Featured Data

HSBC aware of Huawei’s ties with Iran unit before arrest of founder’s daughter, documents show

The Canadian extradition proceedings of Huawei Technologies chief financial officer Meng Wanzhou hinge on allegations she made a fraudulent presentation to HSBC in 2013 over the technology giant’s business ties in Iran, but recently revealed documents show the bank had been aware of Huawei’s business relationships in the Middle Eastern… Read More

Egrant inquiry uncovered ‘hidden’ Pilatus filing system

A “dual filing system” at the shuttered Pilatus Bank meant key documents may have been withheld from the MFSA and FIAU during a 2016 review of the bank’s operations. The existence of this ‘hidden’ filing system was revealed to the Egrant inquiry during testimony by Pilatus auditors KPMG. KPMG managing… Read More

China prepares to unleash artificial intelligence to catch tax cheats

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
12th December 2019
According to a new report (“How Banks Are Combating the Rise in SWIFT Cyber Fraud”) from EastNets, the problem of SWIFT fraud may be more widespread and dangerous than originally thought. In the aftermath of the epic $81 million SWIFT fraud attack on Bangladesh Bank in 2016, the SWIFT interbank… Read More
10th December 2019
JPMorgan Chase & Co.’s blockchain-based payments network is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. More than 80 Japanese banks have expressed a willingness to join the Interbank Information Network, said Daizaburo Sanai, an executive director at the U.S. firm. Read More
6th December 2019
The Trump administration Thursday placed a $5 million bounty on the leader of a Russian hacker group called Evil Corp for his alleged work for Moscow’s intelligence agency, part of what U.S. officials say is a broader reprisal for a Kremlin-directed cyber offensive against the U.S. The State Department’s action against Maksim Yakubets… Read More
2nd December 2019
An international network of financial watchdogs said the Vatican’s handling of confidential information posed “an evident security threat to our organization,” in a statement explaining why it suspended the Vatican from access to its information earlier this month. The Egmont Group, a Toronto-based network of more than 160 national… Read More
25th November 2019
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday. The HKMA (Hong Kong Monetary Authority) on Friday (22 November) hosted its first AML/CFT RegTech Forum. The Forum was an… Read More
22nd November 2019
“At the moment, money is still winning,” says Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ) in response to a question on whether money or truth is more powerful.  But that’s not to say financial crooks are particularly comfortable in the age of data leaks,… Read More
20th November 2019
An international network of financial watchdogs has suspended the Vatican’s access to its information, dealing a major blow to the Vatican’s financial credibility under Pope Francis. The Egmont Group, a Toronto-based network of more than 160 national financial intelligence units around the world, has decided to suspend the Vatican watchdog… Read More
19th November 2019
Cayman National Bank has announced that its subsidiaries in the Isle of Man were hacked by a well known hacking group on Sunday. Although the bank has not named that group, it appears from European media that it was Phineas Fisher, an infamous, anti-capitalist vigilante hacker group that targets… Read More
14th November 2019
Google is taking its deepest dive yet into the financial lives of its users with plans to roll out a checking-account service. Citigroup Inc. and a California credit union are the tech giant’s initial partners for the venture, which will let users access their bank accounts through the Google… Read More
14th November 2019
The Financial Action Task Force (FATF) will “hold governments to account” for failing to crack down on the criminal exploitation of corporate formation laws, the head of the intergovernmental group said Wednesday. In an editorial published in the Financial Times, FATF President Xiangmin Liu called on nations to immediately… Read More