Latest news with #AML
The Irish Sun
5 hours ago
- Health
- The Irish Sun
‘Please pray' plea from family of brave Donegal boy getting treatment in the Netherlands for rare blood disorder
A BRAVE young Donegal boy is undergoing a life-saving bone marrow transplant in the Netherlands today. Advertisement 2 Zach and his family have recently travelled to the Netherlands to seek treatment for his rare disorder Credit: Family Handout The syndrome, which affects a person's bone marrow, progresses into Acute Myeloid Leukaemia if left untreated. His only chance of survival lies in a bone marrow transplant, which is not available in Ireland. The devastating health diagnosis came only a year after his mother Patrice was diagnosed with AML. The mother-of-four, who underwent chemotherapy and a bone transplant for her illness, still receives treatment. Advertisement READ MORE ON IRISH NEWS The family have since received a tremendous amount of support from relatives, friends and the local community in the last year and a half. Zach and his family And today his grandmother, Kateleen Rodgers posted online asking for support. She said: 'Please pray for my grandson Zach McCrossan today who is having his bone marrow transplant in the Netherlands and for his mammy Patrice as well.' Advertisement Most read in The Irish Sun Zach's is expected to remain an inpatient at the Princess Máxima Center for Pediatric Oncology in Utrecht, Netherlands for at least three months. Following his awful diagnosis a GoFundMe was set up in April by the family to cover the costs of Zach's treatment. FUNDS RAISED Within 24 hours the campaign raised over €122,500, smashing their target of €3,500. In response the family posted on social media saying: "Whether you donated, organised a fundraiser, offered a lift, dropped off meals, minded our other children, shared advice, or simply sent a message of encouragement Advertisement "We have felt every bit of your love and kindness. "It's because of you... our incredible circle of family, friends, neighbours, and strangers with big hearts... "That we're able to be by Zach's side as he begins treatment in the Princess Máxima Center in Utrecht." 2 Donegal native Zach McCrossan was recently diagnosed with a rare blood disorder known as Myelodysplastic Syndrome Credit: Family Handout Advertisement
Finextra
15 hours ago
- Business
- Finextra
Napier AI appoints Kenneth Paqvalén as CFO
Napier AI, the London-based financial crime compliance RegTech, has appointed Kenneth Paqvalén as Chief Financial Officer to scale its global AI-powered AML solutions as the company expands its business to serve an increasingly international customer base. 0 With over 20 years of experience, Paqvalén joins following the acquisition by Marlin Equity Partners (Marlin) to help lay the financial foundations for future global expansion and growth. He brings a strong track record of embedding systems and processes to enable scaling and has successfully led companies through significant growth journeys including a unicorn scale-up. Paqvalén joins Napier AI with decades of industry experience including Nokia and MariaDB, as well as 3 years at Matillion as CFO, during which he helped grow the business from $150m to a $1.5bn company. In his role, Paqvalén's priority will build on Napier AI's existing technological infrastructure, using the existing systems and processes in place to scale effectively. He will support continued investment into Napier AI's platform, ensuring Napier AI Continuum evolves to meet growing demand. Paqvalén will oversee continued expansion across the US and APAC, increasing the company's presence in these markets and expanding its global team to acquire and train the best regional talent to provide on-the-ground support for customers. Kenneth Paqvalén, Chief Financial Officer of Napier AI, commented: 'What drew me to Napier AI was the opportunity to contribute to something that has real ethical weight. Financial crime is a complex and ever-evolving challenge and being able to play even a small part in tackling it feels genuinely meaningful. It's an exciting time to be joining the company and I'm very much looking forward to what's ahead. For companies like Napier AI, while the sophistication of criminals in their use of AI continues to become more innovative, this rapidly evolving issue provides huge opportunity for businesses to address demand and make significant strides to preventing financial crime.' Napier's recent acquisition by Marlin marks an exciting new chapter for the business, bringing the backing of a deep-pocketed and operationally experienced investor. Marlin's collaborative approach and long-term commitment will support Napier AI in scaling its platform and continuing to invest in product development and customer service. Greg Watson, CEO of Napier AI, said: 'We are thrilled to welcome Kenneth on board as our new CFO at such a pivotal moment in Napier's journey. His expertise will be key as we continue to scale operations, strengthen our financial foundations and continue investing in the evolution of our platform. With global expansion already underway, his leadership will ensure we continue to grow in a sustainable and strategic way and his deep financial acumen will undoubtedly make him an invaluable addition to our leadership team as we navigate this next stage of growth.'
Crypto Insight
17 hours ago
- Business
- Crypto Insight
FATF's crypto checklist hints at the next regulatory crackdown
Cryptocurrency regulations are increasingly aligning with global standards; 73% of eligible jurisdictions have now passed laws to implement the Financial Action Task Force's (FATF) Travel Rule. The Travel Rule mandates crypto service providers to collect and share users' transaction data, similar to traditional finance requirements. On June 26, the FATF released its annual report that outlines how recent regulatory moves by jurisdictions are converging with its global Anti-Money Laundering (AML) framework. This is a direct result of a years-long campaign by the FATF to bring cryptocurrencies in line with traditional AML and Counter-Terrorist Financing (CFT) standards. The FATF spotlighted stablecoins and decentralized finance (DeFi) for the second consecutive year, highlighting their rising use in illicit finance, including by North Korean actors. The organization said it plans to release targeted papers on stablecoins, offshore crypto platforms and DeFi by next summer, hinting at where global crypto regulation may head next. How the FATF became the backbone of crypto regulation The FATF's Travel Rule was extended to cover cryptocurrencies and exchanges in 2019 as part of the organization's standards on AML/CFT. It was added to Recommendation 15 (R.15) — one of FATF's 40 recommendations — as an interpretive note. Out of 138 jurisdictions, only one has achieved full compliance with R.15 in 2025. Meanwhile, 40 jurisdictions were assessed as 'largely compliant,' up from 32 in 2024. Three jurisdictions were removed from the noncompliance category. Compliance means a jurisdiction has enacted laws requiring the licensing or registration of virtual asset service providers (VASPs) — such as cryptocurrency exchanges and trading platforms — or has identified the legal persons conducting VASP-related activities. The licensing requirements across jurisdictions are 'very similar,' including in regions vying to be labeled as 'crypto hubs,' such as Singapore, Dubai and Hong Kong, Joshua Chu, co-chair of the Hong Kong Web3 Association, told Cointelegraph. The Monetary Authority of Singapore, the city-state's central bank, recently issued a warning to crypto exchanges engaging in regulatory arbitrage by avoiding a local license and relying solely on overseas customers. The exchanges were advised to either get licensed or exit by the end of June. The move sparked debate over whether Singapore truly aims to become a powerhouse for digital assets. Some in the industry speculate that Hong Kong could benefit most from its regional rival's crackdown on unlicensed exchanges. Chu warned that those looking for greener pastures in competing crypto hubs may end up disappointed, as all are adhering to the same FATF requirements. In fact, Singapore has issued more crypto licenses than Hong Kong. 'Regulators are also deadline fighters. So, they will make last-minute announcements (probably knowing the [FATF] draft of the report by that point) to see how they can improve their position before the formal report comes out,' Chu said. 'As a result, many jurisdictions have accelerated efforts to tighten controls, improve risk assessments and enforce the FATF Travel Rule. The FATF's June 2025 report reflects this urgency, showing that while progress has been made, significant gaps remain in risk assessment, licensing and enforcement.' Hong Kong has also been sprinting to roll out additional crypto rules. In May, its upcoming Stablecoin Ordinance passed the Legislative Council. The city then released an updated policy statement in tandem with FATF's report. The FATF said an increasing number of jurisdictions have now decided how they want to regulate their respective crypto sectors, with 82% of 163 respondents stating they've identified their preferred regulatory approach. There are two main directions jurisdictions can take: to permit or to prohibit, with prohibitions ranging from partial to blanket bans. Prohibition is becoming more common among Middle East and North Africa Financial Action Task Force and Eastern and Southern Africa Anti-Money Laundering Group members. However, the FATF warns that jurisdictions should consider this approach carefully, as full prohibition can be resource-intensive and difficult to enforce. 'When jurisdictions choose to prohibit rather than regulate, they do not eliminate the presence of crypto within their borders. Instead, they relinquish oversight, enforcement leverage and visibility into illicit flows,' Hedi Navazan, chief compliance officer of 1inch Labs and vice chair of the Digital Asset Task Force of the Global Coalition to Fight Financial Crime, told Cointelegraph. 'Let's be real, crypto is borderless,' she added. China, an FATF member, has partially prohibited cryptocurrency-related activities, such as transactions and mining. But the decentralized nature of blockchain technology still makes cryptocurrencies largely accessible to the public. Although Beijing has banned Bitcoin mining, Chinese mining pools continue to control the majority of the network's hashrate. Stablecoins and DeFi under the FATF spotlight Stablecoins and DeFi got their own sections in FATF's report for the second consecutive year in the latest update. Stablecoins, in particular, have been among the biggest stories in crypto in 2025 so far, with major jurisdictions advancing legislative proposals for stablecoin licensing, including the GENIUS Act in the US, which opens doors for tech firms to launch private stablecoins. The European Union has pushed further with Markets in Crypto-Assets (MiCA) Regulation, which sets rules for stablecoin issuers. But stablecoins have also been increasingly tied to illicit activities, including reliance by North Korean actors suspected of financing the state's weapons program, with industry estimates suggesting 63% of illicit transaction volumes were denominated in stablecoins. 'Stablecoins, especially USDT on the Tron network, have basically become the go-to tool for illicit actors. From North Korean hackers to scam networks… this isn't just a niche problem anymore,' said Navazan. Despite growing regulatory attention, most jurisdictions are still struggling to apply FATF standards to DeFi. According to the FATF's 2025 report, nearly half of the jurisdictions that have implemented or are working on the Travel Rule say that some DeFi platforms should be licensed as VASPs, but most haven't identified any such entities in practice. Out of 47 jurisdictions that claim DeFi can fall under VASP regulation, 75% have yet to find or license a single DeFi platform. Ignoring FATF standards can isolate an economy The FATF's influence is embedded within the United Nations framework, with multiple UN Security Council resolutions urging member states to implement FATF standards. 'This means jurisdictions face strong, concrete incentives to align their laws with FATF's evolving standards, not merely out of goodwill but to avoid severe consequences,' Chu said. Gray listing serves as a powerful enforcement tool for FATF, as it places a jurisdiction under increased monitoring, resulting in economic and reputational consequences. Budding crypto hub Dubai was formerly on the gray list before the United Arab Emirates was removed in 2024. 'While FATF does not make the law, you would be foolish to ignore it. When FATF speaks, regulators around the world listen. That's how it's always worked,' said Navazan. 'If your country doesn't align with those standards, it doesn't just risk a poor rating — it risks becoming isolated.' The FATF's statements, including its annual updates on crypto, offer a preview of where global regulations are headed. With stablecoins and DeFi emerging as key areas of concern in 2025, the FATF's planned research into these sectors is expected to shape the next wave of compliance measures. Source:
Singapore Law Watch
19 hours ago
- Business
- Singapore Law Watch
1MDB saga: Standard Chartered Bank disputes $3.4 billion claim by liquidators in Singapore
1MDB saga: Standard Chartered Bank disputes $3.4 billion claim by liquidators in Singapore Source: Straits Times Article Date: 02 Jul 2025 Author: Grace Leong StanChart said it has not yet received the legal claim documents, and emphatically rejects any claims made by these companies. More than US$2.7 billion (S$3.4 billion) in alleged misappropriated funds is being sought from Standard Chartered Singapore (StanChart) in a High Court lawsuit filed by liquidators in the 1Malaysia Development Berhad (1MDB) saga. The suit, which represents the latest wide-ranging effort to recover funds siphoned from Malaysia's sovereign wealth fund 1MDB – from which US investigators claim about US$4.5 billion was stolen between 2009 and 2014 – was brought by court-appointed liquidators Angela Barkhouse and Toni Shukla from financial services firm Kroll. When asked by The Straits Times why the lawsuit was being brought at this juncture, a Singapore-based lawyer for the liquidators declined to comment. The suit, which was filed on June 30, seeks to hold StanChart accountable for its role in allegedly enabling fraud to be committed against 1MDB and the systematic theft of funds. Three companies in liquidation linked to 1MDB – Alsen Chance Holdings, Blackstone Asia Real Estate Partners and Brightstone Jewellery – alleged that between 2009 and 2013, StanChart permitted over 100 intra-bank transfers that helped conceal the flow of stolen funds and chose to overlook obvious red flags regarding these transfers. The suit claims that in doing so, the bank failed to comply with Singapore's anti-money laundering (AML) regulations and client due diligence rules. StanChart, in a statement on July 1, said: 'Any claims by these companies are without merit and Standard Chartered will vigorously defend any lawsuit commenced by the liquidators.' The suit claims that the three companies lost over US$2.7 billion and $20 million in public funds. StanChart, in response to ST's queries, said it has 'not yet received the legal claim documents, and emphatically rejects any claims made by these companies'. The liquidators who are making these claims have publicly stated that these companies were shell companies with no legitimate business and were linked to fugitives Low Taek Jho and his associate Eric Tan Kim Loong, StanChart said. They operated under false pretences, and acted as a conduit for funds misappropriated from 1MDB to launder monies, the bank said. According to the lawsuit, the transfers demonstrate serious breaches and control failings that ultimately enabled the theft of public funds by people operating at the highest levels of the Malaysian government during that period. The account held by Blackstone Asia Real Estate – a firm owned by Tan – allegedly disbursed US$150 million directly to the personal bank account of Najib Razak, the former prime minister of Malaysia who has since been jailed for corruption and money laundering. Some US$4.7 million was disbursed to jewellery, watch and bag vendors to pay for the luxury goods purchased by Najib's wife Rosmah Mansor. Another US$1 million allegedly went to Red Granite Pictures, a movie production and distribution company controlled by Rosmah's biological son Riza Aziz, to pay for movie development expenses, among other things. An account held by Alsen Chance Holdings disbursed US$53.4 million to jewellery, watch and bag vendors to pay for Rosmah's luxury goods purchases, and another US$38.75 million to Red Granite Capital. The account held by Brightstone Jewellery disbursed US$77.2 million to jewellery, watch and bag vendors to pay for Rosmah's luxury goods purchases. According to the suit, these amounts, along with the nature of the money flows, are evidence of how StanChart had failed to conduct the anti-money laundering safeguards. In 2016, the Monetary Authority of Singapore (MAS) imposed financial penalties of $5.2 million on StanChart and required that disciplinary action be taken against its officers who failed to perform their duties, following findings of significant lapses and serious regulatory breaches. A spokesperson for the 1MDB board said on July 1: 'The Malaysian people were the true victims of this global fraud, and all parties are determined to hold every facilitator to account – including financial institutions that failed in their most basic duties of vigilance and responsibility.' StanChart, in its statement, pointed out that the transactions at issue date back to 2010. 'We reported the transaction activities of these companies, both before and at the time we shut their accounts in early 2013, and fully cooperated with the investigating authorities,' it said. 'As set out in the MAS' December 2016 media release on the penalties on StanChart for 1MDB-related AML breaches, MAS concluded their inspection of StanChart in relation to 1MDB-related fund flows. 'While MAS identified regulatory breaches, the inspection did not find pervasive control weaknesses or wilful misconduct at Standard Chartered,' the bank said. 'Standard Chartered takes our responsibility to fight financial crime extremely seriously. We have made significant investments in strengthening our controls and uplifting our AML standards, and will continue to do so,' it added. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Ya Biladi
20 hours ago
- Business
- Ya Biladi
Marhaba 2025 : With 7 ships, AML ensures 28 daily departures for Moroccans abroad
«For Moroccans around the world, Africa Morocco Link (AML) is much more than just a crossing, it's the first step toward their homeland. The moment they board our ships, they're already in Morocco, welcomed with the warmth and hospitality our country is known for», proudly states Rachid Houari, General Director of the Moroccan maritime company. As part of the Marhaba 2025 operation, AML aims to reinforce this promise of hospitality by expanding its services to accommodate the massive wave of travel between Spain and Morocco. The company is planning 9,000 crossings, up from 8,000 in 2024, marking a 12.5% increase. In total, it expects to transport 1.2 million passengers, 250,000 vehicles, and 140,000 freight units across its two main routes: Tanger Med – Algeciras (approx. 1h30 crossing time) Tanger Ville – Tarifa (approx. 50-minute crossing) With an average of 28 daily departures and up to 36 during peak periods in late July and August, AML will cover nearly 30% of the total transport capacity across the Strait of Gibraltar. A Reinforced Fleet for the Summer To handle this summer's expected traffic, AML will mobilize a fleet of seven ships, including: Four mixed car-ferries (for passengers, vehicles, and trucks): - Stena Europe: 1,250 passengers, 300 vehicles, 62 trucks - Morocco Sun: 1,000 passengers, 200 cars, 40 trucks - AF Claudia: 900 passengers, 250 vehicles, 70 trucks - Morocco Star: 930 passengers, 200 vehicles, 45 trucks Two fast ferries (for passengers and cars only), serving the Tanger Ville–Tarifa route: - Morocco Express 1: 640 passengers, 50 vehicles - Maria Dolores: 600 passengers, 50 vehicles One freight ship: - Kaunas, dedicated to semi-trailers and operating in partnership with other companies (AML will handle two-thirds of the rotations). All ships will offer halal catering services. According to Commercial Director Abdelaali Essamghouni, efforts have been made to maintain high standards of comfort while preserving a distinctly Moroccan atmosphere on board. Human and Logistical Mobilization To meet customer expectations, AML will deploy nearly 500 staff throughout the Marhaba operation: reception agents, information officers, and boarding/disembarkation assistance teams. A dedicated after-sales support line will also be available for the duration of the summer season. Marhaba 2025 : AML mobilise 7 navires et assure 28 départs quotidiens pour faciliter le retour des MRE cet été. 9 000 traversées sont prévues sur l'année. ??? #Marhaba2025 #AML #MRE #Tanger #Maroc — (@yabiladi_fr) July 1, 2025 During a press briefing, Abdelaali Essamghouni emphasized a «rigorous» reorganization focused on three priorities: safety, punctuality, and quality of service. «We have overhauled our entire system to ensure a smooth experience for our passengers. This includes tailored pricing, optimized boarding, and onboard services that meet top international standards», he noted. AML, a Strategic National Player Africa Morocco Link, which is 57% owned by the Compagnie de Transport au Maroc (CTM) and 43% by Swedish group Stena Line, remains the only national maritime company currently operating on the Strait of Gibraltar. With this summer deployment, AML aims to further strengthen its strategic position in the region.
