25th August 2020
Wall Street should be put on notice: the government has new tools to look over traders’ shoulders in close to real time to spot misconduct. The main U.S. derivatives regulator, after years of relying on exchanges and whistle-blowers for tips on financial fraud, is beginning to reap benefits from an… Read More
14th August 2020
The pandemic has created an unexpected boom in one corner of finance: surveillance. As traders continue to work from home, banks are beefing up their efforts to monitor staff and root out any misconduct, according to NICE Actimize, which makes compliance, risk and financial-crime software. There’s been a surge of… Read More
12th August 2020
Donald Trump calls himself the “law and order” president, but when it comes to white collar crime, he has overseen a significant decline in enforcement. The prosecution of securities fraud, antitrust violations and other such crimes has hit a record low as the pandemic slows the courts, according to one… Read More
11th August 2020
Interactive Brokers LLC has agreed to pay a total of $38 million to settle claims by U.S. regulators that it failed for more than five years to maintain an adequate anti-money-laundering program. The U.S. broker-dealer hadn’t monitored hundreds of millions of dollars of customers’ wire transfers for money laundering… Read More
10th August 2020
In March, Interpol revealed details of a criminal scheme involving compromised emails, advance-payment fraud and money laundering across Germany, Ireland and the Netherlands. The case involved two sales companies in Zurich and Hamburg, contracted by German health authorities to procure face masks, that were duped into making payments to what… Read More
3rd August 2020
Abandoned offices generally leave telltale clues about their previous occupants. But not Unit 2, 110 Mandeville St, in the Christchurch suburb of Riccarton, wedged between counselling rooms and a private education business. Peering through the locked glass door of the office reveals emptiness framed by a swathe of bare carpet… Read More
30th July 2020
The UK’s top sanctions regulator has issued landmark guidance for all companies involved in maritime trade, instructing them to pay closer attention to vessel behaviour, company structures and potentially forged documents. The Office of Financial Sanctions Implementation (OFSI) warns that “a variety of tactics are deployed to confuse or conceal… Read More
29th July 2020
The Monetary Authority of Singapore (MAS) on Tuesday (July 28) revoked the capital markets services licence of Apical Asset Management for breaching the authority’s anti-money laundering and countering financing of terrorism (AML/CFT) requirements. Apical Asset Management’s chief executive Yeh Yin Yee and its director, Mr Bernard Kan Cheok Yin, were… Read More
28th July 2020
Returning to the office will bring new challenges for banks and brokerages seeking to enforce good conduct by staff, after the bulk of their employees worked from home during the coronavirus pandemic, a financial markets industry body said on Monday. During lockdowns to stem the outbreak in big financial centres… Read More
23rd July 2020
Two remittance companies have been fined a total of $7.5 million for breaching laws to prevent money laundering. The Auckland High Court has fined Auckland-based OTT Trading Group Ltd $3.1m and Christchurch-based MSI Group Ltd $4.4m. The penalties resulted from civil proceedings by the Department of Internal Affairs taken under… Read More