14th December 2017
A committee of European Union lawmakers has voted in favour of launching new fines for money laundering offences committed across the bloc. The move is geared to address the lack of uniform definitions and penalties across the EU that currently allows criminals to exploit differences and commit crimes… Read More
14th December 2017
The United Kingdom’s Financial Conduct Authority has progressed with its inquiry into the involvement of British banks in facilitating alleged money laundering for a controversial South African business empire, according to Lord Peter Hain. On Tuesday, during a debate on the Sanctions and Money Laundering Bill, Lord Hain said… Read More
14th December 2017
Australia’s financial regulator AUSTRAC has expanded its civil penalty case against Commonwealth Bank of Australia (CBA), adding 100 more alleged contraventions to its current proceedings. The ‘very serious’ new charges include that CBA failed to properly report 54 suspicious matters pertaining to accounts and individuals that were the subject of… Read More
13th December 2017
Commonwealth Bank of Australia (CBA) has admitted to a number of compliance failings brought against it by regulator Austrac, but denied it was guilty of all the accusations. CBA landed in trouble after it emerged criminals and terror financiers had used its intelligent deposit machines (IDMs) to funnel illicit… Read More
13th December 2017
By by Sunil Prabhu, NDTV The December 31 deadline for linking Aadhaar to bank accounts has been extended by the government ahead of tomorrow’s hearing of the matter in the Supreme Court. The new date to link the Unique Identification number and the PAN to accounts more than six… Read More
13th December 2017
By Kateryna Kapliuk, OCCRP It’s been almost four years since Viktor Yanukovych, Ukraine’s former president, fled the country after the Euromaidan revolution. But the new government’s investigators have so far been unable to establish how much money his rule has cost the country – or where it went. There has… Read More
13th December 2017
AFP Moldova’s anti-graft authorities have confirmed that Russian banker German Gorbuntsov has been questioned over several criminal cases. Moldova’s General Prosecutor’s Office told news website deschide.md on Monday evening that German Gorbuntsov is being investigated in at least three criminal cases by the Anti-Corruption Prosecutor’s Office. After returning to Moldova… Read More
13th December 2017
BBC Russian-speaking hackers are suspected of stealing nearly $10m (£7.5m) from 20 companies in Russia, the UK and US. The MoneyTaker group removed overdraft limits on debit cards and took money from cash machines, according to a report by cybersecurity firm Group-IB. It also stole documentation for technology… Read More
12th December 2017
Despite all of the best efforts by regulators, clients and even the banks themselves, bank fraud still goes on. A report by the UK’s National Audit Office (NAO) claims that banking fraud is still rising steadily. In 2016, more than 15 million consumers were targeted, causing losses above $16 billion. Read More
12th December 2017
AFP/The Local Airbnb has agreed to withdraw a payment system in France, suspected of facilitating tax avoidance, after the government complained it could potentially be used to launder money and lead to a loss in revenues. The move followed a meeting between the accommodation rental website’s executives and government ministers,… Read More