Reported by: Spencer Woodman The U.S. Treasury Department’s quest to build a company ownership database meant to battle dirty money has hit another setback, with a key national banking group calling for the agency to withdraw its “fatally flawed” plan. In a letter submitted last week, the American Bankers Association said the Treasury’s latest proposed […]
Reported by: The NY Department of Financial Services New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today announced the Department has enhanced its ability to detect fraud and other illegal activity among New York State-regulated entities engaged in virtual currency activity through new insider trading and market manipulation risk monitoring tools. […]
Reported by: Daniel Oropeza In 2022, BioCatch, a software company that delivers advanced fraud protection, estimated that there are approximately two million mule accounts in the U.S., and about $3 billion in fraudulent transfers a year. The same research estimates that scammers are lowering their transaction amounts to mules to an average of $1,500 to avoid […]
Reported by: Geoff Schweller On February 16, the U.S. Securities and Exchange Commission (SEC) announced the establishmentof a $178.6 million Fair Fund to be distributed to investors harmed in Danske Bank’s historic money laundering scheme. The scheme was originally exposed by a whistleblower: former Danske banker Howard Wilkinson. The establishment of the massive Fair Fund underscores the tremendous […]
Reported by: Arjun Kharpal The U.S. Securities and Exchange Commission could be gearing up to take action against Paxos, a company that issues a type of cryptocurrency called stablecoin. The move will have major implications for the $137 billion market, experts told CNBC. Stablecoins are a type of cryptocurrency designed to mirror real-world assets such […]
Reported by: Arjun Kharpal The U.S. Securities and Exchange Commission could be gearing up to take action against Paxos, a company that issues a type of cryptocurrency called stablecoin. The move will have major implications for the $137 billion market, experts told CNBC. Stablecoins are a type of cryptocurrency designed to mirror real-world assets such […]
Reported by: Anushree Dave The U.S. Securities and Exchange Commission on Friday said it charged former NBA star Paul Pierce with promoting EMAX crypto tokens, sold by EthereumMAX, on social media, without disclosing that he was receiving payment for the promotion and for making possible misleading statements about the asset. The agency said that Pierce, […]
Reported by: Anushree Dave The U.S. Securities and Exchange Commission on Friday said it charged former NBA star Paul Pierce with promoting EMAX crypto tokens, sold by EthereumMAX, on social media, without disclosing that he was receiving payment for the promotion and for making possible misleading statements about the asset. The agency said that Pierce, […]
Reported by: Prinesha Naidoo South Africa’s government and state-owned companies will find it harder to borrow money, while banking and asset-management fees may increase if the country is added to a global watchdog’s list of nations with shortcomings in tackling illicit financial flows. The Financial Action Task Force, which polices compliance with anti-money laundering and […]
Reported by: Jasmine Sheena WESTPORT — A Westport resident has been charged with conspiracy, multiple counts of violating the Foreign Corrupt Practices Act and money laundering, the U.S. Attorney’s Office for the District of Connecticut said Friday. Glenn Oztemel, 64, is accused of bribing officials affiliated with Brazil’s state-owned energy company, Petróleo Brasileiro S.A.-Petrobras, to […]
Financial Crime News Briefs 