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Latest news related to Anti-Money Laundering.

In Nigeria, almost everything is paid for in cash. In supermarkets, cheques are hardly accepted, and when applied, delivery of goods and services is only completed when the beneficiary gets value from the bank. So, Nigeria has remained a cash-based economy, despite the growth in the country’s banking sector and billions...
In worship services, Rabbi Eliahu Ben Haim used to lecture on the need for his congregants to be upstanding and moral. At the same time, he was secretly laundering at least $1.5 million through various charities in an elaborate international underground banking system and keeping a large cut of the...
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated Lebanese-Colombian nationals Jorge Fadlallah Cheaitelly (“Cheaitelly”) and Mohamad Zouheir El Khansa (“El Khansa”) as Specially Designated Narcotics Traffickers (SDNTs) due to their significant role in international money laundering activities involving drug trafficking proceeds.  OFAC also designated...
With weighty regulation coming to bear this year, specifically around anti-money laundering (AML), financial institutions will address compliance by deploying new generation compliance management technology, according to analysts. As financial institutions prepare for the demands of the new year, industry analysts are predicting that Bank Secrecy Act (BSA) and anti-money...
The plan was straightforward and effective: A tight team of savvy contractors and government employees inflated invoices by $20 million, approved them and split the proceeds. And they lived large on the taxpayer's dollar. Porsches, real estate, flat-screen televisions and Cartier watches: The men bought them all with impunity, prosecutors...
More than 250 money changers across the country are likely to be stripped of licenses and forced into Lebanon’s underground economy, the head of the Lebanese Money Changers Association told The Daily Star, following a Central Bank decision last month to double compulsory minimum capital in an attempt to...