Reported by Editorial Staff of Traders Magazine When top financial market regulators on both sides of the Atlantic deliver speeches about the same technology within six days of each other, that’s a strong sign that technology is an important topic. This is the case with generative artificial intelligence, which Financial Conduct Authority Chief Executive Nikhil Rathi addressed on […]
Reported by CHARLIE POGACAR Works of art have long been identified, and sometimes even romanticized, as ideal ways for racketeers to launder money. There’s a thread of logic here: the art world typically accommodates those that want to anonymously buy high-dollar paintings, and on top of that, the industry allows large cash deals. For those looking […]
Reported by Solomon Oladipupo US prosecutors are mulling over whether to initiate criminal charges against Binance, thereby turning the heat on 13 civil chargesfiled by the securities watchdog against the top crypto exchange earlier in June, Semafor reported today (Wednesday), citing insider sources. However, the Department of Justice (DOJ) is worried that such action could lead […]
Reported by Riah Pryor The recent sentencing of the Palm Beach art dealer Daniel Elie Bouaziz, after he pled guilty to laundering money from the sale of counterfeit works by artists such as Andy Warhol and Jean-Michel Basquiat, raised eyebrows in May. Not because of the crime (it is hardly the first time a Warhol has been faked) […]
Reported by Lauren Ohnesorge A man charged with misdirecting millions of dollars meant for Bibles into diamonds and real estate used a North Carolina shell company to launder the proceeds of his scheme, according to an unsealed federal indictment. Jason Gerald Shenk, a former resident of Dublin, Georgia, is now being sought on multiple federal […]
Reported by Kenneth Corbin The agency has issued a risk alert detailing the findings of a series of exams focusing on brokers’ AML programs, identifying a number of failures in a compliance area regulators see as important in preventing the illicit movement of money. “[S]ome registrants did not appear to devote sufficient resources, including staffing, to AML […]
Reported by Robert Johnston Jr., Jimmy Kang, Paula Ladd, Scott Moss, and Samantha Sigelakis-Minski of Lowenstein Sandler LLP U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970 and its amendments (BSA), […]
Reported by Marjorie Hernandez The “Breaking Bad” grandma accused of running an international drug ring out of her California home is living life “as if nothing has happened,” and doesn’t even have an ankle monitor, pictures taken by The Post show. Joanne Segovia, 64, has been out on bail since charged with allegedly leading a double life […]
Financial Crime News Briefs 