Reported by NORA GÁMEZ TORRES and ANTONIO DELGADO The Biden administration had agreed to lift sanctions on Venezuela and promised the return of normal relations if the opposition could participate in competitive presidential elections, according to a deal secretly signed in Qatar last year that leader Nicolas Maduro made public on social media. Maduro published the […]
Reported by Braddock Stevenson The revised rules’ renewed emphasis on innovation, and their requirement that financial institutions ensure their operational program requirements are US-based, also carry potential impact. To drive innovation and effective programmatic changes and reduce regulatory hindsight, banks and other financial institutions should consider several steps. Develop data-driven measurements for risk over qualitative […]
Reported by Lisa Cavazuti For much of his career as a federal drug agent, Ray Donovan had a singular focus: the capture of Mexican cartel boss Joaquin “El Chapo” Guzman. When Guzman was finally arrested in early 2014, fentanyl trafficking was on the rise in the U.S., and Donovan soon found his next project. He enlisted a data […]
Reported by Lananh Nguyen NEW YORK (Reuters) -Wells Fargo is being investigated by government authorities over issues in its anti-money laundering and sanctions programs, the bank said on Thursday in a filing. The company did not specify which government was inquiring about its practices. Read full report: https://finance.yahoo.com/news/wells-fargo-faces-government-probe-215048093.html
Reported by Bruce Kelly David Gentile, founder and CEO of GPB Capital Holdings, and Jeffry Schneider, broker-deal chief, were founder guilty on all fraud counts they faced on Thursday morning in a seven-week trial in federal court in downtown Brooklyn. The 12-person jury found Gentile guilty of all five counts he faced; conspiracy to commit […]
Reported by Minh Hieu Indonesia aims to attract wealthy investors with its new golden visa program, but analysts have warned that the policy could invite cross-border money laundering and drive up housing prices. The visa scheme was launched last Thursday, making it easier for foreign nationals to invest and contribute their wealth, skills, or expertise […]
Reported by Moody’s In the United Kingdom, there are beneficial ownership registers for companies, properties, land, and trusts. In February 2022, the UK Government sought to increase the accuracy of some of these registers and in March 2022 introduced new legislation around overseas entities owning property in the UK. According to the UK Government, “The […]
Reported by Scott Fishman Beneath the veil of quarter horse racing was a multi-million dollar money laundering operation run by the notorious Mexican drug cartel Los Zetas. The incredible true story of how rookie FBI agent Scott Lawson led an investigation that took them down is the subject of a new four-part docuseries from Apple TV+ called Cowboy […]
Reported by Mengqi Sun State Street has agreed to pay about $7.5 million to settle allegations a subsidiary of the financial-services firm received payments and redacted invoices from two Russian entities that faced U.S. sanctions restrictions. The subsidiary, Charles River Development, a financial technology company specializing in software for communicating trading information, allegedly altered the […]
Reported by ELIZABETH MEEHAN Most Americans have now heard about Project 2025, even if they only know those two words and nothing from the 900 pages of policies that will impact every person living in the United States. One area that has been overlooked is its plan for the US anti-money laundering regime. It’s a massive […]
Financial Crime News Briefs 