More from Banking, Financial Services & Insurance – Page 12
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NewsForty jailed in UAE for money laundering and fraud
Abu Dhabi Criminal Court has imprisoned 40 men after they conned investors into putting money into a digital trading platform and converting their clients’ funds into a fake digital currency called Foin so the investors could not get their money back.
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NewsPoly Network offers job to $604m hacker
Cryptocurrency service provider Poly Network says it is cordially inviting cyber-attacker ‘Mr White Hat’ – a term used for ethical hackers who search for vulnerabilities in organisations’ IT systems which could expose them to attacks – to be the company’s chief security advisor.
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NewsMoney laundering fight increasingly goes high tech
The use of artificial intelligence (AI) and machine learning (ML) are gaining serious momentum in anti-money laundering (AML) compliance, according to a survey.
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NewsSendvalu fined for breaking money laundering rules
Malta’s financial regulator FIAU has ordered the island’s subsidiary of Swiss money transfer company Sendvalu to pay €502,000 ($591,000) for failing to comply with money laundering laws.
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VideoGRC TV: Fantastic Shell Companies and Adapting to ESG
Access this episode on demand, as we delve into fantastic shell companies and where to find them, along with adapting to ESG and what metrics matter most.
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NewsAllianz fined for money laundering breaches
The Bermuda Monetary Authority (BMA) has imposed civil penalties totalling US$1.7m (€1.45m) on Allianz Life Bermuda Limited for failing to comply with anti-money laundering, anti-terrorist financing and international sanctions legislation plus “longstanding and persistent breaches” of the Insurance Act. The company is being wound up.
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NewsMoney laundering gang jailed in Saudi Arabia
A Saudi Arabian court has imprisoned four people for 24 years and fined them SAR140m ($37.3m, €31.8m) for illegally transferring more than SAR140m abroad.
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NewsChinese fashion clothing director charged with money laundering
The director of a Chinese company which produces clothes for leading fashion chains has been accused of deceiving the Bank of China (Hong Kong) into issuing letters of credit (L/Cs) worth more than US$5.5m (€4.69m) to a supplier based on fraudulent business transactions.
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NewsUkraine shuts down money laundering cryptocurrency exchanges
The Security Service of Ukraine (SBU) has reportedly closed a network of cryptocurrency exchanges used by more than 1,000 ‘customers’ to launder funds received from Russian electronic payments processors, including Yandex.Money, Qiwi and Webmoney.
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NewsBusinessman charged with $784m Medicare fraud
The owner of telemedicine companies in the US has been indicted with orchestrating a health care fraud and illegal kickback scheme by submitting more than $784m (€668m) of false and fraudulent claims – one of the largest ever scams on the country’s Medicare programme, according to the justice department.
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NewsHackers steal $600m in cryptocurrency raid
Cyber-attackers have taken around $600m (€510m) of digital tokens from Poly Network in what is believed to be one the largest ever thefts of cryptocurrency.
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NewsCrypto fraud and asset recovery network set up
A group of lawyers, forensic accountants, corporate intelligence and asset recovery experts have launched the Crypto Fraud and Asset Recovery network (CFAAR) in the UK to, they say, place the country centre stage for resolution of global crypto disputes.
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NewsCalls for US real estate shake up to counter money laundering
The US government should comprehensively reform regulations covering the property market’s ‘gatekeepers’ to combat the billions laundered through the sector, according to a report by the Global Financial Integrity think tank.
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NewsUAE and China pledge AML/CFT cooperation
The anti-money laundering agencies of the United Arab Emirates and China have signed a Memorandum of Understanding (MoU) to boost efforts in the anti-money laundering and combatting the financing of terrorism (AML/CFT) field.
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NewsSFO launches money laundering and fraud probe into care home investor
The Serious Fraud Office (SFO) in the UK is investigating entrepreneur Gavin Woodhouse plus individuals and companies associated with him for suspected money laundering and fraud.
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NewsTwo ex-Wall Street bank traders convicted of precious metals’ fraud
A US jury has found two commodity traders guilty of manipulating the precious metals futures market by routinely making large ‘spoof’ orders, the practice of pushing market prices up or down by placing an order for a contract with no intention of executing it.
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NewsSyrian ‘bribed to win lucrative Venezuelan contracts’
Naman Wakil of Syria conspired with others to bribe officials at Venezuela’s state-owned energy and food companies to obtain contracts worth at least $250m (€211m), a Miami court was told.
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NewsNamibia moves to introduce unexplained wealth orders
The Financial Intelligence Centre (FIC) in Namibia is working on introducing unexplained wealth orders to help prevent financial crime.
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NewsFlipkart faces huge fine for ‘breaking investment laws’
India’s financial crime agency has reportedly asked e-commerce giant Flipkart and others to explain why they should not face a INR100bn ($1.34bn, €1.13bn) penalty for allegedly violating foreign investment laws.
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NewsEx-lawyer jailed in US for fraud and money laundering conspiracy
A judge in Colorado has imprisoned former California attorney David Kaplan for 36 months after he admitted his part in a conspiracy to commit wire fraud and money laundering.
