5th October 2020
Robert T. Brockman was just putting the finishing touches on a new private equity fund when worrisome news arrived. Law enforcement agents had raided the home of a tax lawyer in Texas who had worked for him. A Houston businessman who had made his fortune selling software to auto dealers,… Read More
2nd October 2020
Companies that assist victims of ransomware attacks in making payments to criminal hackers could face penalties, according to a new advisory from the U.S. Department of the Treasury. The civil penalties would apply to those who assist in making ransom payments on behalf of victim companies or governments hacked… Read More
2nd October 2020
Generali Global Assistance Inc. agreed to pay nearly $5.9 million to resolve apparent violations of U.S. sanctions on Cuba, in a settlement that the U.S. Treasury Department said underscored the need for companies to be cognizant of indirect sanctions risks. The self-reported case stems from Cuba-related insurance reimbursements that the… Read More
2nd October 2020
Founders of the pioneering crypto-derivatives exchange BitMEX were charged with skirting U.S. laws preventing money laundering and hit with civil sanctions as well, abruptly sending the price of Bitcoin down. Arthur Hayes, Benjamin Delo and Samuel Reed were indicted in New York, where federal prosecutors claim the digital-asset exchange… Read More
2nd October 2020
A U.S. visa program that provides residency to wealthy investors from abroad “faces serious corruption and money laundering risks,” according to a recent report published by Transparency International Russia. Throughout the span of several years, investigators from the civil society organization posed as wealthy Russian investors applying for an… Read More
2nd October 2020
A Costa Rica-based online sportsbook that illegally took bets from American customers for years has reached a nonprosecution agreement with the U.S. Justice Department, as the company attempts to move into the legal sports-betting market in the U.S. Gambling site 5Dimes and federal prosecutors in the Eastern District of Pennsylvania… Read More
1st October 2020
New York’s top financial regulator says banks and governments have allowed money laundering to “metastasize” inside the banking system and wrap itself “within the guts of financial institutions.” In an opinion piece released days after the FinCEN Files investigation revealed sweeping failures by global banks to stop illicit… Read More
1st October 2020
U.S. financial institutions have filed more than 91,000 SARs on potentially illicit payments related to the novel coronavirus pandemic since February, Ken Blanco, director of the Financial Crimes Enforcement Network, said Tuesday. The bureau has also received “hundreds of inquiries” related to anti-money laundering compliance issues during the pandemic, including… Read More
1st October 2020
A U.S. proposal to almost totally sever Iran from the global financial system could sharply hinder its ability to secure supplies of food and drugs as it struggles to contain a resurgence of the worst coronavirus outbreak in the Middle East. The Trump administration is considering targeting more than… Read More
1st October 2020
Two American law firms have started building class action law suits against HSBC and Standard Chartered following allegations the banking giants failed to crack down on money laundering. Labaton Sucharow and Schall Law, which both have a track record of pursuing vast legal claims against listed companies, said they have… Read More