money laundering News

Crime Syndicates in Southeast Asia Go Global, Defying Crackdowns

Cyber crime syndicates that run multi-billion-dollar scam operations across Southeast Asia are still expanding despite recent law enforcement crackdowns, building links from Ireland to Mexico and reaching a potentially irreversible global spillover, the United Nations warned. The transnational criminal networks …

Former Iowa Insurance Producer Sentenced for Wire Fraud and Money Laundering

William Berg, an insurance producer and former financial advisor from Waukee, Iowa, was sentenced to nine years in prison on Friday after pleading guilty in federal court to wire fraud and money laundering charges. In addition to his prison sentence, …

Four Charged In $10 Million No-Fault Insurance Fraud Scheme

Four men have been charged with defrauding New York auto insurers by allegedly submitting more than $10 million in fraudulent claims for psychological services —and then laundering the proceeds of that fraud through a network of illicit check cashers. Damian …

Hong Kong Hits AIA With Record Fine for Anti-Money Laundering Lapses

AIA Group Ltd. was subject to a record fine of HK$23 million ($2.9 million) by the Insurance Authority for anti-money laundering oversight, as the city’s regulators steps up scrutiny of the industry. An on-site inspection by the regulator found “technical …

EU’s Anti-Money Laundering Authority Is Now Official; Candidates for Chair Can Apply

The regulation that sets up the European Union’s new agency to combat money laundering went into force on Wednesday, and the authority already has its first job posting: the position of chair. Candidates have until July 8 to apply to …

Singapore Highlights Banks as Posing Highest Money Laundering Risk

Singapore’s banking sector, including wealth management, poses the highest money laundering risk in the city-state, the government said in a money laundering risk assessment report published on Thursday. Banks had higher exposure to money laundering threats and could be more …

US DOJ Slaps Criminal Fines on UK Brokers Tysers and H.W. Wood for Bribery

The US Department of Justice has slapped criminal penalties on UK reinsurance brokers Tysers Insurance Brokers Ltd. and H.W. Wood Ltd. as a result of their participation “in a corrupt scheme to pay bribes to Ecuadorian government officials,” the DOJ …

Binance Was Used to Funnel Money to Hamas, Other Militant Groups

In February 2019, Binance Holdings Ltd.’s then-Chief Compliance Officer Samuel Lim acknowledged that the cryptocurrency exchange was being used to funnel money to Hamas, explaining to a colleague that terrorists normally sent “small sums.” Hamas could “barely buy an AK47 …

Tornado Cash Founders Charged by US in Money Laundering Scheme

Two founders of Tornado Cash, a cryptocurrency mixing service that has been under scrutiny by various US agencies for more than a year, were charged with helping launder more than $1 billion for clients that included a North Korean cybercrime …

US Fed Fines Deutsche Bank $186M for Failing to Beef Up Money Laundering Controls

The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering control problems and other shortcomings previously flagged by the U.S. central bank. The new penalty for lingering …