SoW/SoF checks: what does good look like?
22nd October 2020
SoW/SoF checks: what does good look like?
Last month, the Monetary Authority of Singapore (MAS) released new guidance on strengthening AML/CFT controls in private banking, based on inspections the regulator conducted over 2019 and 2020. Among the key areas of concern, MAS called for “robust corroboration” of source of wealth (SoW) and source of funds (SoF),… Read More
3 South Florida ‘brokers’ charged in $4.9 million scam that SEC says targeted seniors
21st October 2020
3 South Florida ‘brokers’ charged in $4.9 million scam that SEC says targeted seniors
Two felons and a former stockbroker who played legitimate stockbrokers are the latest charged in a $4.9 million penny stock scam swirling around Palm Beach Gardens-based NIT Enterprises. The Securities and Exchange Commission charged Hollywood’s Mason Newman, Boca Raton’s Christian Baquerizo and Fort Lauderdale’s Kevin Cardenas with fraudulently selling $1.4… Read More
Mysterious ‘Robin Hood’ hackers donating stolen money
21st October 2020
Mysterious ‘Robin Hood’ hackers donating stolen money
Darkside hackers claim to have extorted millions of dollars from companies, but say they now want to “make the world a better place”. In a post on the dark web, the gang posted receipts for $10,000 in Bitcoin donations to two charities. One of them, Children International, says it will… Read More
Trump rally ‘VIP’ among six Chinese nationals charged with drug money laundering
20th October 2020
Trump rally ‘VIP’ among six Chinese nationals charged with drug money laundering
A Chinese national whose Instagram page features pictures of him wearing a VIP pass at a 2018 rally for President Donald Trump, is now on U.S. soil after being charged with conspiring to distribute cocaine and laundering the illicit funds, according to court documents filed earlier this week. Tao Liu,… Read More
‘FinCEN Files’ leaker harmed US anti-laundering regime and should be prosecuted, say bankers
19th October 2020
‘FinCEN Files’ leaker harmed US anti-laundering regime and should be prosecuted, say bankers
Some bank compliance officers would like to know who leaked the more than 2,000 highly confidential bank filings, known as suspicious activity reports, that led to a flurry of so-called “FinCEN Files” news articles. Those compliance officers also would like to see the person responsible criminally prosecuted, they said during… Read More
NAB’s sex industry woes
16th October 2020
NAB’s sex industry woes
Three years after NAB began upgrading its anti-money laundering and counterterrorism-financing program it was still unable to follow its own policies regarding the sex industry, closing accounts of sex workers it promised to support while opening new accounts for businesses it promised not to service. NAB decided it would no… Read More
EU Sanctions Six Putin Allies Over the Poisoning of Navalny
16th October 2020
EU Sanctions Six Putin Allies Over the Poisoning of Navalny
The European Union blacklisted six people in Russia allied to President Vladimir Putin as punishment for the attempted murder of opposition leader Alexey Navalny. The targets of the EU asset freezes and travel bans imposed on Thursday include Aleksandr Bortnikov, leader of Russia’s domestic spy agency; Sergei Kiriyenko, first deputy… Read More
Mexico’s Former Defense Minister Is Arrested in Los Angeles for Money Laundering
16th October 2020
Mexico’s Former Defense Minister Is Arrested in Los Angeles for Money Laundering
A former Mexican defense minister was arrested on Thursday night after arriving at Los Angeles International Airport with his family, according to the Mexican government, becoming the first high-ranking military official to be taken into custody in the United States in connection with drug-related corruption in his country. The former… Read More
Mexico freezes 1,352 alleged criminal accounts in capital
15th October 2020
Mexico freezes 1,352 alleged criminal accounts in capital
AP – Police and Mexico’s federal anti-money laundering agency said Tuesday they have frozen 1,352 bank accounts that allegedly moved about $125 million on behalf of 14 crime gangs, including some of Mexico’s biggest drug cartels. While Mexico City officials have long denied that cartels operate in the capital,… Read More
Auckland gang members arrested for alleged money laundering linked to China
15th October 2020
Auckland gang members arrested for alleged money laundering linked to China
Police seized a Lamborghini worth nearly half a million dollars during a raid on an alleged money laundering service in Auckland. The Lamborghini Huracan, worth $450,000, was seized alongside a Mercedes G Wagon worth $280,000 and five other luxury cars. A Rayglass boat and high-end motorcycles were also seized. During… Read More
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