Reported by: Mack DeGeurin If you’ve sent a money transfer over $500 to another person in recent years, there’s a decent chance U.S. law enforcement agencies could know about it. That’s according to new documents unearthed by The American Civil Liberties Union and The Wall Street Journal that show more than 600 law enforcement agencies reportedly had access to […]
Reported by: Mengqi Sun Deutsche Bank AG tapped a veteran of BarclaysPLC and American Express Co. to be its new chief compliance officer and reshuffled other positions as the German lender works to revamp its compliance programs in the wake of several regulatory investigations in recent years over its business conduct and compliance controls. Laura […]
Reported by: Lachlan Keller The U.S. House of Representatives has created a new congressional subcommittee focused on digital assets, as one of its first moves under the control of the Republican Party, Congressman Patrick McHenry said on Thursday. Fast facts Read full report: https://finance.yahoo.com/news/u-house-representatives-forms-cryptocurrency-041323722.html
Reported by HENRY POPE Al Rayan Bank and Guaranty Trust Bank(GTBank) were fined four million pounds (US$4.9 million) and 7.6 million pounds ($9.3 million), respectively, for failing to vet their customers’ transactions for signs of money laundering activity and for failing to train their staff on how to properly conduct enhanced customer due diligence (EDD) […]
Reported by: Team Giottus Part of the reason why the NFT market is now being looked at with suspicion is the fact that unlike crypto, KYCs are not mandated to trade NFTs. NFT trade happens between wallets and not identified individuals, which makes NFT money laundering a very real possibility. As an investor, how can […]
Reported by: Dylan Tokar The U.S. Treasury Department has proposed giving both banks and law-enforcement officials varying degrees of access to a sprawling new database of corporate-ownership information as part of an effort to stop criminals and terrorists from using anonymous shell companies to hide dirty money. The proposal, issued by the Treasury’s Financial Crimes […]
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 […]
Reported by: Gwinny Kongphet The Regulated Liability Network, a proof-of-concept digital currency network, was launched on Tuesday according to a collection of banking organizations that includes HBSC, Mastercard, and Wells Fargo (RLN). The New York Innovation Center (NYIC), a division of the Federal Reserve Bank of New York, is thrilled to be collaborating with the […]
Reported by: Rufus Kamau Why is privacy important in Bitcoin transactions? First, if you have a sizable balance in your wallet, you don’t want anyone finding out because it exposes you to a $5 wrench attack. A $5 wrench attack occurs when someone discovers you have a large stash of bitcoin and controls the keys […]
Reported by: Terence Grugan, Peter Hardy, Wendi Kotzen, Beth Moskow-Schnoll, and Michael Robotti of Ballard Spahr LLP The CTA (Corporate Transparency Act) and the Final Rule seek to maximize corporate transparency in order to deter money laundering, tax evasion, and other illicit activity by so-called “shell companies.” The net that has been cast, however, is […]
Financial Crime News Briefs 