2nd June 2020
We all like to kill a goblin or two online, but most people would agree multiplayer games are not the place for real-world crime. With lockdowns continuing around the globe and people staying at home, it is no wonder that the popularity of online gaming has skyrocketed. And as in-game… Read More
28th May 2020
The bank at the center of Sweden’s biggest money-laundering scandal says illegal transactions are probably still flowing through the financial system, because existing tools to stop them aren’t good enough. Swedbank AB, which was fined over $400 million in March for failing to halt suspicious flows, has now… Read More
21st May 2020
Benefit officials have told the BBC they fear that as much as £1.5bn may have been lost in fraudulent claims for Universal Credit in recent weeks. Huge demand for the benefit has seen some processes relaxed to ensure the majority of claims are paid quickly. But officials believe that some… Read More
20th May 2020
Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More
19th May 2020
By Mattias Carlsson, Holger Roonemaa, Oliver Kund and Hannes Munzinger, OCCRP, 18 May 2020 OCCRP — Rita is almost 13,000 euros in debt and was convicted of shoplifting a bottle of gin. Ricardo is unemployed and has been arrested several times for drug possession and driving without a license. His mother,… Read More
13th May 2020
As the Vatican’s Secretariat of State finalized its purchase of a London luxury apartment building, a lay secretariat official who oversaw investments was appointed a director of a company owned by the financier who brokered the property deal. Vatican sources tell CNA that appointment is now under investigation, as Vatican… Read More
7th May 2020
GFI — Even in normal times, there has been a growing recognition of the threat that illicit financial flows (IFFs) pose to the integrity and stability of the global financial system. But now, with the onslaught of the Covid-19 crisis, concerns are growing that the scale and scope… Read More
7th May 2020
Members of the European Parliament have demanded answers from the president of the European Investment Bank following revelations made by the Luxembourg Times into anti-money laundering failures. Twelve Greens and European Free Alliance MEPs sent the letter to Werner Hoyer on Wednesday, requesting that he discloses compliance shortfalls identified… Read More
4th May 2020
Don’t accuse whistleblowers of being in it for the money. So says Tom Mueller, author of Crisis of Conscience: Whistleblowing in an Age of Fraud, during a recent episode of KYC360’s AML Talk Show hosted by Martin Woods. “The vast majority of whistleblowers that I interviewed, their… Read More
30th April 2020
By David Klein, OCCRP, 29 April 2020 OCCRP — A new law adopted by the Armenian parliament would allow prosecutors investigating unexplained wealth to petition courts in the country to take hold of any property worth more than US$100,000 and acquired after 1991, the year of the country’s foundation. Read More