Reported by Joe Miller in New York and James Kynge In January 2021, US Drug Enforcement Administration agents watched a man drop off a large white bag with “Happy Birthday” written on the side at an office complex in Downey, California. It contained $226,000 in cash. Three months later they witnessed the same man leave a Fruity […]
Reported by Jodi Vittori and Lakshmi Kumar Summary Sovereign wealth funds (SWFs) have existed for more than a century, typically as state-sponsored financial institutions to manage a country’s budgetary surplus, accrue profit, and protect a country’s wealth for future generations. Yet, for economies of the Organisation of Economic Co-operation and Development (OECD), SWFs only burst into public […]
Reported by Alessandro Mascellino Security researchers have uncovered a significant increase in dark web activity involving stolen identity information from Singapore citizens. In an advisory published on Monday, Resecurity said cybercriminals are selling these stolen documents, which can be used for fraud, identity theft, impersonation scams and to bypass Know Your Customer (KYC) protocols. Resecurity […]
Reported by Matthew Ormseth With millions in cash piling up in the United States, the Sinaloa cartel needed to funnel proceeds from the sale of fentanyl, methamphetamine and cocaine back to Mexico. Federal prosecutors say a ring of Chinese nationals in the San Gabriel Valley offered a solution: marrying the Sinaloans’ glut of bulk cash […]
Reported by NICLAS ROLANDER, JONAS EKBLOM AND BLOOMBERG Ellen Bagley was delighted when she made her first sale on a popular second-hand clothing app, but just a few minutes later, the thrill turned to shock as the 20-year-old from Linköping in Sweden discovered she’d been robbed. Everything seemed normal when Bagley received a direct message on the platform, […]
Reported by Anika Sidhika The HSBC branch in Switzerland violated its anti-money laundering duties in relation to two politically exposed individuals, according to the Swiss banking authority FINMA. Reported by Reuters, FINMA revealed that it has directed the bank to review all of its existing business dealings with individuals who are politically vulnerable and that […]
Reported by Associated Press reporters Mark Scolforo in Harrisburg, Pennsylvania; Maryclaire Dale in Philadelphia; and Wayne Parry in Pleasantville, New Jersey. New Jersey Democratic power broker George E. Norcross III was charged Monday with racketeering and other crimes in connection with a waterfront redevelopment and the use of government-issued tax credits. At a news conferenced […]
A bill pending in the Senate would authorize fund companies to delay redemption requests if they suspect the investor is being exploited. Reported by Kenneth Corbin A coalition of prominent financial trade groups is calling on lawmakers to advance legislation that would enable asset managers to intervene when they suspect an elderly client is being […]
Reported by Ray Fernandez (Click link all the way down below for full report) Blockchain Bridges, Droppers, and Neural Network Forgeries Deniss Kudrjašov, AML Compliance Officer at the neobank Keytom, spoke to Techopedia about the tactics and technologies used by cyber criminals to clean dirty money. “Recently, combined laundering systems that utilize both centralized and decentralized […]
Reported by Rabihah Butler Manager for Enterprise content for Risk, Fraud & Government / Thomson Reuters Institute Before the Beneficial Ownership Information (BOI) Database went live, there were scams and rumors of scams surrounding the CTA and the database. These scams were so prevalent that FinCEN had to make an official alert to the scam before it was […]
Financial Crime News Briefs 