Financial Crime

15th April 2019

‘Gangnam style’ sex crime – K-pop scandals uncover dark side of Seoul’s flashiest district

On a recent weekend night, the dance floor at one of the hottest clubs in Seoul’s swanky Gangnam district held only a few dozen people surrounded by mostly empty tables. A few months ago, the nightclub would have been packed with hundreds of gyrating men and women, and full tables,… Read More

18th March 2019

Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator

Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur. While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the… Read More

3rd March 2019

Indian agency searches properties of former ICICI Bank CEO Kochhar

India’s financial crime fighting agency said on Friday it was conducting searches on properties of former ICICI Bank CEO Chanda Kochhar and a top executive of Videocon group, amid probes into suspected conflict of interest and misconduct. Searches, under prevention of money laundering laws, were being conducted in Mumbai and… Read More

27th February 2019

EU needs financial police, money-laundering watchdog – lawmakers

The European Union should set up a police force to investigate tax evasion and financial crime and create a watchdog to counter money-laundering, EU lawmakers said in a report on Wednesday, which accuses seven member states of acting as tax havens. The report is the result of a year’s work… Read More

24th January 2019

Financial crime: UK announces consultation on bitcoin, cryptoassets guidance

Britain’s Financial Conduct Authority (FCA) has launched a consultation into guidance on the cryptoasset activities it regulates. The watchdog said the move is aimed at providing clarity for firms about whether their cryptoasset activities fall under its regulation, and [for them to] ensure they are compliant and have appropriate consumer… Read More

29th October 2018

Barclays escapes Serious Fraud Office financial crime charges

The High Court in London has dismissed an application to reinstate the Serious Fraud Office’s charges which sought to prosecute Barclays for alleged fraud surrounding its fundraising during the financial crisis. The issue can be traced back to 2008 when Barclays took a £12bn loan from Qatar Holding, and… Read More

2nd October 2018

UK regulator FCA fines Tesco Bank £16.4m for cyber-attack, financial crime failures

The Financial Conduct Authority (FCA) has fined Tesco Personal Finance plc (Tesco Bank) £16,400,000 for failing to protect its customers against a November 2016 cyber attack and the resulting financial crimes that occurred. The banking watchdog found that cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card,… Read More

12th September 2018

UK regulator FCA received 1,000 financial crime data requests

The United Kingdom’s Financial Conduct Authority (FCA) received hundreds of requests for information from regulators and police units from around the world, in line with an initiative to work with other authorities to tackle financial crime. The FCA received 1,064 requests for information and investigatory assistance from over 80 different… Read More

29th January 2018

US Treasury official urges regulation of cryptocurrencies

AP News – A senior U.S. Treasury official touring Asia has urged banks and financial regulators in the region and elsewhere to do more to tighten oversight of booming trading in bitcoin and other cryptocurrencies. Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday… Read More

22nd January 2018

Australia’s financial regulator wants to go undercover on dark web

The corporate watchdog wants new powers for its investigators to go undercover to combat financial crime on the dark web. The Australian Securities and Investment Commission has said it needs more investigatory powers because the increasing use of the dark web and virtual currencies such as bitcoin has… Read More