Reported by Rafaela Lindeberg Klarna Bank AB received widespread criticism from the Swedish Financial Supervisory Authority for not doing enough to combat money laundering and terrorist financing, Dagens Industri reported.  The lender has violated several regulations, the authority said in a July letter to Klarna Chief Executive Officer Sebastian Siemiatkowski, DI said.  The heavily redacted letter obtained […]

Reported by KEN RITTER Casino company Wynn Resorts Ltd. has agreed to pay $130 million to federal authorities and admit that it let unlicensed money transfer businesses around the world funnel funds to gamblers at its flagship Las Vegas Strip property. The publicly traded company said a non-prosecution settlement reached Friday represented a monetary figure […]

Reported by AFP – Agence France Presse Truong My Lan, chair of major developer Van Thinh Phat, was found guilty in April of swindling cash from Saigon Commercial Bank (SCB) over a decade in one of the biggest corruption cases in history. Lan and 33 accomplices will now face a one-month trial starting September 19 […]

Reported by The New Arab Staff & Agencies Lebanon’s justice ministry formally accused former central bank governor Riad Salameh of financial crimes on Thursday, the state news agency and judicial sources said, echoing charges brought against him by state prosecutors when he was arrested this week. Salameh, 73, was arrested on Tuesday over alleged financial crimes including illicit […]

Reported by Kirsten Fleming She’s got the gall, but does she have the moves? We’ll soon find out when con woman Anna Delvey — who served nearly four years in prison for posing as a German heiress to scam hotels, socialites and banks out of $250,000 — takes a shot at the Mirrorball Trophy. It was […]

Reported by PYMNTS The Centre for Finance, Innovation and Technology(CFIT) has formed an anti-financial crime group. The U.K.-based group announced the effort Monday (Sept. 2), noting it had recruited several tech and finance giants to its cause, including Amazon Web Services, Mastercard,  Lloyds Bank, Revolut and Santander. Also joining the group are regulators such as the Financial Conduct Authority (FCA) and […]

Reported by Mikhail Flores,  Neil Jerome Morales and Ananda Teresia Indonesia will deport to the Philippines a fugitive former mayor accused of ties to Chinese criminal syndicates and money-laundering to the tune of more than 100 million pesos ($1.8 million), Jakarta’s law minister said on Wednesday. Alice Guo, also known as Chinese national Guo Hua Ping, is wanted […]

Reported by ANTHONY IZAGUIRRE AND THE ASSOCIATED PRESS A former New York state government official who worked for former Gov. Andrew Cuomo and current Gov. Kathy Hochul was charged Tuesday with acting as an undisclosed agent of the Chinese government, federal prosecutors revealed in a sprawling indictment. Linda Sun, who held numerous posts in New York state […]

Reported by JAMEY KEATEN Switzerland’s federal criminal court on Wednesday convicted two top managers of a Saudi oil company on charges including fraud and money laundering in a vast scam that swiped at least $1.8 billion from a Malaysian state-owned investment fund. PetroSaudi executive Tarek Obaid, a Saudi-Swiss dual national, received a seven-year sentence and British-Swiss associate Patrick […]

Reported by Akin Gump Strauss Hauer & Feld LLP AML and KYC Obligations (Finally) Imposed on Private Fund Managers On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule that will, upon effectiveness (January 1, 2026), require most private fund managers to: FinCEN’s Fact Sheet describing the key […]