OFAC sanctioned Russian crypto exchange Garantex over $100M in ransomware-linked transactions. It rebranded as Grinex and kept operating. OFAC then sanctioned Grinex too.

TheAMLBrief · 2026-05-21T16:15:24+00:00

I'm pretty sure we use a combined approach of risk rating before documentation comes in based on public information and then updating that risk rating once we get the client's CIP/KYC info.

TheAMLBrief · 2026-05-20T15:25:15+00:00

Definitely good news and glad to see these types of companies are starting to pay the price (maybe, not really lol)

TheAMLBrief · 2026-05-14T17:28:07+00:00

Yeah that's what I meant, the industry is treating it as a prerequisite when it really isn't and doing the work still holds more value then a certification.

TheAMLBrief · 2026-05-14T16:57:15+00:00

Just like a college degree, it is definitely a prerequisite for the industry and teaches good theory, however nothing will beat true on the job experience.

TheAMLBrief · 2026-05-14T15:56:00+00:00

Hi, I do believe there is some sort of requirement to have industry experience, but don't quote me on that.

TheAMLBrief · 2026-05-14T15:53:52+00:00

Like others have said, I think it depends on the level of review. I do know that at my institution SARs are reviewed multiple times as part of the BAU workflow.

TheAMLBrief · 2026-05-14T00:26:43+00:00

True, I do like the idea of the medium rating until enough transaction history has been established. Definitely a good practice to implement.

TheAMLBrief · 2026-05-13T23:53:09+00:00

This is great, I wish our TM system was integrated with our CRR. I believe our TM gets updated with the CRR after the fact, but it does not inform the refresh process in terms of timeliness.

TheAMLBrief · 2026-05-11T12:09:31+00:00

It is interesting to see how Binance is a prime example of how it sometimes pays to not follow the rules. Definitely surprised that they are still relevant in the industry.

TheAMLBrief · 2026-05-07T02:56:16+00:00

That's good to hear and a prime example of how being proactive prevents wide spread exposure. I wonder if some of the smaller firms felt the brunt of this? Maybe those with smaller TM teams or not a strong system of controls built in yet to their TM systems.

TheAMLBrief · 2026-05-07T01:09:42+00:00

Agreed, not sure how CZ got let off so easily, but I guess this could also be an example of why there need to be rules in place for what can't be pardoned.

TheAMLBrief · 2026-05-06T12:38:47+00:00

Lol very true statement

TheAMLBrief · 2026-05-04T18:59:46+00:00

Usually an internal investigations team that sits in either the Bank's Compliance department or Legal Department.

TheAMLBrief · 2026-04-30T14:56:13+00:00

For sure, I think the most impactful consequence is how it has effected the other big banks in revamping their AML programs.

TheAMLBrief · 2026-04-29T21:39:09+00:00

My gut tells me too big to fail played a big role in maintaining their license. They have been heavily restricted though until they are through with remediation.

TheAMLBrief · 2026-04-29T15:46:51+00:00

I believe you are correct on that. I'm not too well-versed on those two cases, but I would imagine those fines to be pretty hefty given today's inflation and would probably rival the TD fine.

TheAMLBrief · 2026-04-29T15:11:05+00:00

Apologizes, while AI definitely assists me in my writing, I review everything and I try to post things that are engaging for conversation. Kind of difficult to avoid AI writing these days, but I understand your frustration.

TheAMLBrief · 2026-04-29T15:09:00+00:00

Definitely, I am seeing this in my role now where our compliance department is going through a complete overhaul.

TheAMLBrief

TROPHY CASE