All Financial Crime articles – Page 22
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News
FinCEN fines early Bitcoin mixer operator $60m
The Financial Crimes Enforcement Network (FinCEN) has fined the founder and operator of Helix and Coin Ninja $60m.
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Q&A
FinCrime Job Focus: Matthew Redhead, researcher and writer
In our latest reader-submitted Q&A Matthew Redhead explains how financial crime can get the emotional juices flowing
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Feature
The skills needed in the FinCrime team of the future
Becky Marriott’s financial crime fighting journey to date includes working on security in warzones, threat intelligence at the 2012 Olympics, tracing global sanction evasion networks and investigating ISIS. Now at digital banking services provider Tide, Marriott discusses the skills needed to equip the financial crime teams of the future.
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News
FATF flags Chinese FIU’s lack of powers to tackle AML
China’s decentralised Financial Intelligence Unit system lacks the power to analyse suspicious activity adequately, a Financial Action Task Force (FATF) report has said.
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News
Leicester textile firms ‘involved in money laundering and VAT fraud’
A network of clothing manufacturers in Leicester has been involved in money laundering and VAT fraud, a BBC investigation has found.
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Feature
Identifying, verifying and authenticating customers – which tech options will you go for?
Know Your Customer rules are tightening but bank customers increasingly want fast sign-up and quick banking. FinCrime Report looks at some of the identification and verification technologies currently being used to prevent fraud and money laundering in an increasingly complex landscape while ensuring user experience remains positive.
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News
Businessman with criminal links hands over £10m to UK investigators following Unexplained Wealth Order first
A UK businessman with links to serious criminals has surrendered property worth nearly £10m after an Unexplained Wealth Order (UWO) was issued to force him to reveal where his money came from.
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News
Arrests over alleged fraud in two UK government Covid-19 schemes
A series of arrests have been made over the last week involving suspected fraud connected to Covid-19 government schemes supporting UK businesses.
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News
AUSTRAC investigates PayPal as AML compliance clampdown continues
Australian enforcement agency AUSTRAC has ordered the appointment of an external auditor to probe anti-money laundering compliance concerns at PayPal.
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Q&A
FinCrime Job Focus: Blake Cuningham, product lead, Comply Advantage
In our latest reader-submitted Q&A, Blake Cuningham talks about tackling the puzzle of complex product development challenges
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News
SARs system is ineffective at uncovering money laundering, warns United Nations panel
The system under which banks report suspicious activity has uncovered “very few” instances of money laundering, corruption or other financial crimes, a United Nations (UN) panel report has said.
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Feature
Preparing for the cybercrime challenge: tips from a former FBI agent
Few have witnessed the developments in cybercrime unfold over the past 20 years as closely as Jeff Lanza. The former FBI agent has followed the progression of white-collar crime since the 1980s and has seen first-hand how investigations went from being all about catching gangsters operating in the physical world, to catching online hackers in just a matter of years.
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News
British MPs write to ministers to demand AML answers as FinCEN Files blame game begins
The chair of a UK parliamentary committee has written to government ministers and watchdog heads after the country’s anti-money laundering controls were put under the spotlight by the FinCEN Files.
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Q&A
FinCrime Job Focus: Tamás Kádár, chief executive, SEON
In our first reader-submitted Q&A, Tamás Kádár explains how cyber attacks led him to develop his own anti-fraud solution
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News
Australian banking giant Westpac agrees to pay record A$1.3bn fine for AML failures
Australian banking giant Westpac has agreed to pay A$1.3bn ($900m in US dollars) after admitting money laundering failures.
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Feature
FinCrime Job Focus: tell us about your role
Do you work in a field tackling financial crime? Don’t miss the chance to feature in one of FinCrime Report’s regular job focus Q&As.
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Blog
Criminals are increasingly targeting different banks’ weaknesses
In a world of rapidly evolving technology, how do financial services firms keep up with the criminals? asks Mike Harris
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News
UK government announces new verification powers for Companies House in AML plan
The UK’s official company register will be required to verify company directors’ identities before they can be appointed, under plans announced by the government.
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Analysis
SARs and the FinCEN Files – did disclosure rules play a part?
The FinCEN Files have shocked many across the world. The leaked documents show banks moved more than $2 trillion between 1999 and 2017 in payments even though they believed them to be suspicious. So how was this allowed to happen?
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News
US bank State Street hit with $1.24m AML fine in Australia
US banking giant State Street has been fined $1.24million in Australia for failing to report international fund transfers on multiple occasions.