Reported by: Bilal Jafar Financial Industry Regulatory Authority (FINRA) recently announced that Vision Financial Markets LLC and Vision Brokerage Services have agreed to pay a fine as part of the settlement with the authority. According to the details shared by FINRA, Vision Financial and Vision Brokerage failed to establish and implement an appropriate anti-money laundering […]
Reported by: Marc Saltzman Cybercrime cost Americans over 50 nearly $3 billion last year, a whopping 62% increase from 2020, according to the FBI’s 2021 Elder Fraud Report. In fact, the number of victims could be much higher, as seniors are also less likely to report fraud, says the FBI. This is supported by figures from the […]
Reported by: U.S. Department of Justice A New York man pleaded guilty in the Eastern District of New York to money laundering for his role as the owner and operator of a voice over internet protocol (VoIP) company that facilitated and profited from the introduction of fraudulent robocall traffic into the United States. Jon J. […]
Reported by: MacKenzie Sigalos The Biden White House has just released its first-ever framework on what crypto regulation in the U.S. should look like — including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space. The new directives […]
Reported by: Barney Jopson in Madrid and Jude Webber in Dublin Spanish police have arrested a man they say is one of Europe’s biggest money launderers, the associate of a notorious Irish gang who used a sham vodka brand and underground banking to process up to €350,000 a day of dirty funds. The authorities did […]
Reported by: Kyle Barr South Korean police are currently on the hunt for Do Kwon (and other top people behind Terraform Labs) over allegations of fraud and tax evasion. Bloomberg reported Wednesday that the Seoul Southern District Prosecutors Office has a warrant out for Do Kwon, the CEO of Terraform Labs, as well as five […]
Reported by: Jeremy Sharon According to the Israel Money Laundering and Terror Financing Prohibition Authority, which operates under the Justice Ministry, organized crime’s share of all financial crimes grew from 6.8 percent in 2020 to 19% in 2021. Organized crime in the Arab sector has become a severe problem in recent years. The scarcity of […]
Reported by: Kyle Jaeger The U.S. Treasury Department has formally sent the White House its proposal to start collecting data on marijuana businesses from banks—alongside industries it already tracks like liquor stores, convenience stores, casinos and car dealers—as part of its ongoing efforts to combat money laundering activities. In a notice published in the Federal […]
Reported by: Department of Justice, U.S. Attorney’s Office Eastern District of New York Viktor Zelinger, also known as “Vitya” and “Vityok,” the alleged leader of an Eastern European organized crime syndicate that operated in the Brighton Beach, Sheepshead Bay and Coney Island neighborhoods of Brooklyn and was linked to high-level Russian mafia members known as […]
Reported by: Savannah Fortis The electronic payments provider ePayments is putting the final nail in the coffin of its operations. ePayments issued email notices to clients on Tuesday, stating that it is officially closing its business operations in light of local regulations. The financial services provider was one of the largest electronic payment providers in […]
Financial Crime News Briefs 