In conjunction with Internal Revenue Service Criminal Investigation (IRS CI), the US Financial Crimes Enforcement Network (FinCEN) has released a notice asking financial institutions to report signs of workers’ compensation fraud and payroll tax evasion in the construction industry. The […]
To fight real estate money laundering, estimated in the billions between 2015 and 2020, the US Treasury is proposing a rule in August requiring real estate firms to report entities’ ultimate beneficial owners when they buy luxury property with cash. […]
A letter by three US senators – Elizabeth Warren, Tim Kaine, and Chris Van Hollen – has revived concerns that the Democratic People’s Republic of Korea (DPRK) may be funding its ballistic weapons program with cryptocurrency. The letter urges the […]
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released a follow-up operational alert to its 2019 original concerning money laundering (ML) in underground banking. The initial alert particularly focused on the casino sector. The new alert, published in […]
The United States Treasury and Federal Reserve Bank of New York have banned 14 Iraqi banks from conducting US dollar (USD) transactions. This follows concerns that US currency could be redirected to sanctioned individuals and possibly benefit Iran. The sanctions […]
On July 16, 2023, US Senate Majority Leader Chuck Schumer said he would push to sanction China over its alleged role in producing the synthetic opioid fentanyl. While the Department of Justice (DOJ) has previously issued charges against Chinese companies […]
Between 2016 and 2022, broker-dealers suffered significant penalties – some in the millions – for customer due diligence failures. These fines have made it clear that firms dealing in securities are not exempt from global anti-money laundering (AML) regulators’ scrutiny. […]
Even the most advanced anti-money laundering and countering of terrorist financing (AML/CFT) technology depends on a well-conceived underlying governance structure to serve its intended purpose. Indeed, U.S. regulators expect firms to designate specific individuals solely responsible for AML/CFT functions – […]
The United States Department of Justice (DOJ) has announced a 16-year prison sentence for Kayricka Wortham, the “mastermind” behind a fraud spanning nearly two years. During her time as Operations Manager for the Smyrna, Georgia-based Amazon warehouse, Wortham stole $9.4 […]
After convincing investors to contribute nearly $9 million in a fraudulent green energy undertaking, 44-year-old Ray Brewer has been sentenced to more than six years in prison. According to the US Department of Justice (DOJ), Brewer had convinced investors he […]
In the ongoing fight against fentanyl trafficking in the Americas, United States authorities have arrested two people and unsealed three indictments against People’s Republic of China (PRC) manufacturers and their employees for supplying chemical precursors to fentanyl. According to the […]
On May 24-25, 2023, Canada and the United States joined a trilateral workshop reviewing the opioid problem, including fentanyl, and its connection to money laundering. The workshop was hosted by Mexico’s Unidad de Inteligencia Financiera (UIF) in Mexico City. As […]
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