Reported by Genevieve Glatsky The son of Gustavo Petro, the president of Colombia, was arrested on charges of money laundering and illicit enrichment, the attorney general’s office announcedearly Saturday morning. Nicolás Petro was arrested along with his ex-wife, Daysuris Vásquez, who was also charged with money laundering, as well as personal data violations. They were taken […]
Reported by Peter Kasperowicz and Brooke Singman | Fox News The FBI warned Friday that artificial intelligence is becoming the tool of choice for domestic and foreign criminals, and said the bureau is working to build up a capacity to fight this new threat. “AI has demonstrated that it will likely have far-reaching implications on […]
Reported by Eileen Kinsella Joe Lewis—billionaire art collector, currency trader, and owner of the Tottenham Hotspur soccer club—was charged with insider trading and financial fraud in New York today. According to the U.S. attorney statement and the indictment, Lewis received non-public information, such as, for example, imminent positive test results for biochemical companies as a […]
Reported by Gregory Fryer Most private companies in the United States will soon need to disclose sensitive ownership and control information to FinCEN, a bureau of the U.S. Treasury Department. The new reporting regime arises under the Corporate Transparency Act (CTA), enacted on January 1, 2021 to strengthen existing anti-money laundering statutes. Rulemaking under the […]
Meeting regulatory expectations Reported by Keith Berry Financial institutions are beginning to adopt AI more widely to enhance efficiency in AML compliance. While regulation around the use of AI in AML compliance continues to evolve, regulators generally support companies experimenting with AI to strengthen AML processes, as it offers the potential to reveal risk, reduce […]
Reported by FACT Coalition (Summary version reported below) The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing regarding the implementation of the Corporate Transparency Act (CTA). The act requires certain entities operating within the U.S. to report their true beneficial owners to FinCEN. Witnesses, including Gary Kalman […]
Reported by Federal Reserve The Federal Reserve imposed a $186 million fine on Deutsche Bank on Wednesday, saying it moved too slowly to fix problems with the bank’s money-laundering controls that the bank regulator flagged in 2015 and 2017. In fining the bank, the Fed issued a new order that requires Deutsche “to prioritize completion” […]
Reported by Protos Staff Chinese police have arrested 21 members of a major Tether money laundering ring that processed 380 million yuan ($55 million) in USDT across four provinces, according to local news outlet CCTV. Authorities in Qinshui County discovered in April that the bank account of a resident named Mouyue Zhao had an abnormal flow […]
Reported by C-SPAN The Commission on Security and Cooperation in Europe, also known as the Helsinki Commission, held a hearing on allegations of Russia evading sanctions through money laundering in Swiss banks. One of the witnesses was financier Bill Browder, who did business in Russia before being barred from the country in 2005 for taking […]
Reported by Frederick L. Block, Kelly L. Gibson, Susan D. Resley, Daniel B. Tehrani, Justin D. Weitz, Alyse (“Ali”) J. Rivett, and Michelle M. Arra The SEC filed four separate complaints in the US District Court for the Southern District of New York alleging insider trading by 13 defendants. Simultaneously, the US Attorney’s Office for […]
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