31st December 2019
One aspiring politician is accused of getting her bribe in a coffee cup chock-full of $100 bills. Another, a mayoral hopeful, of receiving his at his campaign headquarters in a bag stuffed with $10,000. There was also a councilman who accepted a cash-stuffed envelope from a man who explicitly asked… Read More
31st December 2019
Thousands of credit card customers are at risk of having their accounts suspended in the new year due to the City regulator’s new affordability rules. Credit card providers – including UK banks such as Barclays, Lloyds and Royal Bank of Scotland – were last year forced to identify customers who… Read More
30th December 2019
The biggest corruption investigation in Latin America history began, humbly enough, at a Brazilian gas station, but as it steamrollered across the region, it took down top government officials and corporate titans alike. For those caught up in the scandal, it was a moment of reckoning. For ordinary citizens, it… Read More
30th December 2019
U.S. financial institutions may be required to provide more customer information to the Treasury Department’s financial crimes office as it ramps up its focus on foreign money-laundering threats. The Treasury’s Financial Crimes Enforcement Network this year established a new division to oversee foreign and domestic investigations. The Global Investigations Division,… Read More
30th December 2019
Ongoing political demonstrations in Hong Kong are impacting APAC financial markets by accelerating wealth migration trends and increasing financial crime risk. As the risk profile in the region evolves, regulators increasingly expect financial institutions to leverage technology to meet compliance demands. This unexpected upheaval and changing regulatory landscape should serve… Read More
25th December 2019
The U.S. and its allies called on United Nations members to reveal whether they’re complying with UN-imposed sanctions requiring the repatriation of North Korean workers, part of an effort to squeeze Pyongyang of much-needed foreign currency inflows. As part of a series of resolutions passed in 2017, UN member states… Read More
25th December 2019
Chinese scientists have been working on a system to use artificial intelligence that would make it almost impossible to cheat on taxes, according to researchers involved in the project. Over the last three years, about 300,000 government tax inspectors have been helping to train an AI system that draws… Read More
24th December 2019
Sweden’s Swedbank repeated on Friday that there was a risk it had been used to launder money, in a response to requests for comment by the Estonian and Swedish financial watchdogs on their separate probes into the bank. Sweden’s oldest retail bank dismissed its CEO earlier this year and accepted… Read More
24th December 2019
Credit Suisse Group AG blamed an ousted executive for a second spying scandal that’s shaken the bank, again painting former Chief Operating Officer Pierre-Olivier Bouee as a rogue operative who kept all executives and directors in the dark about his activities. Bouee, who was allowed to resign in October, has… Read More
24th December 2019
U.S. sanctions have temporarily stopped the construction of a pipeline that is set to increase the flow of natural gas directly from Russia to Germany under the Baltic Sea. The sanctions would target all businesses and individuals participating in the construction of the pipeline and would effectively cut off those… Read More