Reported by Fenergo Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management, released today its annual financial institution fines analysis, shedding light on fines imposed on in the United States. The study analyzed penalties imposed by US regulators from January to December 2023, discovering a 69% […]
Reported by Rebecca R. Ruiz and Tariq Panja Nearly a decade after police officers marched world soccer officials out of a luxury hotel in Zurich at dawn, revealing a corruption scandalthat shook the world’s most popular sport, the case is at risk of falling apart. The dramatic turnabout comes over questions of whether American prosecutors […]
Reported by The Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO) Scammers claim AI-created algorithms can generate huge returns—sometimes tens of thousands of percent—or yield 100 percent “win” rates. These dubious claims have been made about algorithms that automatically place trades, known as “bots,” and algorithms that provide buy and sell signals […]
Reported by Sarah Kent What do the new sanctions do? Though the US and UK banned direct imports of rough diamonds from Russia shortly after the war began, stones cut and polished elsewhere in the world had remained fair game — until now. But as of the start of January, EU and G7 countries have […]
Reported by Corinne Ramey and James Fanelli British billionaire Joe Lewis pleaded guilty Wednesday to securities-fraud charges, resolving an insider-trading case in which prosecutors accused him of tipping off pilots, personal assistants and romantic partners about companies in which he invested. The 86-year-old Lewis, whose family owns the English Premier League soccer club Tottenham Hotspur, pleaded guilty to […]
Reported by Jesus Jiménez A pastor in Denver who said that God told him to sell cryptocurrency that could not be cashed is facing civil charges, along with his wife, for marketing a digital coin that prosecutors said was “practically worthless” and using the proceeds to support a “lavish lifestyle.” The pastor, Eligio Regalado, and […]
Reported by GIULIA MORPURGO and BLOOMBERG Moody’s Analytics has found 21 million “red flags” associated with shell companies that could be used to enable financial crimes, from ancient directors to dubious addresses. For instance, more than 2,200 companies have directors aged 123 years and above, despite the fact that the oldest known human lived to […]
Reported by Craig Coben On Friday the US Securities and Exchange Commission charged Morgan Stanley and its former equity syndicate desk head Pawan Passi with fraud in the conduct of block trading business. The SEC’s report describes several damningly flagrant breaches of confidentiality, but one example stands out as the epitome of chutzpah. According to the SEC, […]
Reported by New York Department of Financial Services Superintendent of Financial Services Adrienne A. Harris announced today that Industrial and Commercial Bank of China Ltd. (ICBC) and its New York branch have agreed to pay $30 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services […]
Reported by Siddharth Venkataramakrishnan Increasing sophistication Identifying the scale of AI use by scammers is a difficult task, says Alex West, banking and payments fraud specialist at consultant PwC. He was one of the authors of a report into the impact of AI on fraud and scams last December in collaboration with cross-industry coalition Stop Scams UK. […]
Financial Crime News Briefs 