Reported by Reuters Austrian regulators fined Raiffeisen Bank International (RBIV.VI) for lapses in its money laundering controls, the country’s Financial Market Authority said on Friday, imposing a record fine of just over 2 million euros ($2.1 million). The penalty, the biggest ever to be awarded by regulators in Austria, was handed out after failings were found in […]
Reported by Anna Lamche A Panamanian court has acquitted all 28 people charged with money laundering in connection with the Panama Papers scandal, concluding a trial that began in April. The secret financial documents were leaked in 2016, revealing how some of the world’s richest and most powerful people use tax havens to hide their […]
Reported by Joe Miller in New York and James Kynge In January 2021, US Drug Enforcement Administration agents watched a man drop off a large white bag with “Happy Birthday” written on the side at an office complex in Downey, California. It contained $226,000 in cash. Three months later they witnessed the same man leave a Fruity […]
Reported by Jodi Vittori and Lakshmi Kumar Summary Sovereign wealth funds (SWFs) have existed for more than a century, typically as state-sponsored financial institutions to manage a country’s budgetary surplus, accrue profit, and protect a country’s wealth for future generations. Yet, for economies of the Organisation of Economic Co-operation and Development (OECD), SWFs only burst into public […]
Reported by Dave Michaels It is a safe harbor executives have enjoyed for 25 years to protect against insider-trading charges: commit to sell slices of their portfolio in the future, regardless of market events. The strategy helps company insiders show they aren’t trading on secrets unknown to investors. But jurors on Friday didn’t buy that […]
Reported by Alessandro Mascellino Security researchers have uncovered a significant increase in dark web activity involving stolen identity information from Singapore citizens. In an advisory published on Monday, Resecurity said cybercriminals are selling these stolen documents, which can be used for fraud, identity theft, impersonation scams and to bypass Know Your Customer (KYC) protocols. Resecurity […]
Reported by Matthew Ormseth With millions in cash piling up in the United States, the Sinaloa cartel needed to funnel proceeds from the sale of fentanyl, methamphetamine and cocaine back to Mexico. Federal prosecutors say a ring of Chinese nationals in the San Gabriel Valley offered a solution: marrying the Sinaloans’ glut of bulk cash […]
Reported by NICLAS ROLANDER, JONAS EKBLOM AND BLOOMBERG Ellen Bagley was delighted when she made her first sale on a popular second-hand clothing app, but just a few minutes later, the thrill turned to shock as the 20-year-old from Linköping in Sweden discovered she’d been robbed. Everything seemed normal when Bagley received a direct message on the platform, […]
Reported by Anthony Lin, Senior Legal Editor Here are the key takeaways from the day’s testimony: Read full report: https://www.bloomberg.com/news/live-blog/2024-06-18/archegos-trial-june-18
Reported by Anika Sidhika The HSBC branch in Switzerland violated its anti-money laundering duties in relation to two politically exposed individuals, according to the Swiss banking authority FINMA. Reported by Reuters, FINMA revealed that it has directed the bank to review all of its existing business dealings with individuals who are politically vulnerable and that […]
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