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Bank of America fined $1.21 billion for failing to report potential suspicious activity
The bank was fined on 13 October 2026 for failing to maintain adequate internal controls and report more than $5 billion in suspicious transactions, including $1 billion in activity that posed national security-related financial risks, among other violations.
The bank failed to implement and maintain an AML program including deficiencies in due diligence for foreign correspondent accounts, inadequate staff training, delayed or inaccurate suspicious activity reports (SARs), and ineffective transaction-monitoring systems. Its internal audit function failed to identify longstanding compliance weaknesses. According to the US Treasury, the bank also mistakenly processed millions of payments violating sanctions targeting Russia and Iran. As part of the enforcement action, the bank was ordered to undertake an independent third-party review of historical transactions and report any previously undetected suspicious activity to the Financial Crimes Enforcement Network (FinCEN).
Source: REUTERS
Vietnamese woman arrested in Japan for alleged money laundering
According to the National Police Agency (NPA), the Vietnamese woman is suspected of laundering ¥30 million in March 2025, which had been stolen through voice phishing scams that trick victims into disclosing sensitive financial information.
According to Japan’s NPA, fraudsters impersonated financial institutions and used automated phone calls to notify companies about internet banking service renewals. The criminal group then sent emails to victims containing links to fake websites, where they were tricked into entering their banking IDs and passwords. The stolen funds were transferred to an account belonging to a money-laundering group in Vietnam, introduced by the woman to the scam group. The money then passed through several accounts before Vietnamese money mules withdrew it from ATMs in Japan or converted it into cryptocurrency. Investigators believe the rapid movement of funds helped prevent banks from freezing the accounts. The NPA analysed approximately 80 voice-phishing cases reported between October 2024 and April 2025, involving total losses of around ¥2.9 billion, of which nearly ¥1.5 billion was transferred to Vietnam. Vietnamese authorities have also charged seven people in connection with the case, following cooperation between the two countries.
Source: JAPAN TIMES
Sharjah police arrests 33 suspects in international cybercrime crackdown
On 15 October 2026, Sharjah Police, in cooperation with the Ministry of Interior, seized company assets worth 65 billion dirhams and arrested 33 suspects who were allegedly linked to international criminal networks involved in cross-border cybercrime.
The international criminal organisation dismantled by Sharjah Police operated through interconnected networks with specialised roles in cyberattacks, data theft, online fraud, digital wallet theft, extortion and money laundering. One of the groups hacked systems and stole databases, while another sorted the compromised information and sold it through dark-web networks. The stolen data was also used for phishing and social-engineering scams, including fraud schemes supported by artificial intelligence, to deceive victims into transferring money or giving access to their digital assets. Another group managed digital wallets and laundered illicit proceeds through cryptocurrency, bank accounts, intermediaries and companies to obscure the origin and movement of funds. The money was eventually converted into assets such as real estate, luxury cars, watches and jewelry to give the proceeds an appearance of legitimacy. Under this operation, Sharjah Police and partner agencies dismantled the four networks and arrested 33 suspects from 12 nationalities.
Source: SHARJAH POLICE
ED arrests two for transnational drug trafficking
The Enforcement Directorate (ED)’s investigation revealed the two were involved in procuring precursor chemicals, as well as processing, distributing and transferring proceeds from illicit sale of narcotic substances.
The drug syndicate allegedly procured precursor chemicals for manufacturing narcotics, which were then transported and distributed across multiple Indian states and international borders. The drug sales proceeds were collected and layered through hawala channels and multiple third-party, family and corporate bank accounts. Transactions were disguised as legitimate commissions from chemical sales to pay suppliers and conceal the illicit origin of funds. The laundered proceeds were allegedly used to acquire movable and immovable assets in the names of other individuals. These included high-value real estate in India and Dubai, as well as cash, foreign currency and gold bars.
Source: THE HINDU
