04.21.17

Bank Regulator Rips Its Own Supervision of Wells Fargo Sales Practices -- Update

A national bank regulator blamed itself for failing to catch questionable sales practices at Wells Fargo & Co. for years before a national scandal last fall. The Office of the Comptroller of the Currency published the results of an internal review that found OCC supervisors missed or failed to address warning signs about the bank's sales incentive program.



04.21.17

Lack of Regulation Is Hurting Bitcoin in Many Regions: Study

India is a prime example of Mulligan’s concern with insufficient and impractical regulatory frameworks. Startups, exchanges and trading platforms in India are currently self-regulating themselves with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies due to the lack of regulations and clarity in the country.



04.21.17

Regulation of Fintech in Canada

This article provides Fintech startups and investors with an overview of the regulatory framework that applies to the Fintech industry and the issues that they need to be aware of as they navigate the shifting regulatory landscape and manage risks.



04.21.17

Virtual Currency Law is Zen For Yen

Over the last few years, the Japanese government has spent a lot of time thinking about how to handle virtual currencies, and particularly cryptocurrencies like Bitcoin. Back in 2014, Cabinet decided that virtual currencies weren’t actual currencies or bonds, thus putting them outside the scope of financial law.



04.21.17

Pakistan Prime Minister To Be Investigated For Corruption

Pakistan's Prime Minister Nawaz Sharif was given a reprieve Thursday when the Supreme Court ordered he be investigated for corruption, but ruled there was not yet sufficient evidence to oust him from power.



04.20.17

Professional Accountants, Strong Governance Vital to Reducing Corruption

Chartered Professional Accountants of Canada (CPA Canada) welcomes the findings of a new global study that shows professional accountants are playing a significant and vital role in fighting corruption.



04.20.17

How De-Risking Is Changing The Face Of AML Compliance Programs

The last decade has brought with it sweeping changes to the financial industry that has made it increasingly difficult and costly for banks, money services businesses (MSBs) and other financial institutions to fulfill their anti-money laundering (AML) compliance requirements.



04.20.17

US Court Accuses Ex-Mexican Governor of Laundering US $30 Million through Texas Real Estate

A United States Court is accusing a former Mexican governor of money laundering. Former Governor of the State of Tamaulipas Eugenio Hernández Flores is accused of laundering approximately US $30 million made from criminal activities.



04.20.17

Brazil's Odebrecht To Pay $2.6bn Fine For Corruption

A federal judge in New York on Monday sentenced Brazil's Odebrecht construction company to pay a $2.6 billion fine in a huge criminal corruption case involving bribing officials in a dozen Latin American and African nations.



04.20.17

Thousands Rally Against Alleged Gov't Corruption In Slovakia

Thousands of Slovakians are rallying in the capital of Bratislava to protest alleged corruption in the government of Prime Minister Robert Fico. The protesters demanded the resignation of Interior Minister Robert Kalinak.



04.19.17

India's Former 'King of Good Times,' Beer Baron Vijay Mallya, Is Arrested In London

Former Indian tycoon Vijay Mallya was arrested Tuesday in London in what was seen as the start of a lengthy legal battle to return him to his home country to face fraud and money laundering charges. The self-proclaimed “King of Good Times,” who led a lavish lifestyle while racking up $1.4 billion in debt as his airline business collapsed, was detained before an extradition hearing at Westminster Magistrates’ Court, according to a statement from Metropolitan Police in London.



04.19.17

U.K. Register of Overseas Beneficial Owners Raises Concerns

The U.K.’s plan to create a beneficial ownership register of overseas companies that own U.K. property isn’t necessarily the silver bullet in the fight against money laundering and tax evasion.Instead, a register could end up dampening future investment in the U.K.’s property market and creating costly administrative burdens for businesses.



04.19.17

Evolving the AML Compliance Officer into a Technology Expert

As Anti-Money Laundering (AML) regulations and expectations have continued to grow and change (e.g., the new FinCEN CDD Rule and the 4th EU Money Laundering Directive), so too have the expectations of AML Officers and their teams.



04.19.17

Cannabis and the Government: Preventing Money Laundering

Suffice it to say, the appointment of Jeff Sessions as the United States Attorney General did not remove uncertainty from the cannabis industry. How our new Attorney General will approach the industry remains unclear. Indeed, a quick search of the Office of the Attorney General’s website page under “News and Speeches” shows no press releases regarding “cannabis.”



04.19.17

Four Allegedly Used Marijuana Company to Scam Investors

Four men have been charged with manipulating the stock of a company that sought to peddle devices to detect marijuana on a person’s breath.Three of the four allegedly planned to fraudulently tout the stock of BioCube Inc. and then sell the shares at an inflated price--a scheme known as a “pump-and-dump.”



04.18.17

Trending: Transitional Crime and Weekly Roundup

With profits running high and risks staying moderately low, financial criminals delving in the realms of popular categories of transnational crime such as the trafficking of drugs, arms, and even humans have found their lines of business to be quite lucrative, over the past several years specifically.



04.18.17

US Government 'Monitored Bank Transfers'

A huge range of security weaknesses, said to be worth more than $2m (£1.6m) if sold on the black market, have been leaked online by a hacking group.The tools are said to have been created by the US National Security Agency.



04.18.17

Cuban National Pleads Guilty In Tax Scam That Used Stolen UPMC IDs

Relying on a Spanish translator, Yoandy Perez Llanes, 33, a native of Cuba, pleaded guilty to money laundering conspiracy and a count of aggravated identity theft for his role in an international scheme that federal agents are still unraveling.



04.18.17

Foreign Bank Locked Out of U.S. Financial System

A federal judge on Friday lifted a stay preventing the Treasury Department from cutting off a foreign bank from the U.S. banking system as a penalty for facilitating money-laundering by international criminals.



04.18.17

El Salvador Crime Boss Allegedly Laundered Money with Panama Companies

José Adán Salazar Umaña, alias "Chepe Diablo," has been accused of laundering money via shell companies in Panama, a reminder of the important role these corporate structures play for criminal groups in Latin America.