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AML in the News: July

Your monthly round-up of AML/CFT news from around the world, with a focus on how this impacts compliance in New Zealand.


EncroChat Cracked

A joint operation headed by European and British law agencies dismantled the EncroChat crime chat network, leading to the arrests of more than 100 people as well as the seizure of numerous weapons and ammunitions, drugs, and millions in criminal funds.

Read the full article here.


Wirecard

In June, Wirecard said roughly €1.9 billion in cash assets probably never existed. Their CEO resigned and was arrested on suspicion of artificially inflating the firm’s balance sheet and sales through fake transactions. It was recently revealed that Mastercard was warned about Wirecard’s links to an alleged laundering network in 2016.

SFO Win

The SFO secured a conviction against Russell Maher, a foreign exchange broker who defrauded clients of approx. $1.55 million by using forged documents. He has been sentenced to three years and four months’ imprisonment.


Money-Laundering using Bitcoin

Russian cryptocurrency exchange founder and IT expert, Alexander Vinnik, was arrested and faces charges of money-laundering and extortion in France and the US, resulting from over $4bn in unregulated #Bitcoin trades through his exchange service BTC-e.


As part of the ongoing global investigation, New Zealand police have seized $140m controlled by a North Shore shell company registered to Vinnik, in one of the largest restraint of funds in NZ history. Read the full article here.


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