Reported by Dylan Tokar Alphabet’s cloud business on Wednesday announced the launch of a new AI-driven anti-money-laundering product. Like many other tools already on the market, the company’s technology uses machine learning to help clients in the financial sector comply with regulations that require them to screen for and report potentially suspicious activity. Where Google […]
Reported by Reuters Romanian prosecutors on Tuesday charged US-British social media influencer Andrew Tate, who has gained millions of fans by promoting an ultra-masculine lifestyle, with human trafficking, rape and forming a gang to sexually exploit women. Tate was indicted with his brother Tristan and two Romanian female suspects. They are under house arrest pending an investigation […]
Reported by LEO SCHWARTZ On Friday, Gurbir Grewal, the SEC’s director of enforcement, pushed back against criticism from industry participants that his agency is engaging in “regulation by enforcement,” arguing that crypto represents a “perfect storm of investor risk” that needs to be addressed through existing securities law. null At an event in Midtown Manhattan hosted […]
Reported by Peter D. Hardy The Corporate Transparency Act (“CTA”) takes effect on January 1, 2024. On that date, the Financial Crimes Enforcement Network (“FinCEN”) needs to have implemented a working data base to accept millions of reports of beneficial ownership information (“BOI”) by newly-formed companies required to report BOI under the CTA, as well […]
Reported by Ryan Browne and MacKenzie Sigalos Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. At the Money 20/20 fintech conference in Amsterdam, Netherlands, executives at […]
Reported by Rachel Shin Bitcoin is an ineffective cult that not even “bad guys” want to join anymore, said the author of The Black Swan, a bestselling book on the extreme impact of outlier events. Cryptocurrency falls short on its claim to streamline payments, and doesn’t even facilitate illegal transactions well, Nassim Taleb told Bloomberg on Thursday. “It’s not […]
Reported by Buck Wargo New proposed regulations by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury might put more pressure on U.S. commercial real estate professionals, including fund managers, to address money laundering in the industry. Starting in December 2021, FinCEN solicited input from industry professionals on how best to address the […]
Reported by Emily Flitter and Matthew Goldstein Binance, the giant cryptocurrency exchange accused of mishandling customer funds, used two American banks to move billions of dollars around the world, the Securities and Exchange Commission said on Wednesday, detailing how huge sums of cash flowed in and out of the accounts sometimes within a span of […]
Reported by Nana Ama Sarfo In April the International Monetary Fund released a working paper explaining how tax authorities can better leverage anti-money-laundering (AML) measures to improve tax compliance and boost domestic revenue mobilization. The idea is not new, but it’s been a challenging concept for tax authorities to execute. Why? Well, tax crimes and money laundering […]
Reported by Jonathan Browning An ex-Austrian bank chief wanted in the US over his alleged role in a giant Brazilian corruption scandal lost a bid to halt his extradition from the UK. Peter Weinzierl, the former chief executive officer of Meinl Bank AG, had attempted to argue in a London court that he was “lured” to the UK […]
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