Category: North America
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More