Reported by Jay Weaver Miami Herald (TNS) It’s been an age-old problem for Colombian drug traffickers: Moving mountains of cash from U.S. cocaine profits back to their country. The cartels’ latest solution: automated teller machines. But they aren’t withdrawing money from ATMs; they’re depositing tons of it, in stacks of $20, $50 and $100 bills, all across the […]
Reported by Mustafa Mulla The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant. This dismissal of charges follows intense international pressure, including a letter […]
Reported by Robert Lemos, Contributing Writer Over the past two years, researchers at UK-based fraud-defense firm Netcraft used a chatbot based on Open AI’s ChatGPT to respond to scams and convince cybercriminals to part with sensitive information: specifically, banks account numbers at more than 600 financial institutions spanning 73 different countries that are used to […]
Reported by MIKE HAGER Public registries created by Ottawa, British Columbia and Quebec to allow people to find a corporation’s hidden owners have made it more difficult for criminals to funnel their ill-gotten gains into shell companies, an expert has told an international conference. But other provinces and territories, such as Ontario and Alberta, have […]
Reported by Chanyaporn Chanjaroen and Joyce Koh Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter. Private bankers at several institutions are also receiving additional training to […]
Reported by Ernesto Cabral Colorado money service businesses, such as check-cashing businesses and money forwarding services, filed a record number of reports last year of possible money laundering by people using their services, official data shows. In 2023, money services businesses flagged more than 22,000 transactions in Colorado they suspected were intended to convert money from […]
Reported by Geoff White Cutting edge technology is fast becoming the handmaiden of organised crime, helping some of the world’s most dangerous crooks to move and hide ill-gotten gains. This situation will only get worse, unless governments and the technology industry can find common ground. As financial digitisation has accelerated, the first stage of the […]
Reported by BEN WIEDER and DEVON MILLEY The eight story Courthouse Place office building in downtown Fort Lauderdale is a couple blocks from the Broward County courthouse, which makes it an attractive home for the dozens of lawyers and legal services companies that rent space in the building. It even houses a few offices for prosecutors […]
Reported by FinTech Global According to Moody’s, a fundamental theme underpins know your customer (KYC) risk screening: names. A person’s name is their key identifier and in screening processes names are of course vital, but names are very rarely unique – unlike the people who claim them. Names can be complicated. Name matching is especially difficult […]
Reported by Camilla Hodgson and Yasemin Craggs Mersinoglu An ex-employee has alleged that Amazon breached UK sanctions by providing Moscow with its facial recognition technology after Russia’s full-scale invasion of Ukraine. The allegation forms part of evidence presented by Charles Forrest in a claim he brought against his former employer, Amazon Web Services, which the company is […]
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