PYMNTS-MonitorEdge-May-2024

Financial Crime

Financial crime is defined as crime that is specifically committed against property. These crimes are almost always committed for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property that is involved.

Source: complyadvantage.com

Internal Auditor Charged In $2B India Bank Fraud Scandal
Internal Auditor Charged In $2B India Bank Fraud Scandal
March 02, 2018  |  Security & Fraud

An internal auditor at a Mumbai branch of Punjab National Bank is accused of conspiring with other officials to defraud the lender of $2 billion,...

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Senior Bank Official Arrested In India’s Diamond Fraud Scandal
Senior Bank Official Arrested In India’s Diamond Fraud Scandal
February 22, 2018  |  International

A senior official of state-run Punjab National Bank (PNB) in India was arrested by federal police as part of an investigation into a $1.8 billion...

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Latvian Defense Ministry Says Corruption Allegations Are Fake News
Latvian Defense Ministry Says Corruption Allegations Are Fake News
February 21, 2018  |  International

The Latvian Defense Ministry is contending that corruption allegations — which resulted in the suspension of a central bank governor on Tuesday (Feb. 20) —...

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More Arrests In Punjab National Bank Diamond Fraud Case
More Arrests In Punjab National Bank Diamond Fraud Case
February 20, 2018  |  Security & Fraud

India’s police took more action in their investigation of the loan scam at Punjab National Bank (PNB), arresting three more employees of the bank. According...

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Latvia’s Central Bank Rocked By Bribery, North Korean Sanction Violations
Latvia’s Central Bank Rocked By Bribery, North Korean Sanction Violations
February 20, 2018  |  International

Latvia’s banking system is facing more issues. Not only did one bank have to request emergency support after U.S. officials accused it of helping to...

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Missing The Podium Edition: US Bank, SoFi And Bitcoin On Cards
Missing The Podium Edition: US Bank, SoFi And Bitcoin On Cards
February 19, 2018  |  Data Dive

Not everyone gets a trophy, an inevitable truth discovered by the U.S. Olympic team in Pyeongchang — at least so far. It’s not been a standout year for the...

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Chicago Trader Charged With Crypto Theft
Chicago Trader Charged With Crypto Theft
February 16, 2018  |  Bitcoin

Marking the first prosecution in Chicago of theft in the cryptocurrency industry, a trader with a financial firm was charged with fraud. Joseph Kim allegedly...

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US Bank Fined $613M For AML Violations
US Bank Fined $613M For AML Violations
February 15, 2018  |  Bank Regulation

U.S. Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the...

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Investors Caught In Two Crypto ‘Exit Scams’
Investors Caught In Two Crypto ‘Exit Scams’
February 12, 2018  |  Security & Fraud

Following an announcement from an Italian cryptocurrency exchange that $200 million worth of virtual currency was stolen from its servers, investors and developers are taking...

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