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 […]

Reported by Adam Satariano reported from London, Paul Mozur from Taipei, Taiwan, and Aurelien Breeden from Sigottier, France. Telegram, founded in 2013 by the Russian entrepreneur Pavel Durov, has grown into one of the world’s largest online communication tools and is central to everyday life in countries like Russia, Ukraine and India for messaging, getting […]

Reported by MATHILDA HELLER Pavel Durov, the founder and CEO of the messaging service, Telegram, was arrested as he disembarked his private jet on the tarmac at Le Bourget airport, Paris, the French channel TF1 reported on Saturday. OFMIN, a part of the national directorate of the French judicial police, had placed an arrest warrant on […]

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 […]