Reported by Eve Sampson Criminal networks in Europe are increasingly mixing illicit finances with seemingly legal businesses, and exploiting new technology to grow their operations and launder money faster than authorities can keep up, a new Europol report revealed. Nearly 70% of criminal elements operating in the European Union use money-laundering techniques to garner revenue […]
Reported by Taylor J. Mustafa Due to burgeoning concerns of financial crime, and increased activity of fraudsters and scammers, JP Morgan’s Chase UK bank has made the decision to ban their customers from making future cryptocurrency payments. The company states that the ban, which will come into effect from October 16th, will apply to all […]
Reported by Henry Foy Russia is using Chinese currency for at least a fifth of its imports, a new study has found, illustrating both Moscow’s increasing reliance on Beijing and its efforts to evade western sanctions. Context: Sanctions imposed on Moscow by the EU, US and others as a result of its war against Ukraine have made […]
Reported by Mengqi Sun Deutsche Bank’s investment arm agreed to pay $25 million to settle allegations including that it overstated how it used environmental, social and governance factors in its funds, one of the first cases that questioned ESG claims by money managers. The investment arm, DWS, also settled allegations from the Securities and Exchange […]
Reported by Siddharth Venkataramakrishnan and Michael O’Dwyer EY agreed to terminate a consulting contract and refund millions of pounds to Santander’s UK business after failings in its anti-financial crime work for the bank, according to three people with knowledge of the matter. The Big Four consultancy was one of several external advisers called on by […]
Reported by Polygraph.info MTS, Russia’s largest communications provider, had presented in its Moscow store Apple’s new iPhone 15 that day – 24 hours before the start of global sales. MTS (short for Mobile TeleSystems) operatesin Russia, Belarus and Armenia providing telecommunications services to some 80 million subscribers. In July 2022 the U.S. Securities and Exchange Commission delisted it […]
Reported by Low De Wei, Chanyaporn Chanjaroen, and Andrea Tan Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion ($1.8 billion) worth of assets that has rattled the Asian financial hub. Some lenders have been reviewing new account openings and transactions with […]
Reported by Nick Oberheiden Financial institutions and companies that are subject to oversight from the Office of Foreign Assets Control (OFAC) need to prioritize compliance. OFAC has become increasingly active in recent years, and it is devoting substantial government resources to identifying illicit activity and pursuing enforcement action against institutions and companies that engage in […]
Reported by JOHN BASQUILL US authorities have vowed to crack down on money laundering through offshore banks, after issuing a US$15mn fine to a Puerto Rican lender accused of facilitating payments linked to bribery, drugs and crypto scams. The Financial Crimes Enforcement Network (FinCEN) says Bancrédito, a San Juan-based bank that is now in liquidation, wilfully violated […]
Reported by Eddie Spence Russia became the United Arab Emirates’ top source of gold last year after Western countries imposed sanctions on supplies following the Kremlin’s invasion of Ukraine. The UAE last year imported 96.4 tons of gold from Russia, more than any other country, according to the United Nations’ Comtrade database. That’s roughly a […]
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