Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]
Reported by Ernest Hoffman The government of the United Arab Emirates (UAE) has suspended the operations of 32 gold refineries – representing 5% of the total market – in a crackdown on money laundering and terrorist financing activities in the precious metals sector, according to an announcement from the Economy Ministry. “The Ministry of Economy has affirmed […]
Reported by Gavin Newsham In “Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World’s Deadliest Crooks” (Penguin Business), Geoff White asks: what would you do with sudden wealth if it came from a source you couldn’t admit to. “You’re faced with an excruciating dilemma,” he writes. “How do you enjoy your […]
Reported by Christian Terry Multiple arrests have been made in connection to a bank fraud investigation led by the Mont Belvieu Police Department. The department said the investigation into a series of seemingly unrelated financial fraud cases started in June 2024, where victims reported funds stolen from their bank accounts via unauthorized wire transactions. The […]
Reported by FinTech Global Ever since its launch in November 2022, Generative AI has been the topic of discussion on everyone’s lips when it comes to discussing transformational technology. In the area of KYC, could we expect Generative AI to have significant long term impacts? In the view of Ted Datta, senior director, head of […]
Reported by Edoardo Anziano It all starts in Spain in August 2006. Inside a villa in the Andalusian city of Marabella, on the Costa del Sol, the brothers-in-law Raffaele Amato and CesarePagano meet up. Pagano lives in the rented villa along with the rest of his family. Amato and Pagano are the bosses of the Scissionisti Camorra clan — they are […]
Reported by NORA GÁMEZ TORRES and ANTONIO DELGADO The Biden administration had agreed to lift sanctions on Venezuela and promised the return of normal relations if the opposition could participate in competitive presidential elections, according to a deal secretly signed in Qatar last year that leader Nicolas Maduro made public on social media. Maduro published the […]
Reported by Braddock Stevenson The revised rules’ renewed emphasis on innovation, and their requirement that financial institutions ensure their operational program requirements are US-based, also carry potential impact. To drive innovation and effective programmatic changes and reduce regulatory hindsight, banks and other financial institutions should consider several steps. Develop data-driven measurements for risk over qualitative […]
Reported by Lisa Cavazuti For much of his career as a federal drug agent, Ray Donovan had a singular focus: the capture of Mexican cartel boss Joaquin “El Chapo” Guzman. When Guzman was finally arrested in early 2014, fentanyl trafficking was on the rise in the U.S., and Donovan soon found his next project. He enlisted a data […]
Financial Crime News Briefs 