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AML, Crime Bill, Go-First, First Republic Bank, Darknet & child smuggling

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Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance.

Firstly, New EU rules will apply AML/CTF regulations to crypto transactions, requiring CASPs to report sender/receiver info to prevent money laundering and terrorist financing. Next we have a piece on UK’s proposed Economic Crime Bill which will introduce a new corporate criminal offence holding companies liable for failing to prevent fraud by employees, agents or contractors.

Furthermore, Go First’s bankruptcy highlights the challenge of undercapitalisation faced by Indian airlines, which struggle to maintain profitability and obtain financing. Moreover, First Republic Bank’s failure is attributed to poor lending practices and inadequate risk management, leading to losses and regulatory intervention.

Then, Europol arrested 288 dark web vendors and seized over €15 million in cryptocurrencies in a major operation against a popular illegal online marketplace. Finally we talk about Senator Josh Hawley who proposed a bill to hold corporations accountable for exploiting the child smuggling and labour crisis at the southern border of the United States.

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