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05.27.20

From Jamtara and Dirty Money to the real world of Financial Crime

Financial crime has been on the rise across the world from individual phishing scams to organisations being held at ransom by hackers.



05.27.20

Hollywood Producer Arrested in Paycheck Protection Fraud Probe

The CARES Act, which was enacted on March 29, was designed to provide emergency financial assistance to Americans who are suffering the economic effects caused by the COVID-19 pandemic.



05.27.20

How missed 'red flags' helped Nigerian fraud ring 'Scattered Canary' bilk Washington's unemployment system amid coronavirus chaos

Earlier this spring, as Washington began to pay out enhanced unemployment benefits to tens of thousands of laid-off and furloughed workers, a criminal organization halfway around the world spied an enormous opportunity.



05.27.20

Financial Crimes Management Solutions Join The Fraud Battle

Who doesn't love a good mystery crime drama? Fraud victims, for a start.



05.27.20

UK financial crime systems and controls during COVID-19: The FCA's view

On 6 May 2020, the Financial Conduct Authority (FCA) issued a statement on how firms should apply their systems and controls to combat and prevent financial crime during the COVID-19 pandemic.



05.26.20

IBK fined $86m in US over mishandling anti-money laundering program

State-run lender Industrial Bank of Korea and its New York branch have been fined $86 million by the Attorney General's Office for allegedly failing to manage their anti-money laundering program, documents and local reports showed Monday.



05.26.20

Amendments to Anti-Money Laundering Act take backseat in House

A MEASURE seeking to amend the Anti-Money Laundering Act (AMLA) has been placed on the back burner as Congress focuses on passing measures such as the Philippine Economic Stimulus Act (PESA) and Financial Institutions Strategic Transfer (FIST) Bill which aims to address the economic impact of the ongoing coronavirus crisis.



05.26.20

Some 48 money laundering investigations carried in 2019 -Public Prosecutions Office

The 2019 Public Prosecutions Office activity report indicates that despite difficulties in international cooperation for the investigation of money laundering crimes, some 48 investigations were initiated on possible money laundering offences last year and charges were put forward in 10 cases.



05.26.20

How missed 'red flags' helped Nigerian fraud ring 'Scattered Canary' bilk Washington's unemployment system amid coronavirus chaos

Earlier this spring, as Washington began to pay out enhanced unemployment benefits to tens of thousands of laid-off and furloughed workers, a criminal organization halfway around the world spied an enormous opportunity.



05.26.20

How a fraud ring bilked Washington's unemployment system amid coronavirus chaos

Earlier this spring, as Washington began to pay out enhanced unemployment benefits to tens of thousands of laid-off and furloughed workers, a criminal organization halfway around the world spied an enormous opportunity.



05.22.20

'Hundreds of millions of dollars' lost in Washington to unemployment fraud amid coronavirus joblessness surge

Washington state officials have acknowledged the loss of "hundreds of millions of dollars" to an international fraud scheme that hammered the state's unemployment insurance system and could mean even longer delays for thousands of jobless workers still waiting for legitimate benefits.



05.22.20

Lori Loughlin and husband to plead guilty to fraud in college admissions scandal

Actress Lori Loughlin and her husband will plead guilty to fraud in connection with the college admissions scandal after maintaining their innocence for more than a year, the Los Angeles Times reported Thursday, citing a federal court filing.



05.22.20

Chinese national busted for $20M coronavirus loan fraud

A Chinese national living in New York City was arrested Thursday for trying to defraud the government of $20 million meant for small businesses struggling from the effects of the coronavirus pandemic, officials announced.



05.22.20

How PNC Is Fighting Pandemic-Fueled Financial Crime

Financial crime is a never-ending concern for banks, credit unions (CUs) and other financial institutions (FIs), with trillions of dollars and untold terabytes of personal information stolen every year.



05.22.20

Brazil to Investigate Banks Denying Service for Crypto Companies

Local authorities reopen the case against lenders who reportedly refuse to work with cryptocurrency firms.



05.21.20

Beware of coronavirus contact tracing scams, N.J. officials warn. Thousands of fraud cases reported.

New Jersey officials warned Wednesday that thousands of scams have been reported involving phony coronavirus contact tracers seeking to get information from residents with Gov. Phil Murphy saying those criminals have a "special place in hell."



05.21.20

Scandal-hit states oppose plan for EU scrutiny of money laundering

A plan to boost European Union powers to curb the flow of dirty money through banks faced resistance at an EU meeting from member states recently hit by major money-laundering and financial fraud scandals, three officials told Reuters.



05.21.20

Bitcoin stalls at key $10,000 resistance level, but has significant upside if it can break through

The cryptocurrency had been widely expected to break higher in anticipation of a halving, but instead it sold off.



05.21.20

US federal court begins investigating Kolomoisky's alleged money laundering activities

Ukrainian billionaire Igor Kolomoisky is under investigation by a United States federal court for allegedly laundering hundreds of millions of dollars in US real estate, US media reported.



05.21.20

FTC, DOJ crack down on surge of allegedly fraudulent COVID-19 'treatments'

The Federal Trade Commission and Justice Department are seeing a rising number of promotions of allegedly bogus treatments and cures for COVID-19, which they charge are in certain cases pushed directly by doctors and other licensed health care professionals.



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