16th December 2020
The Department of Justice (DOJ) and FBI are investigating SEB, Swedbank and Danske Bank over possible breaches of U.S. anti-money laundering regulations and fraud, Swedish newspaper Dagens Industri reported on Tuesday, sending the banks’ shares lower. Sweden had received requests for help from U.S. authorities investigating a Baltic money-laundering scandal… Read More
16th December 2020
Fraudsters could make off with over £400m ($533m) of UK taxpayer money stolen through COVID-19 support loans. UK bank bosses told MPs on Monday they were seeing fraud rates on Bounce Bank loans around five times higher than normal. The rough figure suggests fraudsters could make as much as £420m… Read More
15th December 2020
There are indications that criminal organizations are preparing to intercept a large sum of the funds slated for Italy and there’s widespread public concern that the much-needed financial support is a chimera more than anything else. “There is despair, because the situation is already dramatic, and the concern is that… Read More
15th December 2020
The Dublin branch of French bank BNP Paribas is being sued for allegedly negligently transferring $1.9m (€1.57m) belonging to an aircraft leasing company to a bank account in Hong Kong which was almost entirely cleaned out before the alleged fraud became known. Irish registered CMIG Aircraft Leasing Fourteen Ireland Ltd,… Read More
15th December 2020
Two months after Thomas Gottstein took over at Credit Suisse Group AG following a damaging spying scandal, the new chief executive found himself defending losses the bank had incurred in one of Asia’s most spectacular accounting frauds: Luckin Coffee Inc. It was only the beginning. From questionable deals… Read More
14th December 2020
Insolvency practitioners have been instructed to report fraudulent coronavirus loan applications to the government, ahead of an expected surge in company failures next year. The Insolvency Service has written to firms advising that “if it appears that a person has applied fraudulently” for the government-backed business interruption loan scheme and… Read More
11th December 2020
The U.S.’s anti-money-laundering watchdog released new guidance Thursday on how financial institutions can share personally identifiable information about their customers if they believe it is tied to a suspicious transaction. The guidance is meant to help clarify the limits to what officials have called a key tool in identifying potential… Read More
11th December 2020
Canada’s anti-money laundering agency is flagging some telltale signs that a financial transaction could be linked to online child sexual exploitation. The federal Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, says in an operational alert issued today the COVID-19 pandemic has contributed to an increase in… Read More
10th December 2020
The British government on Wednesday published three consultations seeking comment on proposals that would impose new reporting requirements on corporate entities and expand the powers of the UK’s registrar of company beneficial owners. Under the proposals, Companies House would be granted a “new querying power” to obtain additional data from… Read More
10th December 2020
The Trump administration, using its anticorruption powers, sanctioned three men including a convicted Chinese gangster who has set up businesses seeking to benefit from Beijing’s flagship transcontinental infrastructure-building program. Wednesday’s action against Wan Kuok Koi, also widely known as “Broken Tooth,” comes as the administration escalates a pressure campaign against… Read More