Money Laundering Bulletin

The European Union's new Anti-Money Laundering Authority (AMLA) will begin operations on 1 July 2025. While the launch marks the end of years of legislative groundwork, says Enrico Aresu of Moody's, it also sets in motion a gradual shift in how financial crime supervision is approached across the EU, particularly for those firms under its direct remit, and potentially beyond.

The African archipelago state Cape Verde may be legislating to strengthen its anti-money laundering regime but improvement will depend as much on resourcing and enforcement, finds Andreia Nogueira.

In fallout from a major money laundering case, in 2023, involving gold bars and luxury cars linked to online gambling, which led to the conviction of 10 Chinese nationals in Singapore, nine firms in the country, including Credit Suisse, UBS and Citibank, have been issued penalties totalling S$27.45m (US$21.54m).

Online gambling firms Celton Manx and SK IOM Limited have incurred civil penalties of UK£3,937,500 (US$ 5,376,850) and UK£70,000 (US$95,590), respectively, for anti-money laundering and counter financing of terrorism (AML/CFT) compliance breaches uncovered by the Isle of Man (IoM) Gambling Supervision Commission during inspections in 2024.

Four exchange houses (unnamed) have been fined by the Central Bank of the United Arab Emirates (CBUAE) - three, a total of D4,100,000 (US$1,116,250), on 7 July and one, D2,000,000 (US$544,510), on 24 June - for non-compliance with local anti-money laundering/counter financing of terrorism obligations.

The Financial Action Task Force (FATF) has warned how the financing of terrorism (TF) has become less formal and more decentralised, with violent activists increasingly young and focused on remote and marginalised communities, such as in the Sahel.

UK fintech, latterly challenger bank Monzo has been ordered to pay a UK£21,091,300 (US$28,638,175) by the Financial Conduct Authority (FCA) over inadequacies in its customer onboarding, which enabled some accounts to be registered to addresses of "well-known London landmarks", including Buckingham Palace and 10 Downing Street, and for contravening a restriction barring it from taking on high-risk customers.