Reported by Jonathan Ames US justice officials — led by Breon Peace, a US attorney for the eastern district of New York, and Nicole Argentieri, a deputy assistant attorney-general — said that over three years, Berko was part a team at the bank that was responsible for securing and managing a deal between its client, a […]
Reported by João da Silva Self-exiled Chinese businessman Guo Wengui has been convicted by a US court of defrauding his online followers in a billion-dollar scam. He was found guilty on nine of the 12 criminal counts he faced, including racketeering, fraud and money laundering. Guo’s sentencing has been scheduled for 19 November, when he […]
Reported by KYC Portal CLM Why Traditional KYC Reviews Are No Longer Sufficient Manual periodic KYC reviews have long been the industry standard. However, these periodic reviews often lag, exposing organisations to undetected risks. The gaps between reviews allow for significant changes in a customer’s risk profile to go unnoticed. Consequently, companies face increased operational risks, […]
Reported by Jonathan Greig The $370,000 ransom paid to a hacker involved in the massive theft of data from telecom giant AT&T is currently being laundered through a variety of cryptocurrency mixing platforms and gambling services, according to researchers tracking the funds. TRM Labs, a blockchain analysis company, has been tracking a ransom payment of 5.72 BTC — about […]
Reported by Samantha Leathers As Amazon Prime Day rolls around, bargain hunters are out in force, but they’re not the only ones on the prowl cyber scammers are also looking to cash in on the frenzy. Vonny Gamot, Head of EMEA at online protection firm McAfee, has dished out advice on how Brits can sidestep the scammers during […]
Reported by KIM ZETTER US telecom giant AT&T, which disclosed Friday that hackers had stolen the call records for tens of millions of its customers, paid a member of the hacking team more than $300,000 to delete the data and provide a video demonstrating proof of deletion. The hacker, who is part of the notorious ShinyHunters […]
Reported by CAROLINE VAKIL A top official at the Federal Bureau of Investigation (FBI) said the agency is looking into the shooting that unfolded at Donald Trump’s campaign rally as an assassination attempt as well as a “potential” domestic terrorism act. “At this point [in] the investigation, it appears that he was a lone actor, […]
Reported by Terri Miller, Consumer Education Specialist, FTC Did someone supposedly spot fraud or criminal activity on one of your accounts? Did they offer to help “protect” your money by moving it from your bank, investment, or retirement account? Maybe they even asked you to share a verification code? If anyone did any of those things, it’s […]
Reported by FinTech Global FullCircl, which offers a SaaS platform to support regulatory and verification processes, recently offered a guide on customer due diligence regulations. Regulatory bodies across the globe mandate and oversee these CDD processes to uphold the transparency and integrity of business dealings. Key players include the Financial Action Task Force (FATF), which sets […]
Reported by Sara Sjolin Nordea Bank could face an estimated maximum fine of almost $1 billion over alleged failures to stop money laundering if it loses its case with Denmark, according to some legal experts, an amount that would far exceed the lender’s own expectations. The case has no precedent but a Danish court might hit […]
Financial Crime News Briefs 