Reported by Associated Press reporters Mark Scolforo in Harrisburg, Pennsylvania; Maryclaire Dale in Philadelphia; and Wayne Parry in Pleasantville, New Jersey. New Jersey Democratic power broker George E. Norcross III was charged Monday with racketeering and other crimes in connection with a waterfront redevelopment and the use of government-issued tax credits. At a news conferenced […]
A bill pending in the Senate would authorize fund companies to delay redemption requests if they suspect the investor is being exploited. Reported by Kenneth Corbin A coalition of prominent financial trade groups is calling on lawmakers to advance legislation that would enable asset managers to intervene when they suspect an elderly client is being […]
Reported by Ray Fernandez (Click link all the way down below for full report) Blockchain Bridges, Droppers, and Neural Network Forgeries Deniss Kudrjašov, AML Compliance Officer at the neobank Keytom, spoke to Techopedia about the tactics and technologies used by cyber criminals to clean dirty money. “Recently, combined laundering systems that utilize both centralized and decentralized […]
Reported by Rabihah Butler Manager for Enterprise content for Risk, Fraud & Government / Thomson Reuters Institute Before the Beneficial Ownership Information (BOI) Database went live, there were scams and rumors of scams surrounding the CTA and the database. These scams were so prevalent that FinCEN had to make an official alert to the scam before it was […]
Reported by Jay Weaver Miami Herald (TNS) It’s been an age-old problem for Colombian drug traffickers: Moving mountains of cash from U.S. cocaine profits back to their country. The cartels’ latest solution: automated teller machines. But they aren’t withdrawing money from ATMs; they’re depositing tons of it, in stacks of $20, $50 and $100 bills, all across the […]
Reported by Mustafa Mulla The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant. This dismissal of charges follows intense international pressure, including a letter […]
Reported by Robert Lemos, Contributing Writer Over the past two years, researchers at UK-based fraud-defense firm Netcraft used a chatbot based on Open AI’s ChatGPT to respond to scams and convince cybercriminals to part with sensitive information: specifically, banks account numbers at more than 600 financial institutions spanning 73 different countries that are used to […]
Reported by MIKE HAGER Public registries created by Ottawa, British Columbia and Quebec to allow people to find a corporation’s hidden owners have made it more difficult for criminals to funnel their ill-gotten gains into shell companies, an expert has told an international conference. But other provinces and territories, such as Ontario and Alberta, have […]
Reported by Chanyaporn Chanjaroen and Joyce Koh Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter. Private bankers at several institutions are also receiving additional training to […]
Reported by Ernesto Cabral Colorado money service businesses, such as check-cashing businesses and money forwarding services, filed a record number of reports last year of possible money laundering by people using their services, official data shows. In 2023, money services businesses flagged more than 22,000 transactions in Colorado they suspected were intended to convert money from […]
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