The United States has filed civil forfeiture complaints seeking the seizure of more than $15.3 million allegedly linked to an illicit Iranian oil shipping and distribution network operating in violation of US sanctions. The Department of Justice (DOJ) alleges the funds were used to support a sanctions evasion scheme tied to Iran’s National Iranian Oil Company (NIOC) and the Islamic Revolutionary Guard Corps (IRGC), including the IRGC-Quds Force (IRGC-QF), both designated Fore

The Financial Crimes Enforcement Network (FinCEN) has imposed an $80m civil money penalty on broker-dealer Canaccord Genuity LLC for willful violations of the Bank Secrecy Act (BSA), marking the largest enforcement action ever taken against a broker-dealer under the anti-money laundering (AML) framework. According to the U.S Department of the Treasury, Canaccord failed to implement and maintain an effective AML programme, conduct appropriate customer due diligence (CDD), and

The Financial Action Task Force (FATF) has updated its global lists of jurisdictions with strategic deficiencies in anti-money laundering, combating the financing of terrorism and counter-proliferation finance (AML/CFT/CPF), prompting the U.S Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to alert financial institutions to the changes. Following its February plenary meeting, FATF added Kuwait and Papua New Guinea to its list of jurisdictions under

Authorities in the United States and across Europe have dismantled LeakBase, one of the world’s largest online forums used by cybercriminals to trade stolen data, account credentials and hacking tools. The takedown followed a coordinated operation involving law enforcement agencies from 14 countries and represents another significant disruption of the global cybercrime ecosystem. According to the Department of Justice (DoJ), LeakBase operated as a major hub for cybercriminal

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has warned that anti-money laundering supervision across professional services still lacks sufficiently strong enforcement to deter poor compliance. In its latest report, OPBAS found that Professional Body Supervisors (PBSs) overseeing legal and accountancy firms are more effective than at any point since the body was established in 2018. However, the regulator concluded that several supervisors contin

Takeshi Ebisawa, a Japanese national, has been sentenced to 20 years in prison in the United States for his role in an international criminal conspiracy involving nuclear materials trafficking, narcotics distribution, firearms dealing and money laundering. The sentencing was handed down by US District Judge Colleen McMahon in the Southern District of New York after Ebisawa pleaded guilty to six charges related to the scheme. The case centred on an extensive criminal network s

On 22 January 2026, the House of Commons Treasury Select Committee published a stark verdict on the state of artificial intelligence in UK financial services. The Financial Conduct Authority (FCA), the Bank of England and HM Treasury, the Committee concluded, are not doing enough to manage the risks presented by AI. By adopting a wait-and-see approach, the authorities are exposing consumers and the financial system to potentially serious harm. The Committee’s Chair, Dame Meg

The US Department of Justice (DoJ) has filed a civil forfeiture complaint seeking the seizure of a crude oil tanker and approximately 1.8 million barrels of oil allegedly connected to sanctions evasion involving Iran and Venezuela. The complaint, filed in the US District Court for the District of Columbia, targets the motor tanker Skipper , which was seized on the high seas in December 2025. Authorities also seek forfeiture of the cargo on board, consisting of crude oil suppl

The US Department of the Treasury has moved to sever Swiss lender MBaer Merchant Bank AG from the US financial system, citing its alleged role in facilitating illicit finance linked to Iran and Russia. In a notice of proposed rulemaking published on 26 February 2026, the Financial Crimes Enforcement Network (FinCEN) set out plans that would prohibit covered US financial institutions from opening or maintaining correspondent accounts for, or on behalf of, MBaer. The proposed a

The Financial Crimes Enforcement Network (FinCEN) has issued a limited exemptive relief order for certain financial institutions subject to its Geographic Targeting Order (GTO) covering Hennepin and Ramsey Counties, Minnesota. The GTO, which took effect on 12 February 2026, introduced enhanced recordkeeping and reporting requirements designed to support efforts to combat government benefits fraud. The targeted relief refines the scope of reporting obligations to ensure that t

For two decades, the compliance officer has occupied a paradoxical space within financial institutions: indispensable yet often isolated, empowered by regulation but constrained by corporate politics. The role was conceived in the aftermath of global scandals that exposed the fragility of internal oversight, from money-laundering networks that thrived on professional complacency to governance structures that prised revenue over responsibility. The compliance function became t

The conviction of former Corsa Coal Corporation vice president Charles Hunter Hobson marks a significant Foreign Corrupt Practices Act (FCPA) enforcement outcome for the Department of Justice (DoJ), reinforcing the risks facing senior executives engaged in overseas sales involving state-linked counterparties. The case centred on nearly $140 million in coal supply contracts with Egypt’s Al Nasr Company for Coke and Chemicals, a state-owned and state-controlled enterprise, and