#financial-crime

#financial-crime

The Corporate Transparency Act requires businesses to report ownership information to combat money laundering and increase corporate transparency.

Starling Bank was fined £29 million for insufficient financial crime controls, allowing risks of fraud and money laundering.

Starling Bank was fined £29 million for severe lapses in financial crime controls, jeopardizing the UK's financial integrity.

The bank's supervised growth did not include robust anti-money laundering systems, leading to compliance failures.

The European Banking Authority (EBA) has issued guidance for crypto firms to comply with anti-money laundering and terrorist-financing requirements.

The EBA aims to harmonize the approach of crypto asset service providers (CASP) across the EU in combatting financial crime.

The guidelines will apply from December 30, around the time when the legislation on transfer of funds via digital assets takes full effect.

A couple misused over $1.2 million in COVID-19 relief funds for personal expenses and laundering through real estate dealings.

Fraud costs American consumers $10 billion in 2023, with real estate fraud increasingly impacting homeowners.

The title insurance industry is combating various types of fraud, including seller impersonation and wire fraud.

Three Bay Area real estate professionals were sentenced for their roles in a $55 million mortgage fraud scheme, emphasizing accountability for financial crimes.

Illegitimate telephone mast used to send smishing messages bypassing network systems, first incident in the UK. Collaboration between law enforcement, regulators, and operators crucial for fraud prevention.

Niall's phone was stolen, leading to significant financial theft, highlighting the vulnerabilities of mobile banking and data security.

Ukrainian man pleads guilty to cyberattacks at University of Vermont Medical Center

Penchukov admitted involvement in malware schemes leading to millions in losses

A Kansas bank CEO was sentenced to 24 years for embezzling $47.1 million to fund a pig butchering scam, leading to the bank's collapse.

Caroline Ellison received a two-year prison sentence due to her cooperation in providing crucial testimony against Sam Bankman-Fried in the FTX case.

Deloitte seeks specialist staff for cryptocurrency-related financial crime.

Requirements include secret and Top Secret clearance, knowledge of crypto, dark web research.

Trump's crypto venture with World Liberty Financial raises ethical issues due to links with the Tron platform associated with terrorist financing.

Binance significantly expands its compliance team as it shifts focus towards regulatory adherence post-CEO resignation and substantial fines.

Tron, Tether, and TRM Labs are collaborating to combat illicit financial activities in cryptocurrency, particularly focused on the Tron blockchain.

Sanjay Shah sentenced to 12 years for orchestrating a massive tax fraud in Denmark, reflecting the severity of the crime.

The fraud involved over 9 billion DKK in illegal claims, showcasing systemic weaknesses in tax regulation.

Hedge fund fraud case highlights unique accusation of providing false account statements and tax forms to investors.

Gonzalez defrauded the IRS for $28 million through a tax scheme involving false returns and fictitious corporations.

Guy Wildenstein convicted of tax fraud in France

Wildenstein family accused of hiding art collection to avoid taxes

TD Bank pled guilty and agreed to pay over $1.8 billion for serious violations in money laundering and Bank Secrecy Act compliance.

TD Bank's lax anti-money laundering practices led to a record $3 billion settlement for facilitating significant money laundering activities.

Illicit money transfers via money mules exceeded €44 million in three years, indicating a serious issue in financial crime.

24% of Morgan Stanley's high-net-worth accounts flagged for money laundering risks highlights serious issues with client asset vetting.

A money-laundering operation of £55 million targeted international students bypassing China's cash withdrawal limits.

A former TD Bank employee has been charged with facilitating money laundering, linked to a larger investigation resulting in massive fines against the bank.

A former bank CEO embezzled $47 million after falling for a cryptocurrency scam, leading to a 24-year prison sentence.

Trust can lead to vulnerability in business relationships.

Betrayal by someone close can have devastating financial consequences.

Ignoring red flags can result in significant losses.

Truong My Lan could avoid execution by repaying three-quarters of her embezzled assets, amid ongoing national economic concerns. She remains sentenced to death.

Two PetroSaudi executives were sentenced for embezzling $1.8 billion from Malaysia's 1MDB fund, marking a significant legal outcome in a vast corruption case.

A bank branch manager was sentenced to prison for stealing over $200,000 from a customer's account using unauthorized access.

Former public school official embezzled almost $16 million from Magnolia School District.

Contreras used stolen funds for a lavish lifestyle and faces up to 10 years in prison.

The US Treasury's use of AI in fraud detection has significantly improved financial crime recovery, with over $4 billion recovered in fiscal 2024.

A new AI system, FraudGCN, can detect accounting fraud by analyzing financial patterns and corporate relationships, enhancing fraud detection across industries.

Starling Bank was fined £29 million for insufficient controls against financial crime, exposing the system to risks from criminals and sanctioned individuals.

Caroline Ellison received a two-year prison sentence for her role in FTX's collapse, highlighting issues of accountability and cooperation in financial fraud cases.

Caroline Ellison was sentenced to two years for her role in the FTX fraud, showcasing the significance of her cooperation during the trial.

Caroline Ellison, the former CEO of Alameda Research, is sentenced to two years for fraud, with leniency for her testimony against Sam Bankman-Fried.

TikTok users are engaging in a fraud scheme promoted as a 'free money' hack, risking severe legal consequences.

A door-to-door sales scam defrauded over 200 victims in Ontario, preying on older adults and vulnerable individuals.

Two men arrested; three more wanted by police for extensive fraud including registering fake liens against victims' homes.

Nicole Chambers was sentenced to 15 months for stealing over $223,000 from Dartmouth College's student newspaper, The Dartmouth.

Fraud techniques are becoming increasingly sophisticated, making it easier to perpetuate fraud at scale.

AI-driven analytics solutions are being used to fight fraud and financial crime, helping to identify and stop sophisticated fraud patterns.

Fraudster used fake name for BMW finance, evaded payments by lying about Covid, and was eventually caught at Gatwick Airport after vehicle went missing.

Roger Bryant, 73, was sentenced for swindling over £1 million from the National Trust.

Cryptocurrency fraud caused over $5.6 billion in losses for Americans in 2023, highlighting the growing threat of financial scams.

Crypto-related financial crime cost investors $5.6 billion in 2023, driven mainly by investment fraud.

The rise in fraud schemes showcases increasing vulnerabilities among investors, especially older adults.

The stolen World-Check database contains 5.3 million records

Financial technology advancements come with increased risks related to financial crimes, necessitating improved understanding and preventive measures.