Anti Money Laundering News (03 Aug – 09 Aug 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
AUSTRAC Takes Mounties to Court Over $140M in Suspected Dirty Money Through Pokies
Australia’s financial crime watchdog AUSTRAC has accused Mounties Group, one of NSW’s largest licensed club operators, of allowing nearly $140 million from 10 high-risk gamblers to flow through its poker machines without adequate anti-money laundering (AML) and counter-terrorism financing (CTF) controls. Court documents reveal that Mounties’ network of 1,300 machines processed $4.17 billion between 2019 and 2023, with allegations of “bill stuffing” and other suspicious practices. This is the first civil case AUSTRAC has brought against a registered club, aiming to send a warning to pubs and clubs across the state. The matter is before the Federal Court.
Singapore’s Law Ministry Fines Four Law Firms $200K in AML Crackdown, 11 Others Under Investigation
Singapore’s Ministry of Law has fined four law firms nearly $200,000 and issued disciplinary actions following an inquiry into anti-money laundering (AML) breaches linked to high-value property transactions from a 2023 crackdown. The probe, led by the Director of Legal Services, targeted 24 law practices; 13 investigations have concluded, with 11 ongoing. Anthony Law Corporation received the largest fine of $100,000, followed by Legal Solutions LLC ($70,000), Fortis Law Corporation ($30,000), and Malkin & Maxwell LLP (reprimand). Two other firms, William Poh & Louis Lim and Templars Law LLC, were also reprimanded. Several lawyers have been referred to the Law Society for possible disciplinary action.
New US Bill Targets Money Laundering Risks in $25B Art Market
A bipartisan group of US Senators has introduced the Art Market Integrity Act, seeking to bring art dealers and auction houses under the Bank Secrecy Act’s anti-money laundering (AML) requirements. The bill would mandate record-keeping for high-value art sales, reporting of suspicious transactions, and greater scrutiny of beneficial ownership, aligning US rules with international standards. Lawmakers cite the art market’s opacity, use of shell companies, and subjective valuations as vulnerabilities exploited by criminals to launder money or evade sanctions. The legislation follows a Treasury report highlighting the sector’s high risk for illicit finance.
Paxos to Pay $48.5M Over AML Failures in Binance Partnership
Paxos Trust will pay $48.5 million to settle charges from the New York Department of Financial Services over anti-money laundering (AML) failures tied to its former Binance USD (BUSD) stablecoin partnership. Regulators found Paxos failed to monitor Binance for illegal activity, allowing $1.6 billion in suspicious transactions between 2017 and 2022. Weak customer screening and transaction monitoring systems let criminals bypass controls, while Binance’s lax geographic restrictions went unchecked. As part of the settlement, Paxos will pay $26.5 million in penalties and invest $22 million in compliance upgrades over three years, with ongoing oversight by regulators.
FinCEN Warns Financial Institutions on Illicit Use of Virtual Currency Kiosks
The US Financial Crimes Enforcement Network (FinCEN) has issued a Notice urging financial institutions to identify and report suspicious activity involving convertible virtual currency (CVC) kiosks. While these kiosks offer convenient access to digital assets, they are increasingly exploited for scams, cybercrime, and drug trafficking, with some frauds—such as tech support and bank imposter scams—targeting older adults. The advisory outlines illicit activity typologies, red flag indicators, and reminds operators of Bank Secrecy Act (BSA) compliance obligations. FinCEN stressed that strong reporting by financial institutions is key to safeguarding the digital asset ecosystem.
Ex-Jumbo CEO Frits van Eerd Sentenced to Two Years for Money Laundering and Fraud
Former Jumbo CEO Frits van Eerd has been sentenced by a Groningen court to two years in prison for money laundering, forgery, and accepting bribes, a harsher penalty than prosecutors requested. The case involved false sponsorship invoices for a motocross team, with funds funneled to co-defendant and ex-motocross racer Theo E., who received 3.5 years for bribery and tax fraud. Van Eerd accepted cash, vehicles, and other gifts in return, laundered illicit funds, and defrauded Jumbo, undermining both the law and company rules he publicly promoted. Police seized €448,000 in cash from his home and office during the 2022 raids.
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