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Anti-Money Laundering & Compliance News
Federal court documents assert former IT employee submitted bogus expense claims
A United Arab Emirates court has lifted a prison sentence but upheld a conviction on money laundering charges for U.S. citizen and civil rights attorney Asim Ghafoor, who was detained while transiting through Dubai last month, the Judicial Department and a lawyer for Ghafoor said on Wednesday.
BlackRock (BLK) announced Thursday the launch of a private trust that will hold bitcoin and seek to track the asset’s performance, with Coinbase (COIN) serving as the trust’s custodian.
Congress is very close to passing urgently needed whistleblower protections targeting Russian money laundering and sanctions busting.
Four New Jersey men were charged for their alleged roles in drug trafficking and money laundering conspiracies, U.S. Attorney Philip R. Sellinger announced today.
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Ludomir Huculak plans to appeal decision from Law Society of B.C., suggesting he was unfairly targeted
A United Arab Emirates court has lifted a prison sentence but upheld a conviction on money laundering charges for U.S. citizen and civil rights attorney Asim Ghafoor, who was detained while transiting through Dubai last month, the Judicial Department and a lawyer for Ghafoor said on Wednesday.
A judge in a Guatemala City court on Tuesday ordered Guatemalan journalist and president of the elPeriódico newspaper José Rubén Zamora to remain in pre-trial detention while prosecutors move forward with a criminal investigation on charges of money laundering, blackmail, and influence peddling.
The Internal Revenue Service has released a draft version of the Form 1040 for next tax season, with an expanded question about virtual currencies, now referred to as digital assets, along with other changes on drafts of that form and related forms and schedules.
Colombia’s financial crimes unit, intensifying efforts to catch fraud, has detected some $20 billion in financial operations potentially tied to money laundering over the last 3-1/2 years, the unit’s director said.
Fraud and financial crimes have been in existence since the introduction of currency. For each step forward made in banking and financial management, criminals, too, find a way to adapt and
ComplyAdvantage named financial crime risk management veteran Andrew Davies as the company’s Head of Regulatory Affairs.
Last week saw the implementation of the U.K.’s long-awaited “Register of Overseas Entities,” a cornerstone of the government’s Economic Crime Act. But what is “economic crime” and why has the U.K. been moved to legislate against it?
The Treasury Department on Monday sanctioned a cryptocurrency firm with ties to a North Korea state-sponsored hacking group for allegedly facilitating malicious laundering-marking the latest retaliatory measures against so-called virtual currency mixing services, which effectively obfuscate cryptocurrency transactions to make them more difficult to track.
Fraud and financial crimes have been in existence since the introduction of currency. For each step forward made in banking and financial management, criminals, too, find a way to adapt and
The authorities want to trace payments made in bitcoin and ethereum as the country develops as a crypto hub.
The US accuses the virtual currency mixer of laundering hundreds of millions of dollars stolen by hackers backed by North Korea.
The US Treasury on Monday sanctioned Tornado Cash, a virtual currency mixer, for its use by cybercriminals, including those under US sanctions.
The Treasury cited the mixer’s links to global money laundering and cybercrime
Embattled lending platform Celsius has withdrawn its motion to bring back ex-CFO Rod Bolger at $92,000 a month, prorated over a period of at least six weeks, according to a court document filed in the Southern District of New York on Friday. The notice of withdrawal came just ahead of a hearing scheduled for Monday to review it.
Former footballer David Mendes da Silva was arrested at his birthday party on Thursday. He is suspected of money laundering and drug trafficking, De Telegraaf reports.
The operator of a Bulgarian cryptocurrency exchange BTC-e has been extradited from Greece to the United States, where he faces charges of operating an unlicensed money service business and money laundering.
Last week, when huge amounts of cash were unearthed at the residence of Arpita Mukherjee, actress and close aide of tainted TMC leader Patha Chatterjee, investigators also uncovered trails of cash to more than 14 shell companies, some of which were registered under Mukherjee’s Belghora residential address.
The US is nearing an agreement with the brother of a leading member of Nigeria’s ruling party to resolve a court case over more than $140 million that it says was laundered by the politician.
Shares of Coinbase soared Thursday after the crypto exchange announced a partnership with BlackRock that will allow its institutional clients to buy bitcoin.
Israel enforced a ban on personal cash transactions over $4,400 between private citizens, and a limit of $1,700 on business transactions, according to local media reports.
With the enduring popularity of certain NFTs and the promise of their use in the metaverse and beyond, the hype around the new technology has been accompanied by rising concerns over NFTs being the centerpiece of traditional financial crimes like money laundering and wire fraud.
A Russian national accused of running a multibillion-dollar cryptocurrency exchange that allegedly profited from various hacking and extortion schemes has been extradited from Greece and is on his way to the US, according to the suspect’s lawyer.
A special court in Delhi on Tuesday granted regular bail to Congress leader D K Shivakumar and other four persons in connection with a money laundering case.
The Philippines continues to make progress in addressing technical compliance deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) framework ahead of the deadline set by Paris-based global dirty money watchdog Financial Action Task Force (FATF).
The Emirates recently sanctioned some financial institutions in the country.
Mexico’s attorney general’s office is investigating former President Enrique Pena Nieto for alleged money laundering, illicit enrichment, and illegal international transfers, two sources familiar with the matter told Reuters on Tuesday.
New York’s top financial regulator on Tuesday fined the crypto arm of broker Robinhood Markets $30 million for allegedly breaching anti-money laundering and cybersecurity rules.
These guidelines follow CBUAE’s recently introduced AML/ CFT guidance for licensed financial institutions on risks related to payments
Oligarchs using UK property to launder illegal wealth are being targeted by a new register which has come into force.
A family-owned restaurant in Boston’s Chinatown allegedly served as the headquarters of international money laundering and transmitting schemes that reaped tens of millions of dollars in proceeds from drug trafficking and the resale of Apple products.
It was the bank’s fraud prevention department, Toni Landi was told.
Department of Justice claims Windham residents Shi Rong Zhang, Qiu Fang Zheng were part of a large scale operation that laundered drug proceeds
Cryptocurrency is having an existential crisis. Last month, crypto lender Celsius filed for bankruptcy protection.
From Starbucks to Lamborghinis, consumers are using cryptocurrency to pay for a variety of goods- and retailers are taking notice.
With the enduring popularity of certain NFTs and the promise of their use in the metaverse and beyond, the hype around the new technology has been accompanied by rising concerns over NFTs being the centerpiece of traditional financial crimes like money laundering and wire fraud.
Guatemalan authorities arrested a well-known local journalist on accusations of money laundering and blackmail, according to a prosecutor in charge of the case, a move that has sparked outrage among human rights activists.
Eight individuals have been indicted by a federal grand jury in Boston for their alleged roles in elaborate money laundering and money transmitting conspiracies that laundered tens of millions of dollars’ worth of drug trafficking proceeds, as well as a trade-based scheme that used stolen and/or fraudulent gift cards to purchase and ship thousands of Apple products internationally.
Scammers are continually devising new sweepstakes, gift card, medication, and romance schemes to trick seniors out of money or into sharing sensitive information.
07/13/2022
Cambridge-born financial fraud fighter Featurespace has logged amazing growth in the US since launching an office in Atlanta, Georgia, five years ago.
The New Guide Provides A Practical, Much Needed Resource For Financial Compliance Professionals Working In The Cross-Border Payments and Remittance Industry In A Time Of Increased Regulation
Shops have a week to appeal after failing to convince Bremen officials they are not fronts for crime
The New Guide Provides A Practical, Much Needed Resource For Financial Compliance Professionals Working In The Cross-Border Payments and Remittance Industry In A Time Of Increased Regulation
Funds Needed to Hunt Oligarch Assets, Combat Kleptocracy and Fight Financial Crime
07/11/2022
When the Houston Firefighters Relief and Retirement Fund bought $25 million in cryptocurrencies, with the fund’s chief investment officer touting their potential, retired fire Capt. Russell Harris was concerned.
07/11/2022
Reserve Bank of New Zealand says bank did not report accurate locations for 50,000 transactions between 2018 and 2020.
07/11/2022
Amnesty India rubbishes money laundering allegations; says govt curbing critics under repressive laws
06/27/2022
Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday.
06/27/2022
For a generation of alienated techies, crypto’s all-for-one ethos was its biggest draw. Now panic is spreading across this universe — and that same ethos is posing what may be the biggest threat yet to its survival.
06/27/2022
Proposed in the wake of the Pandora Papers, the Enablers Act requires trust companies, lawyers, art dealers and others to vet clients seeking to move money and assets into the American financial system.
06/27/2022
On June 13, US and UK governments announced that they are developing prize challenges focused on advancing the maturity of privacy-enhancing technologies (PETs) to combat financial crime.
06/27/2022
Britain’s finance ministry published on Friday a review of the country’s anti-money laundering rules and its system for countering the financing of terrorism, part of a broader push by the government to crack down on economic crime.
06/24/2022
Proposed in the wake of the Pandora Papers, the Enablers Act requires trust companies, lawyers, art dealers and others to vet clients seeking to move money and assets into the American financial system.
06/24/2022
Solana teams up with Osom to redirect the OV1
06/24/2022
Advocates of distributed computing technology say recent market issues have less to do with blockchain technology and more to do with people trying to make a quick buck.
06/24/2022
A Lithuanian woman was handed four years and one month in prison by a Danish court on Thursday after pleading guilty to money laundering through Danske Bank’s (DANSKE.CO) Estonian branch, Danish police said.
06/24/2022
A Lithuanian woman was handed four years and one month in prison by a Danish court on Thursday after pleading guilty to money laundering through Danske Bank’s (DANSKE.CO) Estonian branch, Danish police said.
06/23/2022
After the Russian invasion of Ukraine, the world of business will never be the same again.
06/23/2022
As cryptocurrency prices have plummeted in recent weeks, there’s been increased scrutiny on the many professional athletes who have bragged about getting paid in cryptocurrency, and how much money those athletes have lost.
06/23/2022
Veteran lawyer George Gregory has been suspended for two months.
06/23/2022
One of the largest headwinds facing the cannabis industry is the lack of access to banking services.
06/23/2022
Napier, provider of leading anti-financial crime compliance solutions, has announced a multi-org deployment capability for regulated firms looking to streamline and scale their financial crime risk management technology across multiple business entities.
06/22/2022
Ben Armstrong, aka “BitBoy Crypto,” is a YouTube influencer who has taken payment to promote crypto. Everyone knows this, and he does not deny it. But what has him riled up lately is something he’s both publicly endorsed and used as a customer.
06/22/2022
The ED has summoned Parab for questioning in the money-laundering probe linked to alleged violation of coastal regulation zone provisions in the construction of a resort in Dapoli beach area of Ratnagiri district
06/22/2022
Advocacy group Coin Center is suing the US government over ‘unconstitutional financial surveillance’
06/22/2022
US Deputy Secretary of the Treasury Wally Adeyemo praised the UAE’s “very strong framework” in fighting financial crime during a trip to the emirates on Tuesday.
06/22/2022
On May 24, 2022, a former Louisville, Kentucky resident was convicted and sentenced for conspiring to commit money laundering by assisting in the unlawful purchase of automobiles with criminal proceeds.
06/21/2022
Kim Kardashian and Floyd Mayweather among those being sued, but prosecuting fraud in the crypto arena is notoriously difficult
06/21/2022
Months ago, Sydney, Australia-based Hamish Tipene took out two loans with Celsius Network. Buying a new home above his pre-approval rate, he staunchly supported the crypto lender’s motto “Unbank Yourself” and used his crypto holdings as collateral instead of selling it for cash.
06/21/2022
The ED had arrested Jain under criminal sections of the Prevention of Money Laundering Act (PMLA) and was in judicial custody.
06/21/2022
Financial Action Task Force says Pakistan will be kept on list of countries that do not take full measures to combat money-laundering and ‘terror financing’.
06/21/2022
There are strict rules governing financial institutions with a number of global regulatory groups publishing financial compliance requirements.
06/20/2022
‘We must redouble efforts to combat the scourge of money laundering so that Canada regains its reputation as a haven for the oppressed.’
06/20/2022
Back in May, the collapse of Terra Luna wiped $500 billion from the crypto market. So far in June 2022 nearly $400 billion has left crypto as the industry market cap fell below $1 trillion for the first time since January 2021.
06/20/2022
The Cullen Commission Report suggests a paradigm shift whereby the provincial government takes on duties typically ascribed to the federal government
06/20/2022
Benjamin Delo also paid a $10m fine after pleading guilty to US compliance breaches
06/20/2022
The ease of moving funds via the peer-to-peer service also makes it popular among fraudsters.
06/17/2022
A former top lawyer of Venezuela’s oil ministry who played a central role in a $1.2 billion money-laundering scheme fueled by government corruption was sentenced to more than four years in prison by a Miami federal judge Thursday – punishment that was less than half of what prosecutors sought for the ex-foreign official.
06/17/2022
Benjamin Delo, a co-founder of cryptocurrency derivatives exchange BitMEX, was sentenced to 30 months probation for violating US anti-money-laundering law.
06/17/2022
Among its efforts, the crypto industry must establish a compliance-focused culture.
06/17/2022
Todd and Julie Chrisley were found guilty of conspiracy to commit bank fraud, conspiracy to defraud the United States and tax fraud
06/17/2022
Benjamin Delo also paid a $10m fine after pleading guilty to US compliance breaches
06/16/2022
Don’t count Bill Gates among the fans of cryptocurrencies and NFTs.
06/16/2022
Germany is preparing legislation to prohibit cash transactions in the real-estate market to step up efforts to fight money laundering and other financial crimes.
06/16/2022
A culture document published by the company reveals controversial guidelines for workplace interaction.
06/16/2022
Today, the Department of Justice reaffirms its commitment to elder justice while joining the world in commemorating World Elder Abuse Awareness Day (WEAAD).
06/16/2022
“Reputation launderers,” particularly public relations and law firms, and their role in promulgating disinformation increasingly hinder sanctions and financial-crime compliance teams’ ability to conduct enhanced due diligence and make accurate judgments about risks customers pose, according to policymakers and researchers.
06/15/2022
Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices.
06/15/2022
Billions of euros from suspicious sources have been moved through the Baltic branches of Nordic bank Nordea and Norway’s DNB banks, The Finnish Broadcasting Company (Yle) has reported.
06/15/2022
Earlier on Monday, a Delhi court had sent the minister to 14-day judicial custody.
06/15/2022
The Small and Medium Practices (SMP) Conference, hosted by the Malta Institute of Accountants, brought together experts, industry leaders, representatives of constitute bodies and other stakeholders in diverse fields including financial crime, forensic accounting and taxation to discuss and share their views on several factors that are having or will have an impact on the environment within which local practitioners operate.
06/15/2022
Three entrepreneurs who earned €20 million in a deal to import face masks that was presented as a non-profit venture are being investigated for alleged money laundering, the prosecution service has confirmed.
06/14/2022
Bitcoin and other cryptocurrencies plunged Monday, and two of the world’s biggest cryptocurrency platforms restricted activity as the market meltdown continued apace.
06/14/2022
The BJP accuses India’s main opposition leader of forming a shell company and illegally gaining control of property worth $300m.