Reported by Kenneth Corbin The agency has issued a risk alert detailing the findings of a series of exams focusing on brokers’ AML programs, identifying a number of failures in a compliance area regulators see as important in preventing the illicit movement of money. “[S]ome registrants did not appear to devote sufficient resources, including staffing, to AML […]
Reported by Robert Johnston Jr., Jimmy Kang, Paula Ladd, Scott Moss, and Samantha Sigelakis-Minski of Lowenstein Sandler LLP U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970 and its amendments (BSA), […]
Reported by Marjorie Hernandez The “Breaking Bad” grandma accused of running an international drug ring out of her California home is living life “as if nothing has happened,” and doesn’t even have an ankle monitor, pictures taken by The Post show. Joanne Segovia, 64, has been out on bail since charged with allegedly leading a double life […]
Reported by Miles Brignall Banks are closing more than 1,000 accounts every working day, according to new data that has fuelled the growing row over so-called “debanking” and prompted Nigel Farage to call for a royal commission to investigate what he said was a scandal. The figures, obtained through a freedom of information (FoI) request made to […]
Reported by DAVID J. NEAL CEO Carl Ruderman’s part in the 1 Global Capital fraud already has cost him money — a $15 million civil penalty, another $750,000 cash dunning — and real estate, as in 50% of the equity in a five-bedroom, 12-bathroom Aventura condominum. But, Wednesday, the Justice Department came for something else […]
Reported by Genevieve Glatsky The son of Gustavo Petro, the president of Colombia, was arrested on charges of money laundering and illicit enrichment, the attorney general’s office announcedearly Saturday morning. Nicolás Petro was arrested along with his ex-wife, Daysuris Vásquez, who was also charged with money laundering, as well as personal data violations. They were taken […]
Reported by Peter Kasperowicz and Brooke Singman | Fox News The FBI warned Friday that artificial intelligence is becoming the tool of choice for domestic and foreign criminals, and said the bureau is working to build up a capacity to fight this new threat. “AI has demonstrated that it will likely have far-reaching implications on […]
Reported by Eileen Kinsella Joe Lewis—billionaire art collector, currency trader, and owner of the Tottenham Hotspur soccer club—was charged with insider trading and financial fraud in New York today. According to the U.S. attorney statement and the indictment, Lewis received non-public information, such as, for example, imminent positive test results for biochemical companies as a […]
Reported by Gregory Fryer Most private companies in the United States will soon need to disclose sensitive ownership and control information to FinCEN, a bureau of the U.S. Treasury Department. The new reporting regime arises under the Corporate Transparency Act (CTA), enacted on January 1, 2021 to strengthen existing anti-money laundering statutes. Rulemaking under the […]
Meeting regulatory expectations Reported by Keith Berry Financial institutions are beginning to adopt AI more widely to enhance efficiency in AML compliance. While regulation around the use of AI in AML compliance continues to evolve, regulators generally support companies experimenting with AI to strengthen AML processes, as it offers the potential to reveal risk, reduce […]
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