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Regulatory Update

8th October 2020

Citigroup Fined $400 Million Over ‘Serious Ongoing Deficiencies’ in Risk Management

Federal banking regulators on Wednesday fined Citigroup Inc. $400 million and ordered the nation’s third-largest bank to fix its risk-management systems, citing “significant ongoing deficiencies.” In a consent order agreed to by the New York bank’s board, the Federal Reserve faulted Citigroup for falling short in “various areas of… Read More

8th October 2020

PPP Scammers Made Fintech Companies Their Lenders of Choice

In April the Paycheck Protection Program was under fire for moving too slowly and leaving too many people out. Part of the $2 trillion Cares Act, it was set up to offer forgivable loans to small businesses such as restaurants and hair salons that would help keep them afloat through… Read More

8th October 2020

This regulator wants to help banks embrace cryptocurrency

The Office of the Comptroller of the Currency is hoping more regulatory guidance will help traditional banks warm up to cryptocurrency. The Treasury Department unit, which supervises national banks and federal savings associations, has issued interpretive letters in recent months to spell out its view of how traditional financial institutions… Read More

6th October 2020

Dutch ship makes waves with record cocaine seizures in Caribbean

By Alessandro Ford, InSightCrime, 5 October 2020 InSightCrime – A patrol ship in the Dutch Caribbean has caught over three tons of cocaine in a rapid series of seizures, displaying how regularly drug shipments traverse the area on their way to Europe and the United States. On September 8,… Read More

6th October 2020

Lost trust: leaked files expose Jersey’s inaction on fraud scandal

Jersey’s population is no bigger than that of Dover. And yet companies and people on the Channel Island invest more money into the UK than those in China or Germany – £112bn a year. It has £1 trillion sitting in its trusts, companies, funds and foundations, according to a report… Read More

6th October 2020

Congress Is Close To Ending Anonymous Shell Companies

For over a decade, there have been calls in Congress to address shadowy corporate entities, known as shell companies, that are considered a cornerstone of fraud, corruption, and money laundering. These companies help unsavory characters and organizations hide wealth or use the proceeds of crime to buy up legitimate assets… Read More

6th October 2020

Cybersecurity Pioneer John McAfee Arrested for U.S. Tax Evasion

Elusive cybersecurity pioneer John McAfee was arrested in Spain for tax evasion in the U.S., the Justice Department in Washington said. McAfee is accused of failing to file U.S. tax returns from 2014 to 2018 and hiding assets including real estate, a vehicle and a yacht in the name of… Read More

6th October 2020

Spies, oil and the billionaire mogul trying his luck with the National Lottery

Sir Malcolm Rifkind had been more used to summoning ambassadors than visiting them. His spell as Foreign Secretary had been cut short, however, by a Conservative electoral collapse. Having lost his Commons seat too, in the first summer of the new millennium Rifkind approached the Czech embassy, a prize-winning concrete… Read More

6th October 2020

Fundraising feud spurs anger among a Chinese exile, his followers and his detractors

Pastry chef Jiamei Lu said she told the Federal Bureau of Investigation this summer that she was the victim of a financial fraud being run by a company linked to exiled Chinese businessman Guo Wengui and former White House political adviser Steve Bannon. Ms. Lu said that after she met… Read More

6th October 2020

Texas Attorney General accused of bribery by staff

Seven of Republican Texas Attorney General Ken Paxton’s senior staff have asked federal officials to investigate possible bribery and abuse of office charges against him, dropping a bombshell on the vocal supporter of President Donald Trump who is already facing felony securities fraud charges from his time in the Texas… Read More

Must Read

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss

European Central Bank upgrades whistleblowing framework

200 law firms suspended in UAE for failing to comply with AML procedures