Anti Money Laundering News (12 May – 18 May 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. MACC Arrests Three Bank Officers in RM21 Million Loan Corruption and Money Laundering Case
The Malaysian Anti-Corruption Commission (MACC) has arrested three bank officers from two Kuala Lumpur-based banks for alleged corruption and money laundering involving over RM21 million in loan applications. A department head reportedly received more than RM170,000 in bribes from three companies in exchange for processing and approving five loan applications. The suspects, including a business manager and branch manager, were detained after giving statements at the MACC headquarters. Authorities have frozen four accounts holding over RM268,000 and seized electronic devices. The case is being investigated under Section 41(1)(b) of the AMLA Act 2001.
2. Spreadex Fined £2 Million for Repeated AML and Social Responsibility Breaches
The UK Gambling Commission has fined Spreadex Limited £2.022 million for failing to meet anti-money laundering (AML) and social responsibility standards. This is the second enforcement action against the company in three years, following a £1.36 million penalty in 2022. The regulator cited cases of inadequate source-of-funds checks, including a customer who deposited £64,000 and lost £50,000 in a month without scrutiny. Spreadex was also found lacking in protecting vulnerable users, with weak interventions despite clear red flags. The company will undergo a third-party audit and is currently appealing a separate decision by the CMA regarding its merger with Sporting Index.
3. TGP Europe Exits UK Market After £3.3 Million AML Fine; Premier League Clubs Warned
TGP Europe, a gambling firm linked to multiple Premier League sponsors, has exited the UK market after receiving a £3.3 million fine for anti-money laundering failures and inadequate due diligence on business partners. The UK Gambling Commission has warned five clubs—AFC Bournemouth, Fulham, Newcastle United, Wolves, and Burnley—that they may be promoting unlicensed gambling sites, and could face prosecution if corrective action isn’t taken. The regulator is demanding proof of effective geo-blocking and due diligence, and has pledged to conduct spot checks. Fans are advised to avoid TGP-linked platforms, which now lack UK regulatory protection.
4. Wynn Las Vegas Reaches $5.5 Million Settlement Over AML Violations
Wynn Las Vegas has agreed to a $5.5 million settlement with the Nevada Gaming Control Board for multiple anti-money laundering (AML) violations, including allowing third-party money transmitters, improper cash transactions, and proxy betting. The violations stemmed from inadequate financial reporting and failure to enforce AML protocols. The resort had previously reached an immunity agreement with federal prosecutors, acknowledging use of intermediaries by international clients. Wynn stated the individuals responsible are no longer with the company and reaffirmed its commitment to regulatory compliance. This is Nevada’s third major casino AML settlement in 2025.
5. 17 Arrested in Takedown of Major Criminal Banking Network Linked to Migrant Smuggling and Drug Trafficking
Europol supported a major cross-border operation on January 14, 2025, resulting in the arrest of 17 individuals—primarily of Chinese and Syrian origin—in Spain, Austria, and Belgium. The suspects operated a vast parallel banking network offering money laundering services to criminal groups involved in migrant smuggling and drug trafficking. The group facilitated illegal hawala transactions, cryptocurrency-to-cash exchanges, and cash courier services, allegedly moving over EUR 21 million. Authorities seized assets worth over EUR 4.5 million, including cash, cryptocurrency, real estate, vehicles, firearms, and luxury items. The operation builds on previous crackdowns against migrant smugglers.
6. Julius Baer Fined Over $5M for Longstanding AML Failures Linked to High-Risk Clients
Swiss regulator FINMA has ordered Julius Baer to pay over SFr4 million (approx. $5 million) after finding the bank committed a “serious violation” of anti-money laundering rules between 2009 and 2019. The private lender failed to act on red flags related to high-risk clients, including a Russian banker under investigation for embezzlement and several Indian nationals served by its Dubai-based “non-resident Indian” team. The enforcement follows a confidential decision issued in November 2024 and comes amid ongoing leadership reforms and fallout from Julius Baer’s exposure to the collapsed Signa property group. The bank must forfeit SFr3 million in illicit gains and pay SFr1.3 million in costs.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
Subscribe to our weekly Newsletter – Click Here
Empower your organization with ZIGRAM’s integrated RegTech solutions – Book a Demo
- #AML
- #MoneyLaundering
- #MACC
- #SpreadexFine
- #TGPExit
- #WynnSettlement
- #EuropolArrests
- #JuliusBaerPenalty