Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]
Reported by Tara Siegel Bernard Cybercrime is on the rise, but even the best antivirus software can’t thwart scammers who target the human psyche. Here are tips on how to avoid some of the most devastating schemes and what to do if you or someone you care about becomes ensnared. If You Become a Victim […]
Reported by Ernest Hoffman The government of the United Arab Emirates (UAE) has suspended the operations of 32 gold refineries – representing 5% of the total market – in a crackdown on money laundering and terrorist financing activities in the precious metals sector, according to an announcement from the Economy Ministry. “The Ministry of Economy has affirmed […]
Reported by Gavin Newsham In “Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World’s Deadliest Crooks” (Penguin Business), Geoff White asks: what would you do with sudden wealth if it came from a source you couldn’t admit to. “You’re faced with an excruciating dilemma,” he writes. “How do you enjoy your […]
Reported by Christian Terry Multiple arrests have been made in connection to a bank fraud investigation led by the Mont Belvieu Police Department. The department said the investigation into a series of seemingly unrelated financial fraud cases started in June 2024, where victims reported funds stolen from their bank accounts via unauthorized wire transactions. The […]
Reported by AFP The Vienna leg of a tour by American mega-star Taylor Swift has been cancelled after Austria arrested an Islamic State sympathiser in connection with an attack plot, the organisers said Wednesday. Authorities had earlier confirmed the arrest of a 19-year-old sympathiser of the armed group for allegedly planning an attack in the […]
Reported by FinTech Global Ever since its launch in November 2022, Generative AI has been the topic of discussion on everyone’s lips when it comes to discussing transformational technology. In the area of KYC, could we expect Generative AI to have significant long term impacts? In the view of Ted Datta, senior director, head of […]
Reported by Edoardo Anziano It all starts in Spain in August 2006. Inside a villa in the Andalusian city of Marabella, on the Costa del Sol, the brothers-in-law Raffaele Amato and CesarePagano meet up. Pagano lives in the rented villa along with the rest of his family. Amato and Pagano are the bosses of the Scissionisti Camorra clan — they are […]
Reported by Ronny Reyes The United Nations admitted Monday that nine employees of its controversial agency for Palestinian refugees, UNRWA, “may have been involved” in Hamas’ brutal Oct. 7 terrorist attack on Israel. The UN’s Office of Internal Oversight Services said its probe into 19 UNRWA staffers accused of aiding in the massacre found that nearly half of […]
Financial Crime News Briefs 