Things that moved in financial crime this week.
The Laundry Times, Thursday 17 September 2026
Things that moved in financial crime this week.
Every story carries its source. What moved, what it means, and what to do about it.
01
FIU-IND issues compliance notices to 15 crypto platforms
FIU-IND has issued notices under the PMLA to 15 crypto platforms for non-compliance and directed takedown of their applications for allegedly operating illegally without fulfilling mandatory AML/CFT obligations.
The Financial Intelligence Unit-India (FIU-IND) has taken compliance action against 15 Virtual Digital Assets Service Providers (VDA SPs) for violations of the Prevention of Money Laundering Act, 2002 (PMLA). These providers have been issued takedown notices for allegedly operating illegally in India. VDA SPs were brought within India’s AML/CFT framework in March 2023. Offshore and onshore entities providing services such as exchange of virtual digital assets with fiat currencies, transfer of VDAs, or custody and administration of VDAs are required to register with FIU-IND as reporting entities. Registered VDA SPs must comply with reporting, record-keeping, customer due diligence and other obligations under the PMLA.
Source: PIB
02
Nepal National Risk Assessment rates anti-money laundering efforts as ‘medium-high’ risk
Nepal’s 2026 National Risk Assessment has rated its money laundering risk as medium-high, citing weak enforcement, corruption, financial fraud, cybercrime and misuse of virtual assets.
Nepal’s National Risk Assessment on Money Laundering, Terrorist Financing and Proliferation Financing-2026 has assessed the country’s vulnerability to money laundering as medium-high, primarily due to weak implementation and enforcement of existing laws. Terrorist financing risk remains ‘medium-low’, while proliferation-financing risk is assessed as ‘low’. The report notes that while Nepal has strengthened its legal and regulatory framework, shortcomings persist in investigation, prosecution, asset seizure and coordination among institutions. Key predicate offences contributing to money laundering include corruption, bribery, tax evasion, customs fraud, trade-based money laundering, cooperative fraud, cyber-enabled financial crime, illegal hundi transactions and misuse of virtual assets. The banking and cooperative sectors are assessed as medium-high risk, while virtual assets and related service providers are classified as high risk despite a prohibition on virtual-asset trading in Nepal.
Source: Department of Money Laundering Investigation (Nepal)
03
Hawala networks misuse WhatsApp in cross-border money laundering case
A 532-member WhatsApp group called “Traders of Greater Europe” was being used to arrange large cash transfers across countries through the hawala system.
Members of a WhatsApp group shared how much cash was needed and where, while hawala brokers arranged for the money to be collected in another location without using regular bank transfers. Investigators found that the wider network was connected to money laundering, drug trafficking, people smuggling and terrorism financing. The network was uncovered when Belgian investigators arrested one of its suspected money launderers and found the WhatsApp group on his phone. They also found 6,000 photos of €5 notes showing their serial numbers and 6,000 photos of identity cards. These details were being used as references to identify transactions in the hawala system. The records helped investigators understand the scale of the operation and indicated that at least 12,000 transactions may have been handled.
Source: BBC
04
FinCEN Highlights the Growing Threat of Digital Asset Investment Scams
Nearly $13 billion in suspected scam-related activity was identified across thousands of BSA reports
FinCEN analysed 33,904 Bank Secrecy Act (BSA) reports filed between September 2023 and December 2025. The reports helped identify patterns and tactics associated with digital asset investment scams, including the movement of proceeds through money mules, shell companies, and digital asset services. Digital asset investment scams have emerged as a major fraud typology, with transnational criminal organizations operating large-scale scam networks, particularly in Southeast Asia. Criminals use fake identities to build trust with victims before directing them to fraudulent investment websites or apps. The proceeds are then moved through money mules, shell companies, and professional money launderers, including through stablecoin transfers to digital asset exchanges outside the United States.
Source: FinCEN
05
AUSTRAC takes action against 45 businesses over financial risks
Regulator tightens supervision across remittance and digital asset sector
Over the past year, AUSTRAC has cancelled, suspended or refused to renew registrations of 45 remittance and virtual asset service providers. The action focused on businesses that were dormant or inactive, lacked necessary operational capacity, failed to comply with registration requirements or involved significant risks related to money laundering and terrorist financing. AUSTRAC has continued to focus on the payments, remittance and virtual asset sectors through various regulatory measures in recent months. These include launching an investigation into Western Union and taking action to suspend Cryptolink’s crypto ATM network. The measures highlight AUSTRAC’s growing focus on sectors considered to carry elevated risks of money laundering, terrorism financing and other serious financial crimes.
Source: AUSTRAC
06
Cyber fraud losses of more than Rs. 5000 Crore prevented through FRI
FRI (Fraud Risk Indicator), a multidimensional analytic framework launched by DOT (Department of Telecommunication) to help financial institutions to assess if a mobile number may be associated with cybercrime or financial fraud, prevented fraud losses of 5000 crore within 15 months of its launch.
Source: Akashavani News
