A Guide to Anti-Money Laundering for Crypto Firms
On September 1, 2022, the co-founder and chief investment officer of UK hedge fund Glen Point Capital was charged with committing foreign exchange (FX) market manipulation and fraud. According to the US Department of Justice press release, the defendant has […]
On August 16th, former U.S. Rep. Terrence John Cox was federally indicted on 28 charges, including wire fraud, campaign contribution fraud, and money laundering. The unsealed indictment describes schemes carried out between 2013 and 2019. Cox purportedly diverted payments, investments, […]
Three Nigerian nationals have been extradited from the UK to the US following their alleged participation in multimillion-dollar cyber-enabled business email compromise (BEC) fraud schemes. The scams allegedly perpetrated by the defendants and their co-conspirators targeted unsuspecting victims, including universities […]
On July 29, 2022, eight people from New Hampshire and Massachusetts were indicted by a federal grand jury in Boston for their alleged roles in an elaborate money laundering operation and trade-based scheme in the city’s Chinatown area. According to […]
Through money laundering, criminals fund and profit from illicit activity such as arms sales, narcotics, human trafficking, contraband smuggling, embezzlement, insider trading, bribery, and fraud schemes. In addition to organized criminal groups, professional money launderers perform money laundering services on […]
The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a […]
There are various definitions of payment fraud, but simply put, it describes an illegal transaction that diverts money or creates false/unauthorized payments from a victim. This is often achieved by stealing their personal payment information or duping them into sharing […]
The Australian Federal Police (AFP) has announced it will target Italian organized crime groups (OCGs) and money laundering syndicates in the next phase of Operation Ironside, which exposed 51 crime groups through a Trojan horse app called AN0M. AFP assistant […]
An internationally coordinated operation has seen the US place sanctions on notorious Irish organized crime group Kinahan, key members of its controlling family, associates, and associated businesses. A $5m reward for information leading to the arrest or conviction of gang […]
The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
Money laundering underpins most forms of organized crime by disguising illicitly-obtained financial assets as “clean” and allowing nefarious groups or individuals to profit from illegal activity. While the amount of money laundered globally in one year is estimated to equal […]
A Chicago woman has been convicted of fraud and tax offenses after cashing her dead grandmother’s pension checks and creating false tax returns. The Justice Department reports that Eunice Salley (aka Eunice Sally Dobyns, aka Oya Awanata-Bey, aka Oya Awanata) […]
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