Featured

UK: Over £5.5bn of Covid support funds lost to fraud or error

More than £5.5bn of taxpayer money from the government’s coronavirus assistance schemes including furlough, self-employed support and “eat out to help out” was paid out to fraudsters or given out incorrectly. It emerged on Thursday that £5.2bn paid out by the government under the coronavirus job retention scheme, widely known… Read More

Embracing technology and innovation in Compliance and Risk Management – A Perspective from MAS

T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in… Read More

Chinese Police Make First Arrest For CBDC Money Laundering

Chinese officials have arrested members of a criminal group charged with alleged money laundering using the country’s CBDC, the digital yuan. The news implies the Chinese government and law enforcement will have greater control and oversight over financial activities in the country with its CBDC. By Tim Fries, The… Read More
5th November 2021
T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in… Read More
5th November 2021
As part of the Twitch data breach, a prominent money laundering scheme on the platform has been exposed – with one Turkish politician calling for it to be investigated “immediately”. By Andy Brown, NME, 4 November 2021 Read more at NME RiskScreen: Eliminating Financial Crime with Smart Technology… Read More
4th November 2021
In the months after one of Pioneer Bank’s biggest business customers admitted to a $101 million bank fraud scheme, federal regulators found the bank’s anti-money laundering controls to be “fundamentally and materially deficient,” according to allegations made in a filing made last month in federal court. By Larry Rulison, Times… Read More
4th November 2021
A money-laundering trial in Germany is shining a light on the purchase of a luxury London penthouse by cryptocurrency scammer Dr Ruja Ignatova. Jamie Bartlett and Rob Byrne of The Missing Cryptoqueen podcast explain how she used British-based lawyers and wealth managers – who continued to offer their services after… Read More
28th October 2021
A citizen of the People’s Republic of China reported average annual earnings of $40,615 to Canadian border agents yet went on to buy $32 million worth of Vancouver real estate after moving $114 million from Hong Kong-based depositors with connections to organized crime and the Chinese Communist Party, a case… Read More
26th October 2021
The final report by commissioner Ray Finkelstein recommended Crown Melbourne should be given a two-year grace period under the control of a “special manager” to correct an “alarming catalogue of wrongdoing”. The Victorian Royal Commission into the Casino Operator and Licence found evidence of links to criminal gangs and repeated… Read More
25th October 2021
Alison Rose just cannot get away from the scandals that have dogged NatWest for the past decade. When the bank, formerly Royal Bank of Scotland, reports its third-quarter results on Friday, the figures are likely to include a hit of about £200 million in anticipation of a fine for failing… Read More
25th October 2021
Delegates representing the 206 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank met for three days of meetings. After five completely virtual Plenary events due to the COVID-19 pandemic, this Plenary meeting took place in a hybrid format, allowing… Read More
22nd October 2021
An international watchdog downgraded Turkey to a so-called grey list on Thursday for failing to head off money laundering and terrorist financing, a decision that could further erode foreign investment after a years-long exodus. By Jonathan Spicer, Reuters, 21 October 2021 Read more at Reuters RiskScreen: Eliminating… Read More
22nd October 2021
Five individuals, including a politician from Venezuela’s ruling party and an associate of a businessman close to President Nicolas Maduro, have been charged with money laundering in connection with an alleged Venezuela bribery scheme, the U.S. Department of Justice said. Read More