Effective and robust anti-money laundering (AML) policies are critical to maintaining the integrity of financial systems worldwide. Money laundering involves disguising the origins of illegally obtained funds to make them appear legitimate and , in essence, makes it possible for criminal to conceal, profit from, and continue their illegal operations. To combat this, AML processes are divided into three key

The Financial Crimes Enforcement Network (FinCEN) recently proposed a new rule aimed at tightening anti-money laundering (AML) regulations. This proposal, if enacted, will significantly impact financial institutions, their compliance obligations, and their clients. Fridman Fels & Soto, a Coral Gables-based law firm specializing in white-collar crime and AML defense, offers insights into the implications of this proposed rule and how

Anti-Money Laundering Guo Wengui, the exiled Chinese billionaire also known as Ho Wan Kwok, was recently convicted in federal court in New York for defrauding thousands of his followers of more than $1 billion. An Affinity Fraud Wengui, who has resided in the United States since 2015, was alleged to be the architect of an expansive and complex scheme to

Cryptocurrencies, once hailed as the future of decentralized finance, are increasingly being exploited for illicit activities. A recent report by Chainalysis highlights a significant uptick in the use of digital currencies for money laundering, a trend that poses serious challenges to global financial security. This blog post explores the findings of the report and offers insights into the complexities of

In a blow to a law that some in the law enforcement community have hailed as the most significant anti-money laundering reform in decades, a federal district court in Alabama has ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. Beginning in January of this year, the CTA requires qualifying companies, including foreign-registered entities doing business in the U.S., to