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. […]
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 […]
Explore the tangible benefits of AI-driven fraud detection, from improving operational efficiency and reducing false positives to mitigating risk.
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 […]
Authorities worldwide have made over six thousand arrests – including nearly 200 high-value targets – connected to the takedown of EncroChat, a communications platform favored by organized crime groups (OCGs). The arrests were made possible by a joint investigation team […]
In a joint action day supported by Europol and Eurojust, 33 people have been arrested for their alleged connection to a global money laundering network. According to investigators, the network ran a trade-based money laundering (TBML) scheme that utilized companies […]
The US Department of Homeland Security is establishing a new wildlife trafficking unit to disrupt the flow of wildlife commodities that are illegally traded to help fund terrorist organizations. Following the 2023 Homeland Security Appropriations Bill, $7.5 million was allocated […]
In the intricate world of financial crimes, there are numerous techniques employed by individuals and criminal organizations to obscure their illicit activities. Among these techniques, two common practices stand out: smurfing and structuring. What is structuring? Structuring occurs when someone […]
First-party fraud (FPF) is a type of fraudulent activity where an entity deliberately engages in deceptive practices or provides false information to defraud a company or organization from within. A unifying factor behind various types of first-party fraud is that […]
Credit card fraud is one of the most common types of identity fraud. Its prevalence rose significantly during the coronavirus pandemic, with fraudulent credit card applications up 17 percent in the first month of the pandemic alone. And this has […]
While embezzlement and money laundering are both financial offenses that often involve the movement of large sums of money, the terms are far from interchangeable. According to the United Nations Office on Drugs and Crime (UNODC), between two and five […]
Cash-intensive facilities that utilize complex transaction chains often attract criminals looking to launder illicitly obtained funds. Casinos fall into this category, offering gamblers anonymity and the ability to transact large amounts of money at a rapid scale. While the market […]
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