The Financial Crimes Enforcement Network (FinCEN) has fined the founder and operator of Helix and Coin Ninja $60m. Larry Dean Harmon was handed the civil penalty for violations of the Bank Secrecy Act relating to his involvement in the convertible virtual currency mixers. FinCEN today said that Harmon sought to circumvent the BSA’s reporting and […]
HMRC warns of online estate agency AML risk in UK
Online estate agents pose a higher money laundering risk than traditional branches, the UK’s tax-collecting government agency has warned. In a risk assessment HM Revenue & Customs outlines the latest risks for the estate and lettings agency industry. It warns that online estate agents are more at risk from criminals seeking to launder money. It […]
Crown Resorts probed by AUSTRAC over possible AML breaches
Australian casino operator Crown Resorts has revealed that it is being investigated over possible breaches of anti money laundering and counter-terrorism financing laws. Regulator AUSTRAC has identified potential non-compliance and has now started a formal enforcement investigation, Crown announced to the stock market today. Crown, which has casinos in Melbourne and Perth, is already […]
20 arrested across Europe in ‘unprecedented’ international operation against laundering network
Law enforcement authorities from 16 different countries have disrupted the QQAAZZ money laundering network, carrying out 40 house searches and arresting 20 suspected members of the group. In an international operation described by Europol as “unprecedented”, houses were searched in Latvia, Bulgaria, the United Kingdom, Spain and Italy. The largest number of searches in the […]
FinCEN publishes new typologies to help firms detect money laundering linked to human trafficking
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has published new information on typologies and indicators to help compliance teams combat the “horrific toll” of human trafficking. In an advisory note published yesterday aimed at compliance and risk teams, FINCEN outlined 20 additional behavioural and financial indicators and information about four new typologies. FinCEN said […]
FinCrime Job Focus: Matthew Redhead, researcher and writer
In our latest reader-submitted Q&A Matthew Redhead explains how financial crime can get the emotional juices flowing What is your full job title? As I have a portfolio of roles, it’s difficult to answer that simply. Let’s say ‘financial crime researcher and writer.’ How long have you worked in the industry? On the fincrime side […]
The skills needed in the FinCrime team of the future
Becky Marriott’s financial crime fighting journey to date includes working on security in warzones, threat intelligence at the 2012 Olympics, tracing global sanction evasion networks and investigating ISIS. Now at digital banking services provider Tide, Marriott discusses the skills needed to equip the financial crime teams of the future. When hiring somebody to work in […]
AUSTRAC plans A$100m regulatory system overhaul and more enforcement action
AUSTRAC will overhaul its regulatory system using A$100m of new funding and step up enforcement action, a senior figure at the Australian financial crime regulator has said. Dr Nathan Newman, national manager of regulatory operations at AUSTRAC, set out the organisation’s intentions at an industry event, reports the Australian Financial Review. Dr Newman said: “We […]
Prosecutor drops money laundering probe into Deutsche Bank but hands out $13.5million fine for late SARs
The Frankfurt Public Prosecutor’s office has closed its criminal investigation into employees of Deutsche Bank in connection with Danske Bank Estonia. The prosecutor had been probing whether individual employees aided and abetted money laundering relating to the high-profile Danske Bank Estonia scandal. Deutsche Bank has however been fined $13.5million Euros for failing to submit Suspicious […]
UK National Cyber Security Centre investigating ‘serious’ cyber attack on Hackney Council
Council officers have been working closely with the National Cyber Security Centre to investigate an attack affecting Hackney Council’s IT systems. Many services may be temporarily down or slower than usual, according to the Mayor of Hackney, Phillip Glanville. “Council officers have been working closely with the National Cyber Security Centre, external experts and the […]
Arming for the rise of digital fraud
Digital is a channel of choice for consumers, accelerated by COVID-19. But digital interaction isn’t the only thing that has accelerated – fraud has too. Toby Carlin examines the latest data on how banks are tackling the threat. In the UK, official figures for August show year-on-year total online retail sales increased by 51.6 percent, […]