Reported by The Herd A sweeping federal investigation has exposed deep ties between organized crime and professional sports betting. The case underscores how criminal networks adapt — merging old-school racketeering with modern financial crime tactics. For compliance and risk professionals, it’s a powerful reminder of why vigilance in sports finance and entertainment matters more than […]

Reported by David Waldstein (Excerpt shared below. To read full report, go to: https://www.nytimes.com/2025/10/25/nyregion/new-york-basketball-betting-scandals.html) New York is known as the heart of the basketball world, but it could also be called the capital of basketball betting scandals. Less than a decade after the first N.C.A.A. men’s basketball tournament, college players in the city were already […]

Reported by Alex Oliveira (Excerpt shared below. To read full report, go to: https://nypost.com/2025/10/23/us-news/how-mafiosos-and-nba-stars-used-rigged-card-shufflers-x-ray-tables-and-secret-contact-lenses-in-poker-scam/) NYC mafiosos and NBA stars used a combination of high-tech contraptions and old-school gambling tricks to swindle hapless high-rollers out of $7 million in a sprawling backroom poker scheme, prosecutors alleged in an explosive indictment Thursday. The years-long con depended on “advanced […]

Reported by JACOB SIMS, ERIN WEST and JASON TOWER (Excerpt shared below. To read full report and announcement, go to: https://thehill.com/opinion/congress-blog/technology/5565543-congress-targets-foreign-scam-syndicates/amp/ and https://www.foreign.senate.gov/press/dem/release/ranking-member-shaheen-senator-cornyn-introduce-bill-to-counter-foreign-cyber-scams) Last year, Americans lost over $10 billion dollars to sophisticated online scamming operations run out of Southeast Asia. Last week, the Department of Justice seized $15 billion in Bitcoin from the Cambodia-based “forced labor scam compound,” […]

Reported by The Canadian Press (Excerpt shared below. To read full report, go to: https://www.cbc.ca/news/business/cryptomus-fined-177-million-fintrac-9.6948338) A cryptocurrency exchange has been slapped with a fine of almost $177 million — the largest-ever penalty by Canada’s financial intelligence agency — for infractions including failing to flag more than 1,000 transactions with suspected links to criminal activity. The […]

Reported by Martin Arnold, Ellesheva Kissin and Suzi Ring (Excerpt shared below. To read full report, go to: https://www.ft.com/content/4deb8a5d-003c-446d-b0ad-38b18aa71c2b) UK law firms and accountants are pushing back against plans for the Financial Conduct Authority to supervise them for the first time as part of a shake-up in the system for fighting money laundering in professional services. The Treasury […]

Reported by United States Senate (Excerpt shared below. To real full report and copy of legislation, go to: https://www.banking.senate.gov/newsroom/majority/chairman-scott-senator-kennedy-introduce-bill-to-modernize-the-bank-secrecy-act and https://www.banking.senate.gov/imo/media/doc/streamline_act_bill_text_final_draft_jn9mkhf4cccp.pdf) Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senators John Kennedy (R-La.), Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala), Pete Ricketts (R-Neb.), and Bernie Moreno (R-Ohio) […]

Reported by Bank of Singapore (Excerpt shared below. To read full report, go to: https://www.bankofsingapore.com/media-releases/2025/bank-of-singapore-deploys-agentic-ai-tool-to-automate-writing-of-source-of-wealth-reports.html) Bank of Singapore has rolled out an agentic AI-powered tool that automates a key part of the Know-Your Customer due diligence process to ensure the legitimacy of clients’ wealth and transactions. With the use of the tool, Source of Wealth […]

Reported by Abbinaya Kuzhanthaivel (Excerpt shared below. To read full report, go to: https://www.itnews.asia/news/bank-of-singapore-deploys-ai-to-automate-kyc-process-621076) Bank of Singapore has launched an agentic artificial intelligence (AI) tool to streamline the process of verifying the legitimacy of clients’ wealth, a key step in Know-Your-Customer (KYC) due diligence.  The bank said the AI tool – Source of Wealth Assistant […]

Reported by Martin Young (Excerpt shared below. To read full report, go to: https://www.occrp.org/en/news/china-sentences-16-members-of-myanmar-crime-syndicate-to-death-over-cyber-scams) A Chinese court handed down death sentences to 16 members of the powerful Ming crime family for running sprawling scam compounds in the Kokang region of Myanmar’s Shan State, close to the Chinese border, where cyber fraud, drug trafficking, prostitution and […]