Reported by Greg Iacurci Employment scams surged last year, as criminals leveraged artificial intelligence to steal money and personal information from unsuspecting job seekers, experts said. Consumer reports of job scams jumped 118% in 2023 from the prior year, according to a recent report by the Identity Theft Resource Center. Thieves generally pose as recruiters and post fake job listings to […]
Reported by Tracey Tully and Benjamin Weiser Senator Robert Menendez’s sister testified on Monday about their parents’ journey from Cuba and the family’s practice of storing cash at home, offering justification for a habit he has said explains at least some of the roughly $480,000 F.B.I. agents seized during a search of his New Jersey home. The […]
Reported by AFP – Agence France Presse The Hong Kong Monetary Authority fined the local arm of Singapore’s DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday. The HKMA said the bank failed to “continuously monitor business relationships and conduct enhanced due diligence in high […]
Reported by Leo Laikola and Sara Sjolin Danish police has filed charges against Nordea Bank Abp, in what its National Special Crime Unit says is the biggest money laundering case in the country to date. The unit, which launched court proceedings after investigating the lender’s anti-money laundering controls in the 2012 to 2015 period, said that the case […]
Reported by FinCrime Do you want to learn how the Sinaloa cartel in Los Angeles conspired with Chinese underground banking groups to launder funds? Below is an excerpt of the Federal indictment that charged 24 people linked to the organizations following a multi-year investigation dubbed “Operation Fortune Runner,” which unveiled sophisticated methods used by the cartel […]
Reported by Harry Suhartono Six single family office funds linked to a S$3 billion ($2.2 billion) money laundering case in Singapore have received tax incentives from the Monetary Authority of Singapore. The tax benefits were withdrawn starting from the financial year the owners of these family office funds or their spouses were charged or convicted, […]
Reported by Lydia Beyoud Silvergate, the California lender done in by the collapse of crypto exchange FTX, agreed to pay $63 million to settle state and federal probes on Monday. The Federal Reserve announced the penalties against the bank, owned by Silvergate Capital Corp. The Fed portion of the fine is $43 million, and the California Department of Financial Protection […]
Reported by Joe Miller and Stephen Gandel Drug traffickers chose to launder money through Citigroup because they believed the bank was “more favourable”, with less robust fraud controls, according to senior US law enforcement officials. In an indictment unsealed last week, US prosecutors detailed how two California residents, who allegedly worked with the notorious Sinaloa cartel, deposited […]
Reported by Reuters Austrian regulators fined Raiffeisen Bank International (RBIV.VI) for lapses in its money laundering controls, the country’s Financial Market Authority said on Friday, imposing a record fine of just over 2 million euros ($2.1 million). The penalty, the biggest ever to be awarded by regulators in Austria, was handed out after failings were found in […]
Reported by Anna Lamche A Panamanian court has acquitted all 28 people charged with money laundering in connection with the Panama Papers scandal, concluding a trial that began in April. The secret financial documents were leaked in 2016, revealing how some of the world’s richest and most powerful people use tax havens to hide their […]
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