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March 18 2018 Online service marketplaces are relatively new, and there are few ways for their operators to regularly monitor the entirety of services and transactions. Unfortunately, this creates an open environment for electronic money laundering, known as ‘transaction laundering,’ to occur Once the Airbnb booking transaction is processed, no one...
May 15 2018 Hezbollah, the Iran-backed Lebanese militia designated as a terror group by the U.S., is tapping a money-laundering ministate in Latin America that poses an escalating risk to U.S. national security, according to a report published Tuesday. The illicit activities in the so-called tri-border region linking Brazil, Argentina and...
May 14 2018 A McAllen doctor appeared in court Monday for his for his role in a $240 million health care fraud and international money laundering scheme. The U.S. Attorney’s Office said Jorge Zamora-Quezada, 61, falsely diagnosed patients, including the young, elderly and disabled, and performed excessive medical procedures to increase...
May 16 2018 The National Crime Agency (NCA) has said that the United Kingdom remains a “prime destination” for money laundering from Russia, Nigeria and Pakistan. In its fifth analysis of serious and organised crime threats in the UK, the NCA said that it had prepared a report drawing intelligence from...
May 16, 2018 The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious...
May 15 2018 Dirty money and money laundering have been around since the existence of currency itself. On a global level, as much as $2 trillion is washed annually, estimates the United Nations. Today’s criminals are sophisticated, using ever-adapting tactics to bypass traditional anti-fraud solutions. Even in cases where enterprises...