Tag: financial crime

Written by FinCrime

Operation Crypto Runner: Eastern District of Texas Announces Multi-Year Investigation into Transnational Cryptocurrency Money Laundering Networks

Reported by: U.S. Attorney’s Office, Eastern District of Texas According to court documents unsealed today, 21 individuals have been charged for their roles in transnational money laundering networks, including those that laundered millions of dollars stolen from United States fraud victims through romance scams, business email compromises, technical support schemes, and other fraud schemes. U.S. […]

Written by FinCrime

Lawyers Should Be Key Reporters in Anti-Money Laundering Efforts

Reported by: JUSTYNA GUDZOWSKA and JONATHAN M. WINER International standards have evolved to include legal professionals among those required to help prevent and report cases of money laundering. But loopholes in US anti-money laundering laws continue to exempt many gatekeepers in the financial system. This includes certain lawyers and accountants, as well as company agents […]

Written by FinCrime

Senate Weighs Expansion of Money-Laundering Rules

Reported by: Chris Cumming Congress is considering a vast expansion of anti-money-laundering rules to private-equity firms and other businesses in an effort to stamp out dirty money in the financial system, people who work with lawmakers said. A bipartisan group of senators is weighing whether to include in the annual defense appropriations bill the so-called […]

Written by FinCrime

Danish FSA reports Jyske Bank to police for possible breach of anti-money laundering act

Reported by: Reuters Denmark’s financial watchdog has reported lender Jyske Bank (JYSK.CO) to the police for possible breach of anti-money laundering legislation, it said on Monday. The Financial Supervisory Authority (FSA) said in a statement it among other things had found “significant shortcomings” in the bank’s customer due diligence measures. Read full report: https://www.reuters.com/markets/europe/danish-fsa-reports-jyske-bank-police-possible-breach-anti-money-laundering-act-2022-11-28/

Written by FinCrime

SEC Under Gensler: Crypto Power Grab or Effective Protection?

Reported by: SEBASTIAN SINCLAIR&DAVID CANELLIS The US Securities and Exchange Commission (SEC) has long been a thorn in the side of the crypto ecosystem — and chairman Gary Gensler represents the very tip. Gensler’s SEC has been more prolific in its crypto cases this year. In January, Gensler directed staff to figure out how to get “these […]

Written by FinCrime

Featurespace Secures UK, US Govt Funding for AI Financial Crime Prevention Solution

Reported by: Omar Faridi Featurespace, which claims to be the leader in machine learning fraud and financial crime prevention technology, has secured funding from UK and US governments “to build a new type of artificial intelligence (AI) system to help banks and payments service providers (PSPs) detect financial crime – whilst protecting data privacy.” The privacy enhancing […]

Written by FinCrime

FTX’s Bahamas crypto empire: Stimulants, subterfuge and a spectacular collapse

Reported by: Tim Craig, Drew Harwell and Nitasha Tiku Before Sam Bankman-Fried’s $16 billion empire imploded, Margaux Avedisian remembers thinking there was something unsettling about the cryptocurrency wunderkind. Bankman-Fried had become a legend by pushing an image of monkish aloofness, vowing to forsake the allures of his extraordinary wealth — sleeping on beanbag chairs, driving […]

Written by FinCrime

Applying AI to the war on financial crime

Reported by: Laura Noonan Clouds are gathering over swaths of fintech companies, as falling economic growth, rising interest rates and a cost of living crisis put their business models under strain, forcing job cuts and valuation-crushing funding rounds. ComplyAdvantage founder Charlie Delingpole knows his company is not immune to those forces, as fintechs are among […]

Written by FinCrime

IRS Crypto Tax Criminal Cases Bolstered by John Doe Summonses

Reported by: AYSHA BAGCHI The Internal Revenue Service has signaled that a wave of tax prosecutions involving cryptocurrency is coming. Its Criminal Investigations division is building hundreds of cryptocurrency cases, with about half of those investigations focused specifically on tax crimes, according to division Chief Jim Lee. Others target money laundering, he said. Lee made […]