BMO Risk Manager Recalls ‘Unprecedented’ Archegos Asset Value
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from the testimony: Read full report: https://www.bloomberg.com/news/live-blog/2024-05-29/archegos-trial-may-29
Month: May 2024
Ruthless ‘Nigerian scammer’ allegedly takes credit for auction scare at Elvis Presley’s Graceland: ‘I had fun’
Reported by Nika Shakhnazarova A self-proclaimed “Nigerian scammer” proudly took credit for the failed attempt to auction off Elvis Presley’s iconic Graceland mansion, which left his granddaughter Riley Keough “traumatized,” according to a report. The ownership of the sprawling Memphis property was thrust into doubt earlier this month after a mysterious company named Naussany Investments and Private […]
Credit Suisse’s Archegos Debacle Takes Hwang Trial Spotlight
Reported by Chris Dolmetsch and Bob Van Voris Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month. Six weeks later, on March 26, 2021, he got a 7:50 a.m. text message asking him to jump on a call. The subject was […]
Rabobank “terrorizing” Dutch businesses in Nigeria with money laundering checks
Reported by NL # Times Dutch entrepreneurs active in Nigeria say that Rabobank is “bullying” and “terrorizing” them with its anti-money laundering policy. The bank floods them with forms, questions, and demands and freezes their accounts at the drop of a hat, four entrepreneurs told the Financieele Dagblad. Rob Deckers’ company sold and shipped trucks to […]
How AI Can Impact Onboarding At Financial Institutions
Reported by Babu Sivadasan Deloitte’s recent research reveals that 86% of financial services AI adopters say AI will be very or critically important to their business’s success in the next two years. The research points out that AI can help improve efficiency, enable a growth agenda, boost differentiation, manage risk and regulatory needs and positively influence customer […]
JPMorgan’s AI-Powered KYC Operations Boost Productivity by up to 90%
Reported by Vanguard Reports The global market for AI-powered KYC (Know Your Customer) solutions in the banking industry has witnessed remarkable growth in recent years, driven by the increasing adoption of advanced technologies to enhance regulatory compliance, customer onboarding, and fraud detection processes. According to a report by Grand View Research, the global artificial intelligence […]
Bill Hwang’s ‘Margin Bot’ Explains How He Got Nickname
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from today’s testimony. Former Archegos risk management head Scott Becker took the stand for his third day as one of the prosecution’s star cooperating witnesses, and the defense got its first shot at cross-examining him. Read full report: https://www.bloomberg.com/news/live-blog/2024-05-22/archegos-trial-may-22
Archegos in ‘Frantic Confusion’ After Hwang Ran Out of Cash for Trades
Reported by Peter Jeffrey Legal Editor Here are the key takeaways from Tuesday’s testimony of former Archegos risk management chief Scott Becker. He’s one of the prosecution’s star witnesses against Hwang and Halligan and is expected to be on the stand for the rest of the week. Read full report: https://www.bloomberg.com/news/live-blog/2024-05-21/archegos-trial-may-21
Taylor Swift and Olympics scams fuelling fraud
Reported by Charlotte Edwards Fake Olympics and Taylor Swift tickets are the two biggest online scams consumers are likely to encounter this year, UK Finance has warned. The alert came as the banking lobby group reported that the number of people tricked by romance fraud and purchase scams jumped to new highs last year. Overall, […]
SEC and FinCEN Propose Customer Identification Obligations for Investment Advisers
Reported by Scott H. Moss, Robert A. Johnston Jr., Samantha Sigelakis-Minski, and Angenny M. Rosario Under the Notice of Proposed Rule Making (NPRM), Investment Advisers would be required to implement reasonable procedures to identify and verify the identity of their customers.3 The NPRM would define “account” as “any contractual or other business relationship between a person and an investment […]
Financial Crime News Briefs 