Financial Crime

24th November 2020

Philippines: AMLC urges vigilance as suspicious money transactions surge

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

India: Former Congress MLA Roshan Baig Arrested In Ponzi Scam Case

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

Suicide, money laundering and match-fixing: the US$4.2 billion scourge of illegal gambling in Asia

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

Why FinCEN wants details on all cross-border transactions over $250

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

Australian accused of promoting alleged $US2.5b BitConnect Ponzi scheme charged

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 to ban deducting bribes from taxes starting in 2022

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 to pay nearly $80 million in FIFA corruption case

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

5th November 2020

SEC whistle-blower gets $28 million in another huge 2020 payout

The U.S. Securities and Exchange Commission paid $28 million to a whistle-blower who provided information that led to a successful enforcement action, adding to the eye-popping awards that tipsters have received from the agency this year. “In the past month alone, the commission has awarded four whistle-blowers over $150… Read More

5th November 2020

CFTC to offer lower fines to offenders that cooperate

The U.S. derivatives watchdog is planning to offer rewards to companies that turn themselves in, following in the footsteps of other regulators and law-enforcement agencies. The Commodity Futures and Trading Commission is expected to release guidance Thursday spelling out how companies that self-report potential misconduct, cooperate with investigators and take… Read More

27th October 2020

U.S. Banks Navigate Hazy Regulations to Serve Cannabis Businesses

Many financial institutions looking to offer banking services to the expanding number of legal cannabis growers and distributors in the U.S. are still limited by spotty regulations and expensive compliance efforts. The disparities between federal and state laws governing the use of marijuana and hemp, and the differences across states,… Read More