Anti Money Laundering News (14 Jul – 28 Jul 2025)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Louis Vuitton Netherlands Under Probe for Alleged Money Laundering Failures
Dutch prosecutors have named Louis Vuitton Netherlands as a suspect in a money laundering investigation after a Chinese national, Bei W., allegedly spent around $3.5 million in cash at its stores between September 2021 and February 2023. The purchases, structured to stay below the €10,000 reporting threshold, were allegedly linked to funds from a convicted underground banker. Authorities suspect a Louis Vuitton employee may have assisted the buyer in avoiding detection. The luxury goods were reportedly sent to China and Hong Kong through the “daigou” gray market. The Public Prosecution Service continues its probe, with no formal charges filed yet.
Morgan Stanley’s Client-Screening Faces Deeper FINRA Probe
The U.S. Financial Industry Regulatory Authority (FINRA) is investigating Morgan Stanley over its client-screening processes for money-laundering risks across its wealth management, trading operations, and E*Trade unit between October 2021 and September 2024. The probe focuses on client vetting, risk rankings, and the bank’s risk-scoring tools. FINRA has requested detailed organisational charts and reporting structures, while some employees reportedly flagged inaccuracies in the initial data submissions. Morgan Stanley stated that it has invested heavily in its anti-money-laundering programs and emphasized that such reviews are routine and not indicative of systemic issues.
New BaFin Rules Digitise AML Officer Notification
Germany’s financial regulator BaFin has implemented a fully digital process for notifying the appointment or dismissal of money laundering officers and their deputies. Effective from 13 June 2025, these notifications must now be submitted exclusively through BaFin’s MVP-Portal, replacing previous email and postal methods. The change applies to all entities under the German Money Laundering Act (GwG) supervised by BaFin, aiming to enhance speed, verification, and compliance efficiency. Firms must register and complete a separate enrolment for the AML reporting procedure before submitting notifications. Compliance experts urge early registration to prevent disruptions and ensure smooth adherence to the new requirements.
Indian Overseas Bank’s Hong Kong Branch Fined ₹9 Crore for AML Failures
The Hong Kong Monetary Authority (HKMA) has fined Indian Overseas Bank’s Hong Kong branch (IOBHK) HK$8.5 million (₹9.3 crore) for significant contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance between May 2021 and January 2024. The regulator cited inadequate management oversight, poor handling of transaction monitoring alerts, and the failure to appoint a competent compliance officer. IOBHK stated that no fraud or direct AML/CFT violations occurred, attributing the penalty to procedural lapses, and assured that additional checks and preventive measures are being implemented to strengthen internal controls.
UK Fines Barclays $56 Million for Financial Crime Control Lapses
The UK’s Financial Conduct Authority (FCA) has fined Barclays £42 million ($56 million) for failing to properly assess money laundering risks in its dealings with clients Stunt & Co and WealthTek. Barclays allegedly failed to gather sufficient information and conduct ongoing monitoring of Stunt & Co, a gold bullion firm tied to Fowler Oldfield—a company at the center of a major money laundering operation. The bank continued providing services despite police raids and regulatory warnings. Barclays stated that it self-reported its findings and cooperated fully with the FCA investigation while implementing remedial measures to improve its financial crime controls.
Singapore Fines Law Firms Over AML Breaches in Billion-Dollar Gambling Case
Singapore’s Director of Legal Services has fined two law firms S$30,000 and S$100,000, with a third facing a proposed S$70,000 penalty, for anti-money laundering (AML) failings linked to the country’s record-breaking 2023 money laundering scandal involving illegal online gambling. A fourth firm received a private reprimand, and one lawyer has been referred for possible disciplinary action. The enforcement follows a probe into 24 law firms involved in property transactions tied to assets worth over S$3 billion seized during August 2023 raids. Authorities stressed the need for stronger due diligence, timely suspicious transaction reporting, and stricter compliance with AML rules.
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