The Latest FinCrime News from North America
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Texas Couple Convicted for 25 Million Dollar Money Laundering Scheme
A Texas couple faces decades in prison after a Multi-Million Dollar Money Laundering Case Study revealed they defrauded 10,000 victims of 25 million dollars.
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California Man Faces 20 Years for Laundering 27.4 Million Dollars
Yan Lin faces twenty years for managing a Chinese Money Laundering Network that funneled over 27 million dollars in cartel profits through trade based schemes and mirror transactions between 2022 and 2024.
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BNP Paribas Fails to Overturn 20.75 Million Dollar Sudan Sanctions Verdict
The court upheld a 20.75 million dollar verdict against BNP Paribas regarding Sudan Sanctions Violations, rejecting the bank's motion to dismiss the case.
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TD Bank Employee Pleads Guilty in Massive 474 Million Dollar Laundering Case
A TD Bank assistant manager admits to an anti money laundering failure involving 474 million dollars in criminal funds and 11,000 dollars in bribes.
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FinCEN Postpones Implementation of Investment Adviser AML Requirements
FinCEN has implemented a two year delay for the Investment Adviser AML Rule, moving the compliance deadline to 2028 to refine suspicious activity reporting.
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FINRA Hits Osaic Institutions with $650000 Fine for Reporting Failures
Osaic Institutions faces a $650,000 fine and censure for failing to maintain a robust Anti-Money Laundering program and neglecting suspicious activity reports.
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FinCEN Launches Data-Driven Border MSB Probe Over Potential BSA Money Laundering Failures
FinCEN border MSB money laundering operation targets non bank firms along the southwest border using large scale transaction data to identify Bank Secrecy Act compliance failures.
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Credit Suisse NY Faces 7M$ Fine For Systemic Transaction Monitoring Failures
Credit Suisse must pay a 7,125,000 dollar fine due to a failure in Systematic Surveillance Reliability that left 900 million records unmonitored.
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FINRA Fines Mundial Financial Group $100,000 for AML Program Failures
FINRA fined Mundial Financial Group $100,000 after identifying AML compliance failures broker dealer controls that left high risk customers and suspicious trading activity insufficiently monitored.
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FBI Shuts Down a 70 Million Dollar Cyber Laundering Service E-Note
The FBI dismantled the E-Note platform after uncovering seventy million dollars in criminal proceeds, leading to a potential twenty year prison sentence for the operator of this virtual money laundering network.
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MP Technology Services Ltd Fined CAD 536k for Compliance Failures
MP Technology Services Ltd was fined $536,853.35 for failing to meet Reporting Obligations Enforcement standards regarding darknet and sanction-related transactions.
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FINTRAC Cracks Down on Juba Express for Reporting Failures
FINTRAC levied an administrative monetary penalty of $67,150 against Juba Express Inc., a money services business, for multiple failures to comply with its money laundering risk obligations, including inadequate compliance policies and the failure to file mandatory transaction reports under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act.
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A primer for Canadian Law Enforcement on the upcoming changes to Canada’s Banking System
Canada is rapidly moving toward a high-speed financial system through Real-Time Rail (RTR) payments, open banking, and a regulated stablecoin. This financial convenience upgrade risks amplifying fraud and money laundering due to critical gaps in the legal framework. The country needs real-time enforcement tools to police the Canada Real-Time Payments AML system and learn from jurisdictions like the UK.
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OFAC Slams Attorney with $1.092M Sanctions Fine
A U.S. attorney and former official agreed to a $1,092,000 settlement with OFAC for 122 apparent sanctions violations, serving as a fiduciary for a blocked Russian oligarch's trust. This case underscores the major fiduciary duty and AML risks for professional gatekeepers who facilitate access to the U.S. financial system through complex structures, emphasizing the need for robust compliance against sanctions evasion.
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FinCEN Fines Paxful $3.5 Million for BSA Violations
FinCEN levied a $3,500,000 penalty against Paxful for willful Bank Secrecy Act (BSA) violations, demonstrating a zero-tolerance approach to virtual currency money laundering. The peer-to-peer platform failed to register as an MSB, implement an effective AML program, and file SARs, facilitating over $500 million in suspicious activity linked to sanctioned countries and illicit actors.
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Oil Trader Jailed and Fined $300,000 in Global Bribery and Money Laundering Scandal
A former senior oil trader was sentenced to 15 months in prison for his role in a multi-year bribery and money laundering scheme that secured lucrative contracts for his employers. The scheme involved disguising over $1 million in corrupt payments as legitimate business fees, highlighting the sophisticated techniques used to layer illicit funds. The case resulted in a corporate penalty exceeding $98 million, underscoring the severity of penalties for financial crime.
Other News From North America
Texas Couple Convicted for 25 Million Dollar Money Laundering Scheme
A Texas couple faces decades in prison after a Multi-Million Dollar Money Laundering Case Study revealed they defrauded 10,000 victims of 25 million dollars.
California Man Faces 20 Years for Laundering 27.4 Million Dollars
Yan Lin faces twenty years for managing a Chinese Money Laundering Network that funneled over 27 million dollars in cartel profits through trade based schemes and mirror transactions between 2022 and 2024.
BNP Paribas Fails to Overturn 20.75 Million Dollar Sudan Sanctions Verdict
The court upheld a 20.75 million dollar verdict against BNP Paribas regarding Sudan Sanctions Violations, rejecting the bank’s motion to dismiss the case.