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 […]

Reported by Matt Troutman These Uber drivers took passengers for a $40 million ride. A pair of fraudsters sold hacked smartphones and fake apps — including one dubbed “Screwber” — to more than 800 Uber drivers as part of a scheme that conned customers into paying bogus “surge pricing” fares, federal prosecutors said Wednesday. Eliahou […]

Reported by Sindhu V Kashyap According to Chainalysis’s mid-year crime update report, while illicit on-chain activities have declined by 20 percent year-to-date (YTD), certain criminal operations have increased significantly. For instance, inflows from stolen funds have nearly doubled, and ransomware payments are on track to reach record levels by the end of the year. These […]

Reported by Andrew Isbester The US government issued a rule that will soon make it more difficult to use cash when buying property.  American Dream However, a major, unfettered bastion of the anonymous cash-for-homes faction has now been felled, as a message sent overnight by the US Treasury Financial Crime Enforcement Network (FinCEN) shows.  A […]

Reported by Patrick Donachie The U.S. Treasury Department finalized new anti-money-laundering rules affecting Securities and Exchange Commission-registered investment advisors, though it loosened some strictures from its proposal earlier this year. The department’s Financial Crimes Enforcement Network (FinCEN) unveiled two final rules to combat money laundering: one for IAs and exempt reporting advisors and one for […]

Reported by Keith Griffith The U.S. Treasury Department has issued a new rule that aims to prevent nefarious actors from using residential real estate deals for money laundering. The final rule issued on Wednesday will require real estate professionals to report the true identity of all-cash homebuyers who use shell companies or other legal entities […]

Reported by Carter Pape Telegram’s role in fraud and cybercrime Telegram plays a “significant role” in enabling fraud and scams, according to Greg Williamson, senior vice president of fraud reduction for BITS, the technology policy division of the Bank Policy Institute. Specifically, the platform serves as a “how-to” channel for illicit actors to share information […]

Reported by PYMTS Nordea Bank Abp has reached a settlement with the New York State Department of Financial Services (DFS) after the regulator determined that the bank had compliance failures and failed to conduct proper due diligence of its correspondent bank partners.  The bank entered into a consent order with DFS and agreed to pay $35 million in penalties, the DFS […]

Reported by Dana George Imagine you’re looking for a job, which hasn’t been easy. Rent is coming due, and you really need to pad your checking account to cover it. Your cousin owns a small business, and although you’ve never entirely understood what his company does, you know he’s pretty successful. You’re relieved when he hires you […]