09.23.16

Flamboyant Arab Scams UK for £113m

Britain's biggest cyber-fraudster grew so rich from a £113million scam that he flew his personal valets 8,000 miles across the world to polish his Porsches.



09.23.16

Wells Fargo has one heck of a scandal on its hands

Wells Fargo CEO John Stumpf endured a nearly three-hour questioning from the US Senate banking committee on Tuesday. Stumpf was constantly taken to task by senators, both Democratic and Republican, for the scandal in which Wells Fargo employees opened roughly 2 million checking and credit accounts without customers' knowledge.



09.23.16

Anti-Corruption Watchdog Seeks EU

BRUSSELS (AP) — Anti-corruption watchdog Transparency International has urged the European Union to take the lead in efforts to expose those who represent, or profit, from businesses with secretive links to the world's biggest tax havens, as criticism mounted Thursday of a former top EU official caught up in a wide-ranging document leak from the Bahamas.



09.23.16

Canadian Banks Set Up Almost 2,000 Offshore Companies In The Bahamas: Records

Three major Canadian banks set up thousands of offshore companies in one of the world's top tax havens, leaked records show.



09.23.16

Ten charged in sweeping NY corruption case

ALBANY – Some of New York's largest upstate development projects under Gov. Andrew Cuomo were tainted by self dealing and bid rigging, prosecutors alleged in criminal complaints Thursday.



09.23.16



09.22.16

4 North Texas business owners found guilty in 2-year, $16 million money laundering scheme

SHERMAN, Texas — A jury on Monday has found four North Texas men guilty of federal money laundering violations, announced U.S. Attorney John M. Bales, Eastern District of Texas.



09.22.16

Switzerland regrets Thai decision not to extradite Swiss national linked to 1MDB probe

Switzerland said it regrets a decision by Thai authorities not to extradite Swiss national Xavier Justo, a possible key witness in the global money-laundering probe linked to Malaysian state fund 1Malaysia Development Berhad (1MDB).



09.22.16

Indonesia's Mega Rich Can Relax

Wealthy Indonesians are panicking, and the government is indignant on their behalf. Both should relax a little.



09.22.16

Brazil judge orders corruption trial for ex-President Silva

RIO DE JANEIRO (AP) — Former President Luiz Inacio Lula da Silva must stand trial on charges of money laundering and corruption, a Brazilian judge ruled Tuesday.



09.22.16

Money Laundering A Major Concern For The UAE

Money laundering has become a major global concern and the UAE has many all efforts to combat this threat. With this in mind, the UAE has started the fight by getting hold of all related assets to this crime.



09.20.16

Traditional Risk Scoring is Dead

An entire industry – card payments acquiring and processing – relies its risk management methodology on chargebacks optimization as its main, if not sole, operational target. Simply put, the higher the likelihood for chargebacks for a given merchant category, the riskier the merchant will be considered by a credit card processor or merchant services department.



09.20.16

Terrorism Financing, Consumer Protection in Spotlight; Various Financial Services Regulators to Meet

Taking the lead from the House Financial Services Committee, which held a hearing earlier this month to exam the terrorism financing implications of the “ransom payments” to Iran, the Senate Banking Committee will hold a hearing this Wednesday on the matter.



09.20.16

Venezuelans trading guns and ammo for food with Trinidadians

PORT OF SPAIN, Trinidad--Venezuelans and Trinidadians are bartering on the high seas, selling and/or exchanging arms and ammunition for food and basic commodities.



09.20.16

$3.7 Billion in suspicious activity but... No convictions yet

Between 2011 and 2015 the Financial Intelligence Unit analysed 2,341 suspicious activity reports with a dollar value of approximately TT$3.7 billion. However, to date there have been no convictions in connection with money laundering offences.



09.20.16

“Trust divide” must be bridged, says Lagarde

Corruption must be tackled in order to bridge the “trust divide” between the public and the world’s institutions, International Monetary Fund managing director Christine Lagarde has said.



09.19.16

Trending: Bank Cybersecurity, North Korea, and the RegTech Summit

Over the past week, several developments have emerged on the forefront of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) initiative that could drastically alter the landscape of the financial services industry.



09.19.16

Former Brazilian president Lula charged in massive corruption scandal

RIO DE JANEIRO — Prosecutors on Wednesday announced new charges against Brazil’s most prominent politician, former president Luiz Inácio Lula da Silva, accusing him of controlling a multibillion-dollar corruption ring centered on state oil company Petrobras.



09.19.16

REFILE-New Zealand extends anti-money laundering rules to capture property agents

New Zealand will extend its anti-money laundering laws to cover real estate agents and other professions amid fears the country has become a soft target for illegal fund flows that have also helped inflate the property market.



09.19.16

N.J. man arrested in money-laundering scheme tied to 'El Chapo', cops say

A Middlesex County man who had been on the run was recently extradited to Florida after being arrested in a large international money-laundering scheme allegedly connected to the Mexican drug lord, Joaquín 'El Chapo' Guzmán.