02.24.21

The Long Arm of U.S. Law: The Patriot Act, the Anti-Money Laundering Act of 2020 and Foreign Banks

The Anti-Money Laundering Act of 2020 (AMLA), part of the National Defense Authorization Act for fiscal 2021 that Congress enacted over President Trump's veto, significantly expands the U.S. government's authority to subpoena documents held by foreign banks overseas.



02.24.21

Pittsburgh man sentenced to prison in drug trafficking, money laundering operation

A Pittsburgh man was sentenced to four years in federal prison followed by four years of supervised release in connection with a drug trafficking and money laundering operation, according to prosecutors.



02.24.21

Man Pleads Guilty to Directing COVID-Relief Fraud Scheme

A Wisconsin man pleaded guilty today for his role in fraudulently obtaining over $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.



02.24.21

Kerala: Probe ordered into financial fraud

Public Works Minister G Sudhakaran has ordered a vigilance inquiry into the financial irregularities unearthed in Pratheeksha Bus Shelter Company a special purpose vehicle, formed during the UDF government's term, for setting up bus shelters



02.23.21

$1m in cash seized as man arrested over alleged money laundering via cryptocurrency

A man who police allege is the head of a multimillion-dollar money laundering syndicate has been arrested after officers stopped his car in Sydney's inner west and allegedly found $1 million in cash inside.



02.23.21

NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites

On February 16, 2021, the New York Department of Financial Services ("NYDFS") issued a Cyber Fraud Alert (the "Alert") to regulated entities in light of a growing campaign to steal Nonpublic Information ("NPI"), as defined under New York law, from public-facing websites that provide instant quotes for products like auto insurance ("Instant Quote Websites").



02.23.21

Banks need better protection to prevent wire-transfer fraud, says financial crime expert

Vivien Zheng lost $340K in an elaborate wire-transfer scam. Financial crime expert Vanessa Iafolla says that could have been prevented if banks had better protection for customers.



02.23.21

Financial crime: five key trends from 2020 and how they played out

From improved data sharing for identity verification to public-private partnerships that tackle terrorism financing, organised crime, money laundering - the pandemic has challenged and transformed how organisations counter fraud



02.23.21

Newark Man Laundered $23M Of Drug Money In 3 States: Feds

A man opened bank accounts in New Jersey, New York and Florida. Then he used cashier's checks to launder more than $23M, authorities said.



02.22.21

AUSTRIAN REGULATOR SAYS CRYPTOCURRENCY IS ASSOCIATED WITH 60% OF FINANCIAL FRAUD CASES

The Austrian Financial Market Authority (FMA) stated on Friday that crimes involving the use of cryptocurrencies have increased across the country.



02.22.21

Qatar Regulator Unveils Platform To Help Fight Money Laundering and Financial Crime

Qatar has ramped up efforts against money laundering and the financing of terrorism with the launch of a new digital learning platform that raises awareness for professionals working within the country's capital market.



02.22.21

Elon Musk says bitcoin seems high after surpassing $1 trillion market value

Tesla CEO Elon Musk said Saturday that bitcoin prices "seem high" after the cryptocurrency surged to another record high this week.



02.22.21

AML FINES RIFE AMONG MAJOR BANKS. LAST YEAR SHOWS THE NON-BANK SECTOR TO BE AHEAD OF THE BANKS ONCE AGAIN.

Compliance is the bulwark against money laundering and other financial crimes across the world. But as recent experiences reveal, increased compliance requirements put a heavy toll on banks and other financial institutions.



02.22.21

A New Survey Of The Financial Industry Shows Significant Support For The FinCEN Files Investigation

Some in the financial industry warned the unprecedented reporting project would have a chilling effect.



02.19.21

Newark Man Admits Role in $23M Money Laundering Scheme

Federal officials say a Newark resident admitted his role in a large international money laundering conspiracy and to using a stolen identity in furtherance of the scheme, Acting U.S. Attorney Rachael A. Honig announced.



02.19.21

Industry Experts Say The FinCEN Files Investigation Will Help The Fight Against Global Corruption

Some in the financial industry warned the unprecedented reporting project would have a chilling effect.



02.19.21

Nvidia announces new chips designed for mining Ethereum as the cryptocurrency hits record highs

Nvidia on Thursday announced it will release a new series of semiconductors specifically for mining ether, the second-largest digital cryptocurrency.



02.19.21

EC urges Romania to transpose gas supply, industrial emissions, anti-money laundering directives

The European Commission said on Thursday it is calling on Romania to fully transpose gas supply security, industrial emissions management and anti-money laundering directives into its national legislation.



02.19.21

Nigerian national targeted Caterpillar Inc. in $11 million fraud scheme. Now he'll serve 10 years.

A Nigerian man was sentenced in Norfolk federal court on Tuesday to 10 years in prison in a massive online financial fraud scheme.



02.18.21

Biden and Central America's Anti-Corruption Crusade

There are high hopes that the new US administration of President Joe Biden will provide a shot-in-the-arm to anti-corruption efforts in Central America, perhaps even leading to the creation of a regional commission that helps local prosecutors investigate major corruption cases.



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