Reported by: Rommel Lontayao The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for failure to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing between June 2014 and July 2017. The regulator said Gatehouse also failed to undertake the correct checks when some […]
Reported by: Thomas Brewster Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine, Forbes has learned. Acquired by Block in 2021, […]
Reported by: Noele Illien, Dan McCrum, Victor Mallet and Leila Abboud Leonteq (LEON.S) on Wednesday dismissed a media report alleging suspicious trading at the Swiss fintech company potentially related to tax evasion or money laundering by clients. The company, which offers structured investment products, said internal and external investigations had found no evidence to support the allegations […]
Reported by: Sebastian Rotella and Kirsten Berg In 2017, Drug Enforcement Administration agents following the money from cocaine deals in Memphis, Tennessee, identified a mysterious figure in Mexico entrusted by drug lords with their millions: a Chinese American gangster named Xizhi Li. As the agents tracked Li’s activity across the Americas and Asia, they realized […]
Reported by: Department of Justice, U.S. Attorney’s Office, Southern District of California Juan Manuel Alvarez-Inzunza, a high-level money launderer for the Sinaloa Cartel, was sentenced to 188 months in prison today for his role in a conspiracy to transfer millions of dollars in drug proceeds out of the United States. According to court records, starting […]
Reported by: Graeme Wood, Glacier Media B.C. real estate brokerage firm LeHomes Realty has been fined $282,397 for not complying with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The brokerage is officially known as Pan Pacific Platinum Real Estate Services Inc. and formerly known as New Coast Realty, which has a history […]
Reported by: MarketScreener There has been a sharp increase in those over the age of 40 caught channelling fraudulent funds through their bank account over the last year, according to new data from Lloyds Bank. Known commonly as ‘money mules’, these people use their bank account to receive criminal cash, either intentionally or unintentionally. How […]
Reported by: TAYLOR LOCKE Criminals have increasingly used decentralized exchanges (DEXs), cross-chain bridges, and coin-swap services for money laundering, a new report by blockchain analysis firm Elliptic shows. Though use of each typically is “overwhelmingly legitimate,” criminals so far have laundered over $4 billion in illicit crypto through the three services since 2020. “This expansion […]
Reported by: Reuters Former Swedbank (SWEDa.ST) Chief Executive Birgitte Bonnesen on Tuesday went on trial in Sweden, charged with fraud over her handling of the lender’s anti-money laundering protocols in Estonia. Bonnesen, who was Swedbank’s CEO from 2016 to 2019, is accused by the prosecution of giving misleading information on several occasions with the intent to cover […]
Reported by: Jamie Klein The Racing Team Nederland LMP2 team has announced its withdrawal from the IMSA WeatherTech SportsCar Championship’s Petit Le Mans season finale. Van Eerd was reportedly arrested in connection with the case, only to be released days later, but he remains a suspect and has stepped down from his position as CEO […]
Financial Crime News Briefs 