Reported by: JOE PATRICE Dechert’s long-running Neil Gerrard headache continues. It all started when the firm’s former white collar practice chief Gerrard began working for the Eurasian Natural Resources Corporation (he began working for ENRC at DLA Piper, but brought the engagement with him when he lateraled to Dechert). ENRC hired Gerrard to conduct an […]
Reported by: Nancy J. Allen Bittrex, a cryptocurrency exchange, agreed to pay just under $30 million in fines and keep a closer eye on its compliance program as part of a settlement with the United States Treasury Department over allegations that it had accidentally violated federal sanctions. The settlements were made public on Tuesday by the […]
Reported by: Robert Anello , Richard Albertand Courtney Morphet Cryptocurrency has been touted as a more transparent form of investing, as the information needed to price digital assets is generally available to the public, and in theory no “inside” information is available to exploit before public releases of information, such as earnings announcements and SEC […]
Reported by : NL Times One of the subsidiaries of the bank ING is suspected of money laundering in a criminal investigation. The company, an online payment service provider, is thought to have violated the Financial Supervision Act, according to the FD. It is the second time for ING to be connected to a money […]
Reported by: Rommel Lontayao The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for failure to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing between June 2014 and July 2017. The regulator said Gatehouse also failed to undertake the correct checks when some […]
Reported by: Brian McGleenon Russians are selling rubles (RUBUSD=X) for crypto in an effort to evade sanctions and settle cross-border payments, a money laundering expert has claimed. Due to the sanctions that prohibit Russian businesses from making international settlements in US dollars, companies and individuals are now turning to crypto as an alternative. Cryptocurrency activity in both […]
Reported by: swissinfo.ch The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime. The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the government said on […]
Reported by: WILL KNIGHT LAST MONTH, THE Chinese ecommerce giant Alibaba revealed a powerful new cloud computing system designed for artificial intelligence projects. It is used by Alibaba’s cloud customers to train algorithms for tasks like chatbot dialogue and video analysis, and was built using hundreds of chips from US companies Intel and Nvidia. Last week, the US announced new export […]
Reported by: Thomas Brewster Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine, Forbes has learned. Acquired by Block in 2021, […]
Reported by: Noele Illien, Dan McCrum, Victor Mallet and Leila Abboud Leonteq (LEON.S) on Wednesday dismissed a media report alleging suspicious trading at the Swiss fintech company potentially related to tax evasion or money laundering by clients. The company, which offers structured investment products, said internal and external investigations had found no evidence to support the allegations […]
Financial Crime News Briefs 