News and analysis on the global fight against fraud
Reuters recently reported that more than half a dozen British banks were in advanced talks with law enforcement and government agencies over plans to systematically share intelligence on major financial crimes such as money laundering and terrorism financing.
Read MoreAs the landscape of financial crime continues to evolve, financial institutions must stay vigilant and prepared to address emerging risks. In this regard, aligning anti-money laundering (AML) programs with the Financial Crimes Enforcement Network (FinCEN) AML Priorities becomes crucial. This article explores the significance of integrating the FinCEN AML Priorities into AML programs and provides step-by-step suggestions to ensure preparedness for regulatory examinations.
Read MoreThe International Consortium of Investigative Journalists (ICIJ) published another investigative report — the Pandora Papers — based on leaked documents that illustrate the complex international financial dealings of politicians, celebrities and other wealthy people who use various means to avoid taxes.
The revelations of the Pandora Papers are not substantially different than those of other alliterative ICIJ leak investigations such as the Panama Papers, Paradise Papers, Luanda Leaks or Luxembourg Leaks. The Pandora Papers show how extraordinarily wealthy people move money through complex international networks of holding companies, special accounts and secrecy jurisdictions to minimize their tax obligations and disguise their ownership of assets as well as large sums of money.
Read MoreMason Wilder, CFE, ACFE Sr. Research Specialist, and Mandy Moody, CFE, ACFE Communications Manager, discuss the "sting of the century." Operation Trojan Shield was a collaboration between the U.S. FBI and DEA, the Swedish and Australian police, and other global agencies to infiltrate an encrypted chat platform. The operation led to 800 arrests, seizures of drugs and firearms, and an ongoing list of money laundering revelations.
Read MoreE-payment through third-party channels or platforms — like Venmo, Cash App, Alipay or WeChat Pay — is widely used in our daily life, especially as COVID-19 spread and stay-at-home restrictions fueled precipitous growth of third-party payments. To clarify, I’m not referring to mobile banking apps or payment apps operated by the banks. Let’s focus on apps that function independently yet connect consumers, merchants and banks to mold a payment loop.
To understand these risks, let’s take a look at the third-party payment flow and bring out the iterated anti-money laundering (AML) measures as well as the major difficulties to implement them.
Read MoreNews and analysis on the global fight against fraud.
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