Our monthly round up of news items relevant to AML regulated businesses.
Cyber Security

Data Breaches and supply chains
In recent weeks we have seen several data breaches involving several police forces. The most recent being the UK’s Metropolitan Police. Early indications suggest that a supplier of identity cards has been breached. The contractor in question is believed to have had access to names and details of around 47,000 members of staff.
It is no understatement to say that this type of the breach has the potential to threaten the lives of officers, staff and their families.
A reminder that you need to consider what steps your suppliers have taken regarding their own cyber-security as it will ultimately affect yours too.
Duolingo breach
The popular language learning app Duolingo is reported to have suffered a significant data breach, exposing in the region of 16.3M data points of users. Duolingo first acknowledged the breach in January, including the exposure of public information such as usernames. However, it was not known at the time that users’ email addresses had also been stolen, these are beginning to surface for sale on hacking forums.
Use Duolingo? It might be time to change your password.
Due Diligence

Organised Crime and Crypto
Police in Hong Kong have arrested 458 people connected to an organised crime, money laundering network. According to reports the region has seen a sharp increase in this type of activity since encouraging crypto currency. Estimates of $64.5m is suspected of having been laundered.
State sponsored influence
Politics and influence are something that anyone working in the field of due diligence will already be aware of. But did you know about state sponsored influence programs? Reports suggest that Russia is targeting unwitting Westerners with propaganda designed to influence public opinion and policy.
US intelligence agencies believe that the Federal Security Service (FSB) is attempting to influence public policy and public opinion in the West by directing Russian civilians to build relationships with influential US and Western individuals and then disseminate narratives that support Kremlin objectives, obscuring the FSB’s role.
Regulatory

Singapore
The Council for Estate Agencies (CEA) is currently investigating property agents who are suspected of facilitating dubious property transactions. The investigation was triggered after ten individuals were arrested, 94 properties were seized and assets totalling over $800 million are reported to be connected to the case.
Switzerland
The Swiss Financial Market Supervisory Authority (FINMA) reviewed over 30 Swiss banks earlier in the year and found that a significant number did not comply with the basic requirements to manage money laundering risks. The findings come in the wake of the Boston Consulting Group’s Global Wealth Report 2023.