Reported by Minh Hieu Indonesia aims to attract wealthy investors with its new golden visa program, but analysts have warned that the policy could invite cross-border money laundering and drive up housing prices. The visa scheme was launched last Thursday, making it easier for foreign nationals to invest and contribute their wealth, skills, or expertise […]
Reported by Moody’s In the United Kingdom, there are beneficial ownership registers for companies, properties, land, and trusts. In February 2022, the UK Government sought to increase the accuracy of some of these registers and in March 2022 introduced new legislation around overseas entities owning property in the UK. According to the UK Government, “The […]
Reported by Scott Fishman Beneath the veil of quarter horse racing was a multi-million dollar money laundering operation run by the notorious Mexican drug cartel Los Zetas. The incredible true story of how rookie FBI agent Scott Lawson led an investigation that took them down is the subject of a new four-part docuseries from Apple TV+ called Cowboy […]
Reported by Mengqi Sun State Street has agreed to pay about $7.5 million to settle allegations a subsidiary of the financial-services firm received payments and redacted invoices from two Russian entities that faced U.S. sanctions restrictions. The subsidiary, Charles River Development, a financial technology company specializing in software for communicating trading information, allegedly altered the […]
Reported by ELIZABETH MEEHAN Most Americans have now heard about Project 2025, even if they only know those two words and nothing from the 900 pages of policies that will impact every person living in the United States. One area that has been overlooked is its plan for the US anti-money laundering regime. It’s a massive […]
Reported by Sheila Chiang Payments giant Visa is using artificial intelligence and machine learning to counter fraud, James Mirfin, global head of risk and identity solutions at Visa, told CNBC. The company prevented $40 billion in fraudulent activity from October 2022 to September 2023, nearly double from a year ago. Fraudulent tactics that scammers employ include using AI to […]
Reported by Huw Jones A Coinbase business in Britain has been fined for breaching a regulatory agreement to improve its defences against financial crime, in the first sanction of its kind in the UK cryptoassets sector. The Financial Conduct Authority (FCA) said on Thursday that CB Payments Limited (CBPL), a gateway for customers to trade […]
Reported by Jim Vivenzio of Perkins Coie The Financial Crimes Enforcement Network’s proposed rules seek to streamline AML/CFT program rules across banks, broker dealers, mutual funds, insurance companies, futures commissions merchants, commodities brokers, casinos, and money services businesses, among others. FinCEN and federal banking agencies propose these key changes: New statement of purpose. This intends to summarize the […]
Reported by StudyFinds Staff Almost half of Americans (48%) believe that the rise of artificial intelligence has made them less “scam-savvy” than ever before. With AI working its way into education, finance, and even science, a new survey finds many people don’t know who to trust anymore. The poll of 2,000 U.S. adults revealed that […]
Reported by James Pomfret and Michael Martina Semiconductors and other restricted goods shipped through China and Hong Kong to fuel Russia’s war effort fell by a fifth this year previously undisclosed U.S. Commerce Department data shows, but Hong Kong remains a global sanctions evasion hotspot. Transshipments through Hong Kong of Common High Priority Items (CHPL) — advanced […]
Financial Crime News Briefs 