Reported by Harshini 10 use cases of ChatGPT applications in banking are listed here, along with additional information When it comes to implementing cutting-edge technology to improve customer service and comply with regulations, banks frequently lead the way. Banks can now use generative language tools like ChatGPT to increase productivity, streamline operations, and enhance their services thanks […]
Reported by James Reddick European and U.S. authorities have taken down a cryptocurrency mixing platform that facilitated rampant money laundering, and they arrested an alleged operator of the service. On Wednesday, Europol announced that German and U.S. agencies seized four servers belonging to ChipMixer as well as approximately $46.5 million in Bitcoin. The U.S. Department of Justice […]
Reported by Tom Schoenberg US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter. Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering by clients — such […]
Reported by Alex Wickham The UK government suspects Russian nationals have exploited lax checks by the companies register in attempts to launder war profits stolen from Ukraine, according to people familiar with the matter. British law enforcement agencies have identified large numbers of sham companies incorporated in the UK by nationals from a range of […]
Reported by: Robert Hamor With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of Russian oligarchs currently under U.S. sanctions), Congress passed the Corporate Transparency Act (CTA) in January 2021 as part of the National Defense Authorization Act. In 2022, the Department of Treasury’s Financial Crimes […]
Reported by: Spencer Woodman The U.S. Treasury Department’s quest to build a company ownership database meant to battle dirty money has hit another setback, with a key national banking group calling for the agency to withdraw its “fatally flawed” plan. In a letter submitted last week, the American Bankers Association said the Treasury’s latest proposed […]
Reported by: Dave Michaels Binance, the world’s largest cryptocurrency exchange, expects to pay monetary penalties to settle existing U.S. regulatory and law-enforcement investigations of its business, the firm’s chief strategy officer said in an interview. Binance grew quickly and began as a business powered by software engineers unfamiliar with laws and rules written to address the […]
Reported by: JACK DUTTON Ukrainian “anti-oligarch” President Volodymyr Zelensky and his inner circle’s network of offshore companies were not exposed in Panama Papers but can be found in the Pandora Papers, another tranche of files leaked by journalists that revealed the clandestine financial affairs of the elite and super rich. The Pandora Papers, published in […]
Reported by: ZDRAVKO LJUBAS Almost 40 percent of all offshore companies that own property in the United Kingdom have failed to declare their real owners and could now face hefty fines, a suspension of their ownership rights and prison. Foreign corporations were obliged to register their beneficial owners with the Register of Overseas Entities (ROE) […]
Reported by: Bob Van Voris A judge said he would approve Deutsche Bank AG’s $26.3 million settlement of a lawsuit that accused the bank of misleading investors about how thoroughly it vetted clients, including Jeffrey Epstein and Russian tycoons. US District Judge Jed Rakoff on Tuesday said he would allow the settlement to go forward, […]
Financial Crime News Briefs 