Reported by Valentine Hilaire Panama expects international financial-crime watchdog FATF to remove it this October from a watch list for nations deemed to be doing too little to fight money laundering, the country’s deputy finance minister said, adding that other intergovernmental groups might follow suit. The Central American nation urgently needs to exit the watch […]
Reported by Weston Blasi Over 300 mail carriers have been robbed in the first half of FY23, and a recent series of thefts in Wisconsin led to more than 900 stolen checks The U.S. Postal Service has issued a new warning: be careful when mailing checks. The USPS reported a recent surge in attacks on […]
Reported by FATIMA HUSSEIN The U.S. on Tuesday imposed sanctions on four firms and one individual connected to the Wagner Group, the Russian mercenaries that led a brief against the Kremlin last week. The sanctions from Treasury’s Office of Foreign Assets Control targeted entities in the Central African Republic, the United Arab Emirates and Russia […]
Reported by John Yoon A California man was sentenced on Monday to more than six years in prison for running an $8.75 million Ponzi scheme that hinged on a nonexistent factory that was supposed to create green energy out of cow manure, federal prosecutors said. For five years, Raymond Holcomb Brewer falsely claimed to be […]
Reported by Christina Emmanouilidou One of the ways anti-fraud systems can utilise AI and machine learning is to support the detection of unusual patterns. AI and ML algorithms can sift through millions or even billions of transactions quickly to identify suspicious patterns or activities that might be signs of fraud. These algorithms learn to recognise new and […]
Reported by GABRIEL GAVIN and TIM ROSS Wagner Group boss Yevgeny Prigozhin | Pool photo by Sergei Ilnitsky/AFP via Getty Images Vladimir Putin is facing a major military crisis after Russian mercenary leader Yevgeny Prigozhin declared war on Moscow’s own defense ministry, claiming Kremlin officials had killed thousands of his soldiers. In a statement issued Friday night, […]
Reported by Dylan Tokar Alphabet’s cloud business on Wednesday announced the launch of a new AI-driven anti-money-laundering product. Like many other tools already on the market, the company’s technology uses machine learning to help clients in the financial sector comply with regulations that require them to screen for and report potentially suspicious activity. Where Google […]
Reported by Pete S. Michaels and Alyssa C. Scruggs Registered reps beware: your personal device or messaging account is not the right place to conduct your business affairs, and regulators have made clear that they will not look the other way. In particular, the Financial Industry Regulatory Authority (“FINRA”) and member firms are cracking down […]
Reported by Reuters Romanian prosecutors on Tuesday charged US-British social media influencer Andrew Tate, who has gained millions of fans by promoting an ultra-masculine lifestyle, with human trafficking, rape and forming a gang to sexually exploit women. Tate was indicted with his brother Tristan and two Romanian female suspects. They are under house arrest pending an investigation […]
Reported by Bill Lumley Image: Getty Images Banks are meeting their anti-fraud responsibilities by investing heavily in techniques to keep up with the fast-evolving practices of online fraudsters, but they are finding it hard to keep up with the rapidly evolving challenge. This was a key finding of the authors of the 2023 Global Banking […]
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