Reported by South China Morning Post / Bloomberg Vietnamese police seek to prosecute real estate tycoon Truong My Lan for alleged money laundering nearly two months after she was sentenced to death in a US$12 billion fraud case, Tuoi Tre newspaper reported. Police say Lan, along with 33 others, should be prosecuted for alleged asset embezzlement, money […]
Reported by Rachael Kennedy In 2023 alone, global fraud incurred a staggering cost of $485 billion, as reported by the Nasdaq-Verafin Global Financial Crime Report. This growing challenge is becoming increasingly acute for market participants, particularly with the advent of real-time payments, and can incur significant reputational damage in addition to financial cost. Fraudsters are constantly […]
Reported by Mikhail Karataev Immigration policy is perhaps the most obvious and at the same time controversial issue on the American business agenda. On the one hand, immigrants have played a decisive role in shaping the modern face of the United States, making significant contributions to the economy, culture and society. On the other hand, […]
Reported by FinTech Global Fenergo, the leading provider of digital solutions for KYC, CLM and transaction monitoring, has launched AI Powered CLM. This new set of AI capabilities aims to boost operational efficiencies, accelerate onboarding, and improve end-user experiences while reducing costs associated with KYC and AML compliance. The introduction of AI to Fenergo’s CLM […]
Reported by Jacqueline Alemany Members of Congress hear a lot of secrets: classified briefings, confidential previews of pending legislation and the private opinions of constituents, regulators, corporate executives and world leaders. Watchdog groups have long believed that some lawmakers use that information to make money in the stock market. Now a loose alliance of traders, […]
Reported by Romain Dillet After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at a rapid pace — it’s better to be safe than sorry. In particular, N26, a Berlin-based banking startup that raised hundreds of millions of euros and quickly became a unicorn, has had a […]
Reported by Scilla Alecci A former Standard Chartered Bank executive said in a new court filing that U.S. authorities either overlooked or concealed crucial evidence showing the bank conducted many more transactions with sanctioned Iranian entities and terror groups than it admitted to when settling a criminal case in 2012. Julian Knight, who headed a […]
Reported by Finews The Federal Department of Finance (EFD) fined UBS for failing to report suspected money laundering. The long-standing cases all revolve around the former president of Yemen. The number of unreported cases to the Financial Department is alarmingly high. Internally, UBS recorded 5,438 warning notices in connection with its relationships with former Yemeni […]
Reported by Sean Lyngaas, CNN A bipartisan pair of US senators is pressuring the Biden administration to do more to crack down on how drug cartels use cryptocurrency to traffic fentanyl, a drug that kills tens of thousands of Americans each year. Sens. Elizabeth Warren, a Massachusetts Democrat, and Bill Cassidy, a Louisiana Republican, have asked for […]
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from the testimony: Read full report: https://www.bloomberg.com/news/live-blog/2024-05-29/archegos-trial-may-29
Financial Crime News Briefs 