FATF Expectations, MEXC Sanctions, Canada's AML Oversight Shift, and Block's $964 Million Settlement

In this week's episode, Elliot Berman and John Byrne examine several significant developments shaping the anti-money laundering and financial crime landscape. They discuss the anticipated publication of the U.S. FATF mutual evaluation report and FinCEN's action against crypto exchange MEXC Global for allegedly facilitating billions in illicit transactions. The conversation also explores troubling AML compliance findings among UK accounting firms, Canada's decision to shift AML oversight responsibilities from FINTRAC to the banking regulator, OSFI, and growing international coordination among regulators, including New York's Department of Financial Services and the EU's AML Authority. Additional topics include the continued global debate over beneficial ownership transparency, FinCEN's efforts to combat industrialized scam centers through information sharing, Block's proposed $964 million AML settlement with the U.S. Department of Justice, a major tax fraud indictment involving $177 million in fraudulent refund claims, and new EU efforts to strengthen sanctions coordination across member states.