Reported by Matt Egan, CNN Uncle Sam has quietly deployed a new secret weapon designed to catch bad guys trying to steal from taxpayers: artificial intelligence. Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. The strategy mirrors what is already being done […]
Reported by Dave Michaels Biotech executive Matthew Panuwat bought options on another drug company’s stock—and earned a windfall of $120,000. The Securities and Exchange Commission now says he committed insider trading, even though he didn’t buy his employer’s stock and didn’t have inside information about the company he bet on. The case, which goes to […]
Reported by Sean Keach, Head of Technology and Science SINISTER crooks are peddling fake Super Bowl tickets online – and it could cost you hundreds of dollars. Tech-savvy cyber-criminals have even resorted to using AI to make more convincing fakes, security experts have warned. Some fans will be forking out thousands of dollars for legitimate tickets. […]
Reported by Sabrina Willmer Brandon Charnas, already famous for being married to a social media icon, and infamous for refusing to cooperate with an insider-trading probe, is advancing into notoriety. Not only is the US Securities and Exchange Commission looking at the $385,000 the regulator says he made using potentially non-public information about a bid […]
Reported by Comply Advantage In 2023, the rising complexity of financial crime led regulators to increase the penalties imposed on financial institutions (FIs) for insufficient anti-money laundering (AML) controls. As a result, the top penalties for non-compliance almost doubled in value. In this article, we examine some of the highest fines imposed for AML violations […]
Reported by Nicholas Kuria In this review of taxation and the British Virgin Islands, Conyers Corporate Counsel Nicholas Kuria discusses some of the most commonly misunderstood notions relating to the use of offshore jurisdictions, with a focus on the BVI. We will begin with an overview of the tax position. The British Virgin Islands has […]
Reported by Dalton Bennett, Mary Ilyushina, Lily Kuo and Pei-Lin Wu It had been a busy year for the employees gathered in June for I Machine Technology’s corporate retreat at a resort on Russia’s Black Sea coast. With war raging in Ukraine, the Russian defense industry was hungry for the advanced manufacturing equipment the Moscow-based […]
Reported by Drew Harwell In October 2021, former president Donald Trump announced that his media company, the owner of the platform Truth Social, had sealed an incredible deal: a merger with a “special purpose acquisition company” that would deliver to his firm $300 million toward his promise of giving “a voice to all.” By then, […]
Reported by Perkin Amalaraj and Reuters A Briton charged with defrauding Danish tax authorities of more than 320 million Danish crowns (£36.6 million) in a sham trading scheme to make double tax reclaims has been sentenced to six years in prison. Danish prosecutors in 2021 brought preliminary criminal charges against Guenther Klar, 54, along with […]
Reported by Rick Schindler YouTube has deleted a thousand videos circulating on its platform that purportedly showed Taylor Swift, Steve Harvey and Joe Rogan denouncing a Medicare scam, 404 Media reported today. The videos the celebrities appeared to be showing were not legitimate advertisements for Medicare plans that would help seniors meet their health care […]
Financial Crime News Briefs 