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JPMorgan Chase Unit to Pay $250 Million Penalty Over Poor Internal Controls

A top banking regulator fined a JPMorgan Chase & Co. unit $250 million over deficiencies in internal controls and internal audit practices. JPMorgan Chase Bank N.A. entered into a resolution with the Office of the Comptroller of the Currency to pay the civil penalty, the company said in a… Read More

Benefit scams worth £1bn foiled during lockdown

As much as £1bn in benefit fraud has been prevented from being paid to organised-crime groups in recent months, BBC News has learned. But before the scam was spotted, officials unwittingly confirmed thousands of stolen identities. Fraudsters took advantage of looser rules introduced to cope with a surge of universal credit… Read More

CSIS alleges Iran used Toronto company to wire millions to Canada despite sanctions

A Toronto currency exchange business helped Iran secretly wire millions of dollars into Canada in violation of sanctions, according to a classified intelligence report that calls the financial transfers a threat to national security. A Canadian Security Intelligence Service report obtained by Global News accuses Alireza Onghaei, the investor immigrant… Read More
26th November 2020
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June. Australian police have charged two men in NSW as part of ongoing investigations into an international money laundering operation. The two were arrested last week and… 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
24th November 2020
Crypto analytics firm CipherTrace announced on Friday that it had filed two patents for technology capable of tracing transactions for privacy coin Monero. In a Nov. 20 blog from CipherTrace, the firm stated that the patents would include forensic tools to explore Monero (XMR) transaction flows to assist in financial… Read More
24th November 2020
The Anti-Money Laundering Council (AMLC) urged financial industry stakeholders to remain cautious and vigilant amid rising evidence that criminal elements may be abusing digital platforms that are now seeing greater adoption due to the pandemic. AMLC Chair and Bangko Sentral ng Pilipinas Gov. Benjamin Diokno said proper know-your-customer and customer… Read More
24th November 2020
Roshan Baig, a former Congress minister in Karnataka, was on Sunday arrested by the CBI in connection with the ₹ 4,000-crore IMA ponzi scam. He was produced in a court and sent to 14-day judicial custody. Roshan Baig was summoned to the CBI office and based on “material evidence”, he… Read More
20th November 2020
Illegal gambling will continue to drive people to suicide and facilitate money laundering and match-fixing unless government action is taken, warns the Asian Racing Federation. In a research paper, the ARF’s anti-illegal betting task force outlines the widespread damage as illegal gambling grows at a quicker rate than the legal… Read More
18th November 2020
U.S. regulators are discussing the “why” of a new proposal that has crypto fans concerned. Speaking Monday at the V20 Virtual Asset Service Providers Summit, Carole House, cyber and emerging tech policy specialist at the Financial Crimes Enforcement Network (FinCEN), said criminals are conducting cross-border payments using smaller amounts… Read More
18th November 2020
The Australian man accused of running the local arm of an alleged cryptocurrency Ponzi scheme that torched $US2.5 billion ($3.4 billion) of investment worldwide has been charged with offences that carry jail terms of up to ten years. John Louis Anthony Bigatton, first reported in early 2019 by The Age and The Sydney… Read More
13th November 2020
Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said on Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Beyond bribes, costs from financing criminal activities or money paid in return for… Read More
9th November 2020
Julius Baer has made an agreement with the U.S. Department of Justice (DoJ) to settle allegations over its role in corruption surrounding global soccer body FIFA, the bank said on Monday. The bank has taken a provision of $79.7 million to cover expected fines after agreeing in principal to a… Read More