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Anti-Money Laundering & Compliance News
In-house lawyers working in major British companies are becoming increasingly concerned that the firms they work for are failing to keep up with the methods being used by criminals to carry out financial crime.
Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.
What began as a delivery of drugs in a Sony PlayStation box led agents to a stash location in Novi where a drug organization stored more than 30 kilograms of fentanyl and over half a million dollars. Yesterday, the California-based leader of that organization pleaded guilty to a drug trafficking and money laundering conspiracy.
Ramon Abass, popularly known as Hushpuppi has been sentenced to 11 years for internet fraud and money laundering.
A Florida man was sentenced to 45 months in prison for laundering funds obtained from a $50 million internet-enabled fraud scheme, federal officials announced today.
The U.S. Attorney’s Office for the Southern District of New York will now be handling the investigation, Bloomberg reported Monday.
U.S. financial institutions reported over $1 billion in ransomware-related payments last year, majority of which were accounted for by Russian hackers, found a new analysis by the U.S. Treasury Department.
According to Cointelegraph, through a November 2, 2022, notice, the Switzerland financial regulator stated that it would initiate a threshold of 1,000 Swiss francs for transactions of virtual currencies to cash or other forms of payment
A federal grand jury returned an indictment against a Minneapolis woman for running a drug money laundering conspiracy on behalf of a large-scale fentanyl and marijuana dealer, announced U.S. Attorney Andrew M. Luger.
The European Commission has raised the threat level for money laundering in online gambling to its highest possible rating, and called for lower thresholds for due diligence checks to prevent criminal activity.
Defendant Admits Perpetrating Fraudulent Schemes, Including Investment Scheme that Bilked Muslim-American Community Out of Over $8 Million
James Stunt has told his £266million money-laundering trial how he was dumped by his billionaire heiress ex-wife just weeks after she threw him a ‘lavish’ birthday bash – which featured a performance from Sean Combs aka P Diddy.
Do you frequently get suspicious texts and calls about your bank account being compromised or notifications about unauthorized charges on your credit card? You’re not alone.
The prevalence of fraud calls for a new stage of technological tools that can help financial institutions better monitor for and prevent fraud and other forms of financial crime.
Protocol Ventures LP, a US-based investor in crypto hedge funds, is to close down and return cash following the slide in the market for digital assets, according to people familiar with the matter.
Former Georgia police officer Andre Jackson was convicted of attempting to launder $500,000 in fraudulently obtained COVID-19 relief funds, U.S. Attorney Mark Totten announced Monday.
The U.S. White House brought together 36 countries and the EU for its second International Counter Ransomware Initiative (CRI) summit to counter the global spread of ransomware.
A Burlington County, New Jersey, man today admitted his role in a conspiracy to steal bank customer identities and then use that information to steal more than $520,000, U.S. Attorney Philip R. Sellinger announced.
In today’s global, technology-driven economy, financial crime risk takes many forms.
A Florida man who was wanted on charges in Williamsburg as part of a financial fraud case has been arrested.
Credit Suisse agreed to pay a 238 million settlement to end a French probe surrounding an alleged tax evasion scheme between 2005 and 2012.
Nashville businessman Mahan “Mark” Janbakhsh, owner of Plaza Mariachi and former owner of Auto Masters, was charged Thursday in what federal investigators called a multi-million-dollar bank fraud scheme.
The U.S. Attorney’s Office for the Southern District of New York will now be handling the investigation, Bloomberg reported Monday.
Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence.
A Lucknow court on Monday rejected the bail plea of journalist Siddique Kappan in a case of money laundering filed by the Enforcement Directorate (ED).
– Binance, the world’s largest crypto exchange that has invested $500 million into Elon Musk’s buyout of Twitter Inc, is creating a team to work on how blockchain and crypto could be helpful to Twitter, the company’s spokesperson said on Friday.
Prosecutors said the couple laundered more than $21 million for drug traffickers.
Documents reveal that a corporation implicated in corruption, served as a middleman between IAI, Elbit, and Israel Shipyards and Myanmar’s brutal junta, despite international sanctions over the Rohingya genocide
The Government of Jersey is requesting data from private family trusts in a continued crackdown on financial crime.
Intercontinental Exchange (ICE) is taking a $1.1 billion write-off for its holdings of crypto platform Bakkt (BKKT) according to an SEC filing late Friday afternoon.
NE YEAR AGO, on October 28, 2021, the company premiered an ad starring Matt Damon.
The war in Ukraine raised the stakes for fraud detection, as threat actors devise more complex ways of evading oversight. In particular, fraud syndicates can easily set up fake identities, bolstered by legitimate-looking websites and social media profiles.
Investigations into the financial fraud pertaining to businesswoman Thilini Priyamali have revealed that she had allegedly defrauded Rs. 1.28 billion, Police spokesman SSP Nihal Thalduwa said.
The alleged fraud uncovered recently at Sagicor Bank reportedly involves more than $50 million and has implicated Tricia Moulton, the manager of the Liguanea branch in St Andrew.
Brett A. Sokolow, one of the nation’s most visible higher-education consultants and the president of the Association of Title IX Administrators, is being sued by a former executive at his consulting firm over allegations of tax fraud, breach of contract, and retaliation.
The former chief financial officer of a company in High Point, North Carolina, was sentenced today in federal court in Greensboro for wire fraud, announced United States Attorney Sandra J. Hairston of the Middle District of North Carolina.
On today’s episode, NLW looks at the positive price action of the past few days, with an eye to understanding how people are understanding the move. Is it a macro shift and a belief in a coming Federal Reserve pivot? Is it a crypto-specific narrative? Is it the market getting ahead of itself?
Government MP Zane DeSilva appeared in court this morning charged with money laundering in connection with the Savvy recording studio scandal.
Former Panamanian president Ricardo Martinelli will face a preliminary hearing for his alleged role in the “New Business” money laundering scheme, related to the purchase of a Panamanian media outlet, the country’s judicial branch reported on Monday.
Fourteen people in Marshall County and DeSoto County were arrested Wednesday for allegedly conspiring to fraudulently obtain funds through the Payroll Protection Program of the U.S. Small Business Administration, the U.S. Department of Justice announced.
The corruption scandal has left a lingering legacy of distrust and unreadiness.
Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday.
Crypto may have been “founded on the idea of decentralization,” says Gensler, but that hasn’t stopped centralization from emerging in the market.
The U.S. Justice Department on Wednesday sued the indicted founder of a cryptocurrency “mixer” to recover a $60 million civil penalty that was imposed on him in 2020 by U.S. financial regulators for alleged failures to maintain an effective anti-money laundering program.
The Financial Service Commission (FSC), South Korea’s leading financial watchdog, believes that stablecoins and cryptocurrencies may make it easier to launder money.
Yellow Card’s CEO said that the Botswana VASP license is the first license for African crypto exchanges established by an African country.
Myanmar’s central bank has promised improvements and warned against currency manipulation after an international watchdog put the military-controlled country on a terrorism and financial crimes blacklist
U.S. District Judge Mary S. Scriven has sentenced Virginia Garcia Moreta (35, Tampa) and Hector Rodriguez Mendez (47, Tampa) to 70 and 63 months in federal prison, respectively, for conspiring to commit money laundering.
In a bid to stop money launderers, South Korea’s Financial Services Commission (FSC) is planning a probe into the amount of stablecoins being used on crypto exchanges.
Apple has announced updates to the App Store Review Guidelines, offering guidance for apps offering cryptocurrency and NFTs.
Adrian Kwiatkowski, a hacker from Ipswich in England who stole two unreleased songs by Ed Sheeran, has been sentenced to 18 months in prison, according to the BBC. Kwiatkowski sold Sheeran’s tracks, along with 12 other songs by American rapper Lil Uzi Vert, for cryptocurrency worth £131,000 (US$148,000) on the dark web.
The battle for how to regulate cryptocurrency might handicap the entire value proposition if we simply apply the same old rules to a new way of moving money around.
A British man has been arrested in the United Arab Emirates (UAE) following an international arrest order issued at the request of the French authorities.
THE ANTI-MONEY Laundering Council (AMLC) said it continues to address the strategic deficiencies identified by the Financial Action Task Force (FATF) in its efforts against “dirty money” and terrorism financing, as the Philippines remained on the latter’s “gray list.”
Xizhi Li pioneered a new method that enriched Latin American drug lords and China’s elite. A DEA investigation found the Chinese government may have been involved.
As crypto prices plunged in the last year so did growth in adoption worldwide, led by slowing transactions in North America and Europe.
When the Justice Department announced it seized billions in stolen cryptocurrency earlier this year, it seemed like great news for victims of a hack that drained around $70 million from customers’ accounts on the Bitfinex trading platform in 2016.
A resident of Stockton, California, pleaded guilty in federal court to violation of federal narcotics and money laundering laws related to a nine-month Title III wiretap investigation into drug trafficking in and around the counties of Jefferson, Clearfield, and Allegheny, United States Attorney Cindy Chung announced today.
The former Minister of the Government of Bolivia pleaded guilty today to conspiracy to launder bribes he received in exchange for corruptly helping a U.S. company win a $5.6 million contract from the Bolivian government.
A Pakistani court acquitted Prime Minister Shehbaz Sharif and his son from a money laundering and corruption case filed against them in 2020, Radio Pakistan announced.
The move comes after Fidelity launched a new Ethereum Index Fund for accredited investors.
In July, Reddit jumped on the NFT train, launching an NFT-based marketplace that allows users to purchase blockchain-based profile pictures for a fixed rate. Given the general sentiment around NFTs today, you might assume -like me – that the experiment ended poorly. But the opposite’s the case apparently.
Thursday 13 October 2022 saw the second reading of the draft Economic Crime and Corporate Transparency Bill, containing a raft of different measures including new and expanded powers for Companies House, the SFO and the NCA.
The findings, part of INTERPOL’s first-ever Global Crime Trend report, saw more than 60 per cent of respondents rank crimes such as money laundering, ransomware, phishing and online scams as high or very high threats.
The Irvine man’s claims were numerous: He was a Navy SEAL, owned McDonald’s franchises, ran a chain of gyms, and was a successful businessman and investor, he said.
Dechert’s long-running Neil Gerrard headache continues.
A cabinet decision to revise six foreign-exchange laws closely follows a government plan to introduce new rules for remittances, all aimed at tightening AML measures for crypto.
On Tuesday some 48,000 bitcoins moved off Coinbase Pro, a favored exchange among institutional investors, according to data provider CryptoQuant.
Walmart (WMT) made headlines late last year, when the company sought several new trademarks that signaled its intent to make and sell virtual goods in the metaverse.
Mastercard is launching a program to let financial institutions offer cryptocurrency trading to their clients.
The “criminal organization” is believed to have distributed kilograms of cocaine and ecstasy in Massachusetts, authorities say.
Australian gambling giant Star Entertainment Group has been fined A$100m ($62m, £55m) for failing to stop money laundering at its Sydney casino.
The United States, which was the joint top-ranked crypto economy last quarter along with Germany, fell to seventh place in the rankings.
Ukraine’s central bank chief said on Friday he plans to ask the global financial crime watchdog the Financial Action Task Force (FATF) to expel Russia over its invasion of Ukraine.
Regardless of the current prices, historical Bitcoin price data proves that Bitcoin recorded new highs after each bear cycle.
Eleven people, including two from Braintree and Canton, have been charged in connection with a sophisticated international money laundering and drug trafficking organization involving cocaine and the drug ecstasy, the U.S. Attorney’s Office and the FBI said.
Resistant AI and ComplyAdvantage launched their solution for fighting financial crime across the U.S. and Europe.
Behind the headlines that emerged earlier this month on the arrest of two suspected online scammers in South Africa lies a global police operation coordinated by INTERPOL.
JPMorgan CEO Jamie Dimon surprised no one as he held the stage at an Institute for International Finance (IIF) event, again calling crypto tokens “decentralized Ponzis” even as he praised aspects of blockchain technology.
Shares of cryptocurrency exchange Coinbase fell 1% on Thursday after the Consumer Price Index showed inflation continued to increase in September beyond Wall Street’s expectations. The stock had fallen as much as 12.7% earlier in the day.
A Stevensville man admitted to drug trafficking, firearm and money laundering crimes after law enforcement seized thousands of fentanyl and methamphetamine pills from his vehicle in a Minnesota traffic stop and found pill-making equipment and materials on his Montana property, U.S. Attorney Jesse Laslovich said.
Leonardo DiCaprio is among 72 witnesses being prepped as part of Fugees member Pras Michel’s money laundering trial.
Eleven individuals from Massachusetts, Rhode Island, New York and California have been charged in connection with their alleged involvement in a sophisticated international money laundering and drug trafficking organization involving cocaine and MDMA (ecstasy).
The United States Justice Department (DOJ) has indicted a Californian man linked in the alleged laundering of over $5 million through BTC for a dark web drug trafficking ring.
A defense lawyer says a Pakistani court has acquitted Prime Minister Shahbaz Sharif and his son of corruption and money laundering charges filed in 2020
Cryptocurrencies were slightly higher on Wednesday after investors shrugged off a higher-than-expected inflation report in anticipation of another key inflation indicator due to come out on Thursday.
GGPoker is in trouble with the UK Gambling Commission (UKGC). The online poker platform, where Daniel Negreanu is a high-profile ambassador, allegedly violated the regulator’s anti-money laundering (AML) and social responsibility rules, resulting in a six-figure fine.
A Romanian businessman and a company he represented were indicted at the Bucharest Tribunal in an EU funds fraud case investigated by the European Public Prosecutor’s Office (EPPO).
Money from crypto exchange was allegedly used to buy four houses worth $4m, vehicles, art and furniture, police officer tells court
Earlier today, a federal jury in Brooklyn convicted Mustafa Goklu, also known as “Mustangy,” of money laundering and operating an unlicensed money transmitting business as part of a scheme to launder the purported Bitcoin proceeds of drug trafficking.
Quebec casinos and gaming halls are still easy targets for organized crime, with millions of dollars in dirty money likely being funnelled through the government-run venues, experts warn.
Xizhi Li pioneered a new method that enriched Latin American drug lords and China’s elite.
U.S. cryptocurrency exchange Coinbase received a key regulatory license in Singapore as it ramps up expansion overseas, the company said on Tuesday.
The latest price moves in crypto markets in context for Oct. 7, 2022.
The release on October 4 of the 11th Basel AML Index drew attention not only to its ranking of money laundering risks in 128 countries but for its stark message: in a fast-changing world, progress in addressing money laundering and terrorist financing risks is not moving fast enough.
Fugees member Pras Michel’s trial on federal money laundering charges heads to trial on Nov. 4, and he won’t be the only star participating in the case. Seventy-two witnesses, including actor Leonardo DiCaprio and several top Trump officials, are being prepped as potential witnesses for the government, as Politico’s Playbook reports.
Some 950 UK LLPs indicating money-laundering links were registered close to government agency’s HQ, new research shows
The Financial Action Task Force plans to put Democratic Republic of Congo on a list of countries subject to increased monitoring, the country’s Communications Minister Patrick Muyaya said on Saturday.