Day: January 21, 2024

Written by FinCrime

NYDFS ANNOUNCES $30 MILLION SETTLEMENT WITH INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD. FOR MULTIPLE COMPLIANCE FAILURES 

Reported by New York Department of Financial Services Superintendent of Financial Services Adrienne A. Harris announced today that Industrial and Commercial Bank of China Ltd. (ICBC) and its New York branch have agreed to pay $30 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services […]

Written by FinCrime

AI heralds the next generation of financial scams

Reported by Siddharth Venkataramakrishnan Increasing sophistication Identifying the scale of AI use by scammers is a difficult task, says Alex West, banking and payments fraud specialist at consultant PwC. He was one of the authors of a report into the impact of AI on fraud and scams last December in collaboration with cross-industry coalition Stop Scams UK. […]