Reported by MARTIN YOUNG The new AI-powered tool, customized specifically to target crypto exchanges and financial platforms represents “a new level of sophistication” in fraud, says cybersecurity firm Cato.   A new AI-powered deepfake tool called ProKYC that allows nefarious actors to bypass high-level Know Your Customer (KYC) measures on crypto exchanges demonstrates a “new level […]

Reported by Nneoma Omeje Criminal networks in Southeast Asia are increasingly using the messaging app Telegram to coordinate their activities, reshaping the dynamics of organized crime, according to a report released by the United Nations on Monday. The report follows legal charges against Telegram’s founder and CEO, Pavel Durov, in France, where he is accused of enabling […]

Reported by Kristen E. Larson The Financial Crimes Enforcement Network (“FinCEN”) issued last month an in-depth report on check fraud stemming from mail theft (“Report”).  This is a pernicious and expanding problem.  The Report follows upon a joint alert issued by FinCEN and the U.S. Postal Service (“USPS”) in February 2023, on which we blogged. Mail theft-related check […]

Reported by Valerie Hopkins and Julian E. Barnes The Russian arms dealer Viktor A. Bout is trying to broker a deal with Houthi militants in Yemen, according to Western officials. The negotiations between Mr. Bout and the Iran-backed group have been in progress for some time, but no deal has been completed and no arms have been […]

Reported by Samantha-Jo Roth Reps. Bill Huizenga (R-MI) and Blaine Luetkemeyer (R-MO), the chairmen of two subcommittees, sent a letter this week to Andrea Gacki, the director of the Financial Crimes Enforcement Network, asking the agency to utilize its authority to “detect terrorist acts and financing through the USA Patriot Act.” The congressmen are requesting that FinCEN […]

Reported by Natalie Musumeci (Summarized version of original report) Tax evasion, insider trading, and money laundering are some of the most common financial crimes committed by the wealthiest individuals in society, often with little fear of prosecution. According to white-collar defense attorneys, these tactics are used to illegally increase wealth. High-profile cases such as Todd […]

Reported by Ryan Browne Facebook parent company Meta on Wednesday said that it’s working with two leading banks in the U.K. on an information-sharing arrangement to help protect consumers from fraud. Meta said it was expanding its Fraud Intelligence Reciprocal Exchange (FIRE) to enable U.K. banks to directly share information with the social media giant, in a […]

Reported by Alistair Gray Socialite James Stunt allowed his offices in London’s Mayfair to become a “trusted hub” for criminality, prosecutors claimed on Thursday at one of the UK’s biggest money laundering trials. The former son-in-law of Formula 1 head Bernie Ecclestone was accused of being part of a scheme that allowed criminals to funnel […]

Reported by Hugh Son Buried in a roughly 200-page quarterly filingfrom JPMorgan Chase last month were eight words that underscore how contentious the bank’s relationship with the government has become. The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to […]

Reported by SAVANNAH FORTIS The Financial Supervisory Commission (FSC) of Taiwan introduced new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must comply with by 2025. On Oct. 2, the FSC released updated AML measures following earlier amendments proposed by the financial watchdog. Taiwan has been expected to roll out new crypto-related regulations since March.  […]