Reported by Nicole Sadek The U.S. Treasury Department will seek to operationalize use of the country’s new beneficial ownership information database by law enforcement and finalize moves to clamp down on real estate money laundering over the next two years, according to the latest national illicit finance strategy. The broad strategy document, released Thursday, details […]
Reported by Cheng Leng and Chan Ho-him UK engineering group Arup lost HK$200mn ($25mn) after fraudsters used a digitally cloned version of a senior manager to order financial transfers during a video conference, the Financial Times has learned. Hong Kong police previously revealed what is one of the world’s biggest known deepfake scams, but did not identify […]
Reported by FinCEN Red Flag Indicators Related to the Fundraising and Money Laundering Activities of Iran-Backed Terrorist Organizations FinCEN has identified the red flags listed below to assist financial institutions in detecting, preventing, and reporting suspicious activity connected to the financing of Iran-backed terrorist organizations. These red flags are in addition to the red flags […]
Reported by Osato Avan-Nomayo The trial of Binance executive Tigran Gambaryan began Friday with an accusation. But it wasn’t the one the courtroom in Abuja, Nigeria, was necessarily expecting — money laundering. Instead, prosecutors levelled charges that Binance, the world’s top crypto exchange, was guilty of devauling the African nation’s fiat currency, the naira. Abdulkadir […]
Reported by U.S. Attorney’s Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York; Lisa Monaco, the Deputy Attorney General of the United States; and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), […]
Reported by FinTech Global Encompass Corporation‘s recent research has uncovered alarming statistics regarding corporate treasurers’ dissatisfaction with banking applications. According to the study, a staggering 87 per cent of corporate treasurers have abandoned banking applications due to the lengthy and inefficient onboarding processes. Notably, this trend isn’t just affecting banks but also impacting businesses, with […]
Reported by Patrick Wintour Diplomatic editor Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said. Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public […]
Reported by Dylan Tokar U.S. regulators took another step on Monday toward bolstering anti-money-laundering safeguards with a proposal to require that certain investment advisers verify identities of their customers. The proposal, which would extend identification requirements that already exist for broker-dealers and mutual funds, was issued jointly by the U.S. Securities and Exchange Commission and […]
Reported by Howard Stutz By 2007, as casino expansion flourished across multiple states, the U.S. Department of Treasury stepped up its scrutiny of large financial transactions at casinos. Nevada gaming overseers decided a change was needed in the state’s regulatory structure and removed Regulation 6A, which covered currency reporting requirements by casinos. It essentially led to […]
Reported by U.S. Attorney’s Office, Southern District of New Damian Williams, the United States Attorney for the Southern District of New York, and Ivan J. Arvelo, the Special Agent in Charge of the New York Field Office of Homeland Security Investigations (“HSI”), announced today the unsealing of two Complaints charging flight attendants CHARLIE HERNANDEZ, SARAH […]
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