Reported by Michael Forsythe, Katrina Northrop and Eliot Chen No businessman in China was more successful, famous or rich than Jack Ma, whose magic touch turned companies like Alibaba into international juggernauts. He was also unafraid to cross the Chinese authorities, insisting he would not do business with them. But an investigation by The New York Times and […]
Reported by Brian Fung and Sean Lyngaas, CNN Cybercriminals are already capitalizing on the chaos from Friday’s massive global tech outageby promoting fake websites filled with malicious software designed to compromise unsuspecting victims, according to warnings from the US government and multiple cybersecurity professionals. Hackers have been setting up phony websites meant to appeal to people seeking information […]
Reported by Jonathan Ames US justice officials — led by Breon Peace, a US attorney for the eastern district of New York, and Nicole Argentieri, a deputy assistant attorney-general — said that over three years, Berko was part a team at the bank that was responsible for securing and managing a deal between its client, a […]
Reported by João da Silva Self-exiled Chinese businessman Guo Wengui has been convicted by a US court of defrauding his online followers in a billion-dollar scam. He was found guilty on nine of the 12 criminal counts he faced, including racketeering, fraud and money laundering. Guo’s sentencing has been scheduled for 19 November, when he […]
Reported by KYC Portal CLM Why Traditional KYC Reviews Are No Longer Sufficient Manual periodic KYC reviews have long been the industry standard. However, these periodic reviews often lag, exposing organisations to undetected risks. The gaps between reviews allow for significant changes in a customer’s risk profile to go unnoticed. Consequently, companies face increased operational risks, […]
Reported by Jonathan Greig The $370,000 ransom paid to a hacker involved in the massive theft of data from telecom giant AT&T is currently being laundered through a variety of cryptocurrency mixing platforms and gambling services, according to researchers tracking the funds. TRM Labs, a blockchain analysis company, has been tracking a ransom payment of 5.72 BTC — about […]
Reported by Samantha Leathers As Amazon Prime Day rolls around, bargain hunters are out in force, but they’re not the only ones on the prowl cyber scammers are also looking to cash in on the frenzy. Vonny Gamot, Head of EMEA at online protection firm McAfee, has dished out advice on how Brits can sidestep the scammers during […]
Reported by Sara Sjolin Nordea Bank could face an estimated maximum fine of almost $1 billion over alleged failures to stop money laundering if it loses its case with Denmark, according to some legal experts, an amount that would far exceed the lender’s own expectations. The case has no precedent but a Danish court might hit […]
Reported by Brett Wolf The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]
Reported by Rob Copeland For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. What if it isn’t anymore? The promise of bank insurance — a tenet of U.S. consumer protection since the Great […]
Financial Crime News Briefs 