhiyang, already facing human trafficking charges, is accused of laundering funds from cyber-scams. He remains at large, with his whereabouts unknown.
5. FCA Review Highlights Gaps in Brokers’ AML Defences
A recent review by the Financial Conduct Authority (FCA) has identified gaps in the anti-money laundering defences of wholesale brokers. The report emphasizes the importance of collaboration within the industry to improve controls and prevent financial crime.
6. Ontario Man Among Four Charged in $128m Fraud Scheme
A man from Burlington, Ontario, is among four individuals charged in a $128 million fraud and money-laundering scheme. The group allegedly used stolen personal information to obtain merchant processing accounts and further their e-commerce enterprise using unscrupulous sales techniques.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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