Featured Fintech

U.K.’s Financial Conduct Authority Bans Lithuanian FinTech Linked to Wirecard Fraud

U.K. officials have banned UAB Finolita Unio from operating in the country following a decision last week by the Bank of Lithuania to revoke the firm’s license over its alleged “severe infringement” of anti-money laundering (AML) and counterterrorism financing (CTF) laws. The U.K.’s Financial Conduct Authority (FCA) published the decision… Read More

Lithuania Revokes License of FinTech Tied to Wirecard Scandal: Report

Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More

Hamas Tapped Binance, LocalBitcoins to Launder Bitcoin Donations, Blockchain Data Suggests

Hamas has been reaping generous bitcoin donations and sending them through Binance as violence escalated in Gaza this year, on-chain data shows. According to three blockchain analytics firms and CoinDesk’s own analysis, Izz ad-Din al-Qassam Brigades, the militant wing of Hamas, received up to $100,000 in bitcoin since the beginning… Read More
7th June 2021
Philippine investigators have lodged criminal complaints against a former executive of collapsed German payments firm Wirecard and others for alleged bank fraud and cybercrime offences, the justice secretary said Monday. Wirecard was once a rising star in the fintech sector until it filed for bankruptcy last year after admitting that… Read More
2nd June 2021
China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope. The draft, which updates proposals first made in 2006,… Read More
31st May 2021
Michael McDowell warned his fellow senators in February to think twice before rubber-stamping the EU’s latest anti-money laundering (AML) directive. Even though Ireland was more than a year late in putting the directive on the statute books, a delay that is likely to cost €2 million in fines from Brussels,… Read More
28th May 2021
Flows of illicit money are continuing through new channels after Latvia shut banks and instituted a crackdown, the head of the nation’s anti-money laundering watchdog said. Authorities imposed strict measures on the financial industry, which at one point handled as much as 1% of U.S. dollar flows. Scrutiny increased when… Read More
20th May 2021
The share price of EML Payments cratered after the Brisbane-based player in niche parts of global payments markets said the Central Bank of Ireland had raised “significant regulatory concerns” about anti-money laundering compliance in its Irish-based subsidiary, which EML acquired in late 2019. EML entered a trading halt before… Read More
14th May 2021
Losses from cryptocurrency theft, hacks and fraud fell sharply in the first four months of the year, but crime in the booming “decentralized finance” space hit an all-time high, a report from crypto intelligence company CipherTrace showed on Thursday. DeFi applications are platforms that facilitate crypto-denominated lending outside traditional banking,… Read More
13th May 2021
By Chris Dalby, InSight Crime, 12 May 2021 InSight Crime — While the involvement of Chinese money-laundering rings in handling drug proceeds from Mexico is nothing new, a number of recent court cases in the United States have revealed crucial information about how these schemes work. Read More
13th May 2021
Germany’s financial regulator has told N26 Bank GmbH, a hot digital startup with operations in Europe and the U.S., to implement proper controls to prevent money laundering, taking the unusual step of appointing a special monitor to watch over the process. The regulator, BaFin, said Wednesday that it made the… Read More
26th April 2021
In February 2019, after a steep drop in Wirecard’s share price, German authorities launched criminal probes into short-sellers and journalists who had accused the company of fraud, and banned investors from betting against the company. Documents seen by Reuters show for the first time that the only independent information –… Read More
16th April 2021
Britain’s financial firms and regulators should step up the use of technology to cut the cost of compliance and make the City of London more globally competitive, a report said on Friday. The report from the corporation that runs London’s “Square Mile” financial district called for the removal of barriers… Read More