Due Diligence Diaries 19/1/23

Fines increase for infringements

Fines for Anti-Money Laundering failures went up by 50% in 2022.

Almost $5 billion in fines were given out by regulators according to research by Fenergo.

Apparently, the latest figures do not reflect sanctions breaches, so expect more to come

Source

Crypto in the news again

The co-founder of crypto currency exchange Bitzlato has been arrested in the U.S for laundering more than £567m in funds.

Anatoly Legkodymov, a Russian national living in China, is accused of offering a no-questions-asked exchange and made hundreds of millions of dollars illegally.

Source

Solicitors firm used to launder money

Five men have been imprisoned in Scotland after being found guilty of money laundering offences.

The case dates to 2015-2016 and involved money obtained from frauds which was then laundered through a firm of solicitors in Paisley.

Source

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