Reported by FinTech Global FullCircl, which offers a SaaS platform to support regulatory and verification processes, recently offered a guide on customer due diligence regulations. Regulatory bodies across the globe mandate and oversee these CDD processes to uphold the transparency and integrity of business dealings. Key players include the Financial Action Task Force (FATF), which sets […]
Reported by Sara Sjolin Nordea Bank could face an estimated maximum fine of almost $1 billion over alleged failures to stop money laundering if it loses its case with Denmark, according to some legal experts, an amount that would far exceed the lender’s own expectations. The case has no precedent but a Danish court might hit […]
Reported by Brett Wolf The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]
Reported by Joe Miller and Joshua Franklin A New York jury has found former Wall Street trader Bill Hwang guilty of fraud and market manipulation, more than three years after the implosion of his fund Archegos sent tremors through global equity markets and left major banks nursing billions of dollars in losses. The verdict on Wednesday came […]
Reported by Rob Copeland For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. What if it isn’t anymore? The promise of bank insurance — a tenet of U.S. consumer protection since the Great […]
Reported by Jason Branning, CFP, RICP Retirees need to be aware of emerging threats from the stories that are transmitted through various technologies. These threats could impact online security and gain access to your bank savings or investment accounts. Understanding that there are trapdoors that can be accessed or exploited through the technology is widely […]
Reported by Joe Miller Prosecutors on Monday urged a Manhattan jury to find Archegos founder Bill Hwang guilty of fraud and market manipulation, alleging that he “behaved as though the rules did not apply to him” by artificially inflating stock prices in a scheme that left banks with billions of dollars of losses. The collapse […]
Reported by Greg Iacurci Employment scams surged last year, as criminals leveraged artificial intelligence to steal money and personal information from unsuspecting job seekers, experts said. Consumer reports of job scams jumped 118% in 2023 from the prior year, according to a recent report by the Identity Theft Resource Center. Thieves generally pose as recruiters and post fake job listings to […]
Reported by Tracey Tully and Benjamin Weiser Senator Robert Menendez’s sister testified on Monday about their parents’ journey from Cuba and the family’s practice of storing cash at home, offering justification for a habit he has said explains at least some of the roughly $480,000 F.B.I. agents seized during a search of his New Jersey home. The […]
Reported by Lucy Colback Stick ’em up Ransomware is a ubiquitous problem. In a traditional ransomware attack, in which files are encrypted and users’ access disabled, “you have between 45 seconds and four hours before your entire network is done”, says Mick Baccio, global security adviser at Splunk, a cyber security company. One UK/US crime group, Scattered […]
