Reported by FinTech Global Every 48 hours, the digital world produces an astounding five quintillion bytes of data, according to McKinsey & Company. Most of this data is unstructured, presenting significant challenges for financial institutions that typically handle only structured data during anti-money laundering (AML) and KYC operations. According to Saifr, this limitation can have severe […]
Reported by Reuters Romanian police raided the home of internet personality Andrew Tate on Wednesday as part of a new investigation into crimes including human trafficking and money laundering, the influencer’s representatives said. A self-described misogynist, Tate has gained millions of fans by promoting an ultra-masculine lifestyle that critics say denigrates women. He was already indicted in mid-2023 […]
Reported by BusinessNC The owner of a Charlotte area car dealership and a sales manager have pleaded guilty to money laundering conspiracy charges. John Harvey Martin, 50, of Charlotte, pleaded guilty Friday, Aug. 16, and Vincent Emmanuel Jefferson Jr., 47, of Fort Mill, South Carolina, pleaded guilty on Tuesday, August 13, 2024. According to court records, […]
Reported by Matei Rosca The United States has fallen behind other developed countries in curbing financial secrecy, surpassing Switzerland as the “international banking center of choice for corrupt transactions,” according to a new report from the University of Sussex. The findings, based on data that spans four decades and more than 70 jurisdictions, provide “an unprecedented view […]
Reported by Lynne Marek The Federal Reserve is developing more tools to aid financial institutions using its FedNow instant payments system in fighting fraud, a FedNow official said recently. The central bank is focused on adding those features as banks and credit unions on the real-time payments system seek to manage risks and fight fraud […]
Reported by Bloomberg Singapore charged two former bank relationship managers who it accused of being involved in the country’s biggest money-laundering case, marking its first criminal actions against finance professionals in the S$3 billion (US$2.3 billion) scandal. Wang Qiming, a 26-year-old Chinese national, was charged with 10 counts including forging documents for the purpose of cheating […]
Reported by Joe Mille A former finance minister of Mozambique has been found guilty of accepting $7mn in bribes as part of what became known as the “tuna bonds” scandal, and underwriting a series of bogus investments that ultimately imploded and wrecked the country’s economy. A Brooklyn jury on Thursday convicted Manuel Chang of conspiracies […]
Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Nonfiction: ALL THAT GLITTERS: A Tale of Friendship, Fraud, and Fine Art, by Orlando Whitfield Reported by Jennifer Szalai Nobody enjoys being taken for a fool, but a lot of us enjoy stories about confidence artists who do the fooling: fraudsters and scammers who connive their way into fantastic riches — especially if they provide […]
Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]
Financial Crime News Briefs 