Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance. From Money Laundering Alerts to Tax Evasion and Fake Online Bankers, let’s delve into the latest happenings in different fields.
First and foremost we talk about the UK’s financial regulator issued a warning about cash-based money laundering, highlighting the need for financial institutions to remain vigilant. Next, we have a piece on a nationwide DEA operation that led to the arrest of 53 individuals in a Columbus neighbourhood in the United States, targeting drug trafficking and money laundering.
Then, a discussion on cryptocurrency trading is now subject to anti-money laundering laws in India giving more power to authorities to monitor encrypted transactions, including transfers outside of India. Another article on the Pakistan Federal Investigation Agency busting a gang of fake online bankers and arresting six suspects who were allegedly looting citizens pretending to be bank officials and grabbing money from the account holders of commercial banks.
Moving forth, another article covers the owner of a tech company based in Fremont, United States, who pleaded guilty to crimes related to a scheme to underreport his income by millions of dollars. Finally, we have a piece on India’s anti-money laundering agency, the Enforcement Directorate, which has conducted searches at the offices of edtech company Byju’s under the Foreign Exchange Management Act (FEMA) leading to the seizure of various incriminating documents and digital data. The investigation is ongoing, and Byju’s has denied any wrongdoing.