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 […]
The UK’s Payment Systems Regulator (PSR) is conducting two consultations exploring when and how its authorized push payment (APP) requirements will apply when they come into force in 2024. According to Chris Hemsley, Managing Director at the PSR, “The two […]
Authorities in Singapore have made ten arrests, seizing illegal assets worth over S$900 million in simultaneous raids nationwide. The raids were the culmination of a forgery and money laundering (ML) investigation facilitated by the Monetary Authority of Singapore (MAS) and […]
Specializing in international cash management solutions, financial services company Ebury partnered with ComplyAdvantage to build a fit-for-purpose transaction monitoring (TM) rule set that could keep pace with the company’s rapid growth. Ebury is fully regulated in 21 countries and offers […]
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 […]
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