01.20.17

Anti-Corruption Compliance Programs and Barriers to Information Flow

Multinational companies face an increasingly common dilemma when implementing and enforcing anti-corruption compliance programs: barriers to the flow of information.



01.20.17

India: Cooperative banks 'seriously tampered' cash records for money laundering, says I-T Dept

A number of cooperative banks have been found tampering cash records with "serious unexplained difference between the old notes reported to the RBI and the physical stock" available with the banks after the government's demonetisation. The Income Tax Department (I-T Department) has informed the Reserve Bank of India (RBI) that its investigation revealed illegal malpractices being deployed by such banks to the tune of multi-crore rupees.



01.20.17

Guatemala president's brother, son held on suspicion of fraud

The president’s brother Samuel Morales, was arrested and his son, Jose Manuel Morales turned himself in, Reuters reported. Along with eight employees of the Guatemalan General Property Registry, the pair allegedly arranged for the agency to pay for a breakfast for 564 people and another meal for 40 in 2013.



01.20.17

Colombia extradites to US alleged top money launderer

BOGOTA, Colombia (AP) — Colombia has extradited to the U.S. a prominent Panamanian businessman accused of running a worldwide money-laundering organization for drug traffickers.



01.20.17

PBOC Investigation Reveals Illegal Operations in Chinese Bitcoin Exchanges, Bitcoin Price Affected

The People’s Bank of China has been investigating major Bitcoin exchanges in the country including BTCC, Huobi and OKcoin. We have covered the initiation of the investigations and now it has come to light that violations were indeed found by the Chinese Central Bank.



01.19.17

FBI, 5 other agencies probe possible covert Kremlin aid to Trump

WASHINGTON — The FBI and five other law enforcement and intelligence agencies have collaborated for months in an investigation into Russian attempts to influence the November election, including whether money from the Kremlin covertly aided President-elect Donald Trump, two people familiar with the matter said.



01.19.17

Corruption in Crumbling Clinton Empire

After Donald J. Trump devastated the once formidable Clinton political machine in November – the Clinton Global Initiative, the centerpiece initiative of the Clinton Foundation, the former first couple’s political and financial power structure – is being shut down.



01.19.17

South Florida pain clinics tied up in $13M money laundering conspiracy

Colorado resident Jonathan Sendor pleaded guilty last week to his role in a $13 million money laundering conspiracy that involved more than 2 million units of oxycodone and, yes, South Florida.



01.19.17

Is Warren Buffett Wrong About Bitcoin?

The future of the cryptocurrency industry is still clouded with doubt since Warren Buffett (Trades, Portfolio) has been one of the biggest critics of the market. Bitcoin is, by far, the leading unit in the cryptocurrency market and based on Buffett's comments over time, it is fair to say the legendary investor does not value it at all, let alone imagine a bright future ahead.



01.19.17

European Commission Publishes Proposed Directive on Countering Money Laundering by Criminal Law

The European Commission published a legislative proposal for a Directive on countering money laundering by criminal law. The proposed Directive is intended to harmonize and establish minimum rules concerning the definition of criminal offenses and sanctions in the area of money laundering. The proposed Directive would implement international obligations such as the Warsaw Convention and Financial Action Task Force recommendations.



01.18.17

Brazilians Want Their Own Donald Trump

If Brazilians were ever shocked that the U.S. decided to put a onetime star of The Apprentice in the White House, they’re over it. Two popular potential candidates for the 2018 contest in Latin America’s largest country are former hosts of O Aprendiz, the local version of the show.



01.18.17

Top 9 countries fighting corruption today

The World Economic Forum has released its 2017 "Inclusive Growth and Development Report" — a major look into how nations around the world can best ensure that their businesses and institutions function as efficiently as possible.



01.18.17

When Transaction Laundering Finances Terror

This month marks the second anniversary of the deadly attacks in Paris, when terrorists Said and Cherif Kouachi attacked the Charlie Hebdo satirical magazine on January 7, 2015 and when Amedy Coulibaly, a friend of the Kouachi brothers gunned down innocent grocery shoppers and held 15 others hostage in the Hyper Cacher attack.



01.18.17

Ukraine’s Former Top Spy Goes After a New Enemy: Corruption

KYIV, Ukraine—Ukraine’s former top security official has gone from tracking down Russian spies to fighting what he perceives to be the country’s greatest threat—corruption.



01.18.17

Freshman Congressman Pushing Anti-Corruption Legislation

One of the newest members in Congress has spent the past decade and a half rising to the top of the Federal Bureau of Investigation’s political corruption unit, and he is wasting no time putting his know-how to work through legislation.



01.17.17

Trending: Artificial Intelligence and KYC Update

The Compliance Department’s of seemingly every financial institution across the globe are now faced with far greater regulatory responsibility in 2017 than they have in years past. As a result, a greater emphasis has been placed on ways to increase the speed and efficiency of the compliance-related processes that banks are subjected to on a daily basis.



01.17.17

Banker caught up in Malaysian 1MDB scandal went on $8.2m Gold Coast property splurge

A former banker from Singapore accused of laundering money linked to Malaysia’s 1MDB scandal used a tax haven company as part of an $8.2m-plus splurge on Gold Coast property over little more than a year.



01.17.17

In final days, Obama administration signs law enforcement pact with Cuba

WASHINGTON — The U.S. State Department signed a new agreement on law enforcement cooperation with Cuba on Monday, seeking to further deepen ties with the communist island just four days before the end of the Obama administration.



01.17.17

The Impact of Money Laundering on Customer Due Diligence

The report focuses on recent developments as a result of AML regulation, and its effect on global regulation. It provides an overview of key drivers and vendors operating in financial risk management. It provides detailed analysis of the key operational and technological trends and challenges that institutions face due to the rapid rise in money laundering activity and frequent regulatory upgrades.



01.17.17

Tax Authority probing US accounts held by Israelis

The US Internal Revenue Service has given the Israel Tax Authority data on over 35,000 Israelis with US bank accounts. Should 35,000 Israelis start worrying that the Israel Tax Authority might knock on their doors in the near future?