Reported by Reuters Investigators searched the offices of U.S. streaming giant Netflix (NFLX.O) in France and the Netherlands as part of a preliminary investigation into tax fraud laundering, a French judicial source said on Tuesday. French paper Marianne, which first reported the searches, said investigators specialising in financial crime and corruption raided the company’s offices in central […]

Reported by ELEANOR MYERS London’s art market is the third largest in the world, accounting for 17 percent of global sales in 2023, and just behind China, which mostly relies on Hong Kong. But experts fear Britain’s fresh anti-money laundering (AML) clampdown will send the city tumbling down the list. Although they were introduced a […]

Reported by Eric Mack (Summary version of original report) House Speaker Mike Johnson voiced concerns about a fundraising gap ahead of Tuesday’s elections, claiming Democrats have raised more campaign cash, partly through ActBlue. Johnson suggested that ActBlue, a fundraising platform for small-dollar Democratic donations, might be involved in alleged unlawful activities, including “money-laundering operations.” He […]

Reported by Binance News On Oct. 31, Binance announced a partnership with Amazon Web Services (AWS) to incorporate Amazon’s generative artificial intelligence (AI) technology to improve its Know Your Customer (KYC) verification process and customer service functions. The new AI-powered KYC system automates user information filling, conducts proof-of-address checks, and performs World-Check reviews to streamline […]

Reported by FATF The Financial Action Task Force (FATF) is considering revisions to the FATF Recommendations in order to better align them with measures to promote financial inclusion. This is part of FATF’s programme of work to address the unintended consequences of AML/CFT measures. FATF is inviting views and comments on the proposed changes from […]

Reported by RITA TRICHUR Ottawa is an unlikely place to inspire increased international co-operation to fight financial crime. After all, the Canadian government has spent decades being blasé about the transnational risks posed by money laundering, terrorist financing and sanctions evasion. Hence, it was surprising to learn from U.S. officials that the “spirit of collaboration” […]

Reported by Stephanie Stacey Banks and regulators are warning that QR code phishing scams — also known as “quishing” — are slipping through corporate cyber defences and increasingly tricking customers into giving up their financial details. Lenders including Santander, HSBC, and TSB have joined the UK National Cyber Security Centre and US Federal Trade Commission […]

Reported by Jake Rodriguez An L.A. Fashion District wholesaler, C’est Toi Jeans, Inc. (CTJ), along with its two executives have been convicted on multiple charges of money laundering and tax evasion, according to the U.S. Attorney’s Office, Central District of California. In a six-week trial that concluded on Tuesday, the defendants were found guilty of several […]

Reported by The Fintech Times The number of global banks losing clients to slow and inefficient know-your-customer (KYC) onboarding practices has surged to a record high this year, according to new research from Fenergo, the KYC, client lifecycle management (CLM) and transaction monitoring solution provider. Through a study of over 450 C-level executives across corporate, institutional […]

Reported by Trupti Bavalatt Generative AI technology that can be used to create fresh content like text, images, audio, and even videos, much like a human would.This technology has become incredibly popular and widespread. A report from Europol predicts that 90% of online content could be AI-generated within a few years. However, Generative AI is […]