Featured Data

Hezbollah-affiliated financial org hacked, information leaked

A hacker group called Spiderz claimed that it has succeeded in hacking into Hezbollah’s Al-Qard Al-Hassan financial organization and leaked details on depositors and borrowers from the lender, Lebanese media reported on Tuesday. The group released lists of clients and the organization’s annual budget on its website, as well as… Read More

Money Laundering Watchdog Turns Focus to Digital Tools, Extremism

The coronavirus halted a wide range of economic activities, but it hasn’t stopped criminals from using the global financial system to commit fraud and engage in other types of illicit behavior. Yet the pandemic has forced some countries to divert resources away from fighting money laundering and made it harder… Read More

Banks hedge bets on Brexit but hope for the best

Deal People in the financial services industry believe they effectively went through a hard Brexit four years ago. As talks have dragged on over a free-trade deal, banking, insurance and asset management have not formed a big part of the discussion. Even if a deal for manufacturers is hammered out… 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
4th December 2020
Absa has notified customers of a data breach potentially compromising their personal information. The Johannesburg, South Africa-based financial services group, which provides personal and business banking as well as wealth management services, has pointed the finger at an employee for the security incident. Absa maintains a presence in 12 countries… Read More
25th November 2020
Synthetic identity fraud, one of the fastest-growing financial crimes in the United States, has become an increasing concern for regulators, as banks struggle to find common ways of tackling the innovative theft technique that combines real and fictitious data about individuals. Estimates over the scale of the fraud vary, but nearly… Read More
18th November 2020
Under fire for anti-money laundering failures, a group of Belgium’s biggest banks proposed the creation of a platform to exchange information about suspect transactions with Belgian authorities and one another, as efforts to stem the flow of dirty money gather force globally. In testimony before the Belgian parliament’s finance committee… Read More
3rd November 2020
The International Compliance Association’s BIG Compliance Festival concluded on a high note last week as financial crime expert and Compliance Week columnist Martin Woods sat down with Dr. Marcus Pleyer, president of the Financial Action Task Force (FATF), for an exclusive interview. In a wide-ranging and forward-looking discussion, Pleyer emphasized… Read More
22nd October 2020
Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More
19th October 2020
On a sunny Friday in late January, investigators from the Australian Tax Office issued subpoenas and fired off letters as part of an unprecedented probe that reached around the world. It was a similar scene in Amsterdam, where investigators from the Dutch tax agency set about a similar task. So,… Read More
16th October 2020
Twenty people have been arrested as part of an investigation into QQAAZZ, a group that police said had laundered millions on behalf of the world’s most prolific cyber criminals. The arrests, part of a multinational investigation that included police in 15 countries, target a notorious gang of so-called money mules… Read More
13th October 2020
Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability. The prospect of a currency-backed stablecoin being used by billions of people on Facebook has galvanised central banks into putting together rules… Read More
7th October 2020
Banks and other financial institutions could be forced to cut ties with cloud providers and other technology suppliers under a draft European Union regulation that aims to limit cybersecurity risks to the sector. National regulators in EU countries could require banks to stop using external technology services if their providers… Read More