KYC in an Increasingly Complex Landscape Reported by Fenergo Summary of U.S.-Focused Insights from the KYC Trends 2024 Report Read full report – see attachment: 1. Rising Costs of KYC Compliance in the U.S.: Financial institutions (FIs) in the U.S. face significant compliance challenges, spending a substantial portion of their operational budgets on Know Your […]

Reported by Daniel de Visé If you feel that no bank account is entirely safe from scams and fraud these days, you aren’t being paranoid.  Three in 10 bank customers experienced fraudulent activity on their accounts in the past year, according to a first bank fraud study by J.D. Power, the consumer analytics firm.  Some consumers sent […]

Reported by Johan Sheridan New York Attorney General Letitia James announced a $6.25 million settlement with Sotheby’s, the iconic New York City auction house, for helping clients avoid millions in sales taxes. From 2010 to 2020, Sotheby’s let clients claim phony tax exemptions on millions of dollars in art purchases. “A prominent auction house went out […]

Reported by Reuters A top Swiss court on Wednesday acquitted Credit Suisse of a 2022 criminal conviction when the bank that is now part of UBS was found guilty of failing to prevent money laundering by a Bulgarian cocaine trafficking gang. Read full report: https://finance.yahoo.com/news/credit-suisse-acquitted-2022-conviction-111859870.html

Reported by the U.S. Securities and Exchange The 2025 SEC Examination Priorities document outlines the Division of Examinations’ key focus areas for ensuring compliance, preventing fraud, and maintaining market integrity. The highlights on fraud and money laundering are summarized below: 1. Investment Advisers and Fraud Risk: The SEC emphasizes adherence to fiduciary standards, requiring investment […]

Reported by Jennifer Gould Three “notorious kleptocrats” — including a Ukrainian oligarch wanted in the US — were sanctioned by the British government on Thursday in a bid to tackle dirty money flowing through the UK, officials said. Dmytro Firtash, a puppet of Russian president Vladimir Putin, Isabel dos Santos of Angola and Latvia’s Aivars […]

Reported by U.S. Food and Drug Administration A California man has been arrested and charged in federal court in Boston in connection with a money laundering conspiracy.   Jimmy Fu, 63, of West Hills, Calif., was charged by a criminal complaint with one count of a money laundering conspiracy. Fu was arrested on Oct. 30, […]

Reported by U.S. Attorney’s Office, Eastern District of New York The indictment details a complex scheme involving key defendants, including Adani and associates, accused of engaging in criminal activities spanning bribery, fraud, and corruption. It outlines how the defendants allegedly orchestrated their operations to gain undue financial benefits, evade regulatory oversight, and manipulate processes in […]

Reported by Chris Prentice Jay Clayton, President-elect Donald Trump’s pick for U.S. Attorney in Manhattan, said the office is well-positioned to focus on national security and combating terrorism financing and money laundering. Trump nominated Clayton, former U.S. Securities and Exchange Commission Chairman, last week to be U.S. Attorney for the Southern District of New York. The […]

Reported by Joe Miller Former Wall Street trader Bill Hwang has been sentenced to 18 years in prison, capping an extraordinary fall from grace for the Archegos founder who was earlier this year found guilty of orchestrating a massive market deception that cost big banks billions of dollars. Judge Alvin Hellerstein on Wednesday said the […]