Money Laundering Bulletin

If law enforcement struggles to find illicit cash, wire and cryptocurrency movements, the challenge in discovering movements of criminal proceeds through fraudulent adjustments in values of traded goods and services is surely tougher still? Can AI help detect trade-based money laundering (TBML) and just how serious is the threat it poses to financial systems? Keith Nuthall finds out.

German regulator BaFin has run out of patience with Varengold Bank AG over its ongoing failure to remedy "serious shortcomings" in anti-money laundering/counter financing of terrorism (AML/CFT) controls identified in a 2022 inspection and flagged by internal audits for that year and 2023.

Swiss bank UBS has finally drawn a line under its long-running tax evasion and aggravated money laundering case in France with an €835 million (US$980 million) settlement.