Reported by Julie Zhu and Jane Xu Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for Ant Group, ending a years-long regulatory overhaul of the fintech company and marking a key step to concluding a crackdown on the country’s internet sector. China’s central bank said that financial regulators would fine Ant […]
Reported by SEAN WOODS In late March 2020, Haywood Talcove, a CEO at LexisNexis Risk Solutions, was packing up his office, having sent his employees home. He was worrying about laying off his staff, his family’s health, and how he was going to manage two young kids at home during the pandemic. But when President […]
Reported by Matt Binder Is OpenAI responsible for what its popular AIchatbot, ChatGPT, says? A new lawsuit against the company filed by a Georgia-based radio host argues that the company is. Armed America Radio host Mark Walters filed against OpenAI for defamation earlier this week, marking the first such case in AI, according to Bloomberg. So, what happened? According […]
Reported by Jesus Jiménez In her role as an operations manager at an Amazon warehouse in Georgia, Kayricka Wortham had the authority to approve new vendors and their invoices. But during her time there, federal prosecutors said, she used that power in another endeavor: Running a scheme by which $9.4 million was stolen from the […]
Reported by Keith Blackman In the span of 24 hours, the Securities and Exchange Commission opened fire against two cryptocurrency giants. On June 5, it fileda wide-ranging, 13-count complaint against Binance—the world’s largest cryptocurrency exchange—along with its founder Changpeng Zhao. The SEC alleged that Binance failed to register as a securities exchange, conducted unregistered securities offerings, […]
Reported by André Beganski Anti-money laundering (AML) rules are not a panacea for dealing with tax cheats and criminals who try to cover their tracks with crypto—but they’re a logical place to start, according to a paper published by the International Monetary Fund (IMF) on Wednesday. The paper was authored by members of the IMF’s Fiscal Affairs […]
Reported by Joseph Wilkins A Susan B. Anthony dollar coin. Wikimedia The vault where precious metals dealer Robert Higgins claimed to be storing over half a million of his clients’ silver coins was found by investigators to be empty – except for little boxes of paper IOUs. Now, the 68-year old has been ordered by […]
Reported by Kelley R. Taylor There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves. The IRS says […]
Reported by finews.com There has been a turn of events in the case which would have seen the first Swiss company to be held accountable in court. The ex-CEO of Falcon Private Bank and the bank were acquitted in a ruling issued Monday, according to «AWP». The Appeals Chamber stated that it was not possible to […]
Reported by Benjamin Chou, President, Personable Traditional methods of investigating financial fraud rely on manual verification and human analysis. Unfortunately, these methods often fall short when dealing with today’s increasingly complex and sophisticated fraud schemes. These shortcomings make it imperative to explore the transformative potential of artificial intelligence and machine learning for revolutionizing financial fraud […]
Financial Crime News Briefs 