Financial Crimes

FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern
FinCEN Says ABLV Bank No Longer of Primary Money Laundering Concern
September 26, 2024  |  AML

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the...

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FTC Gets $40 Million Settlement in Alleged Unauthorized Billing Scheme
FTC Gets $40 Million Settlement in Alleged Unauthorized Billing Scheme
September 17, 2024  |  Legal

Defendants who allegedly enrolled consumers, without their knowledge, into continuity plans for products they did not buy will forfeit assets valued at $40 million and...

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Wells Fargo Pledges to Fix AML Program After OCC Agreement
Wells Fargo Pledges to Fix AML Program After OCC Agreement
September 12, 2024  |  Bank Regulation

Trouble with federal regulators continues for Wells Fargo. The Office of the Comptroller of the Currency (OCC) said Thursday (Sept. 12) that it has signed...

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FBI Says 50% of All Financial Fraud Losses Involve Cryptocurrency
FBI Says 50% of All Financial Fraud Losses Involve Cryptocurrency
September 09, 2024  |  Security & Fraud

The number of cryptocurrency-related complaints accounted for 10% of all financial fraud complaints but 50% of the total losses in 2023. That is due in...

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FIs Depend on AI/ML Partners to Fight Next-Gen Fraudsters
FIs Depend on AI/ML Partners to Fight Next-Gen Fraudsters
December 06, 2023  |  Fraud Prevention

PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant...

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Former Bitwise Industries Co-CEOs Charged by SEC for Misleading Investors
Former Bitwise Industries Co-CEOs Charged by SEC for Misleading Investors
November 09, 2023  |  Legal

The Securities and Exchange Commission (SEC) has announced charges against the former co-CEOs of Bitwise Industries, a private technology services startup based in Fresno, California.  The charges against...

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For Sam Bankman-Fried, Pointing Fingers Never Goes Out of Style 
For Sam Bankman-Fried, Pointing Fingers Never Goes Out of Style 
October 27, 2023  |  Legal

Four of Sam Bankman-Fried’s closest friends have testified against him in his criminal trial.  Over the better part of four weeks, U.S. prosecutors have brought...

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AI-Powered Financial Crime Prevention Platform Silent Eight Prepares for IPO
AI-Powered Financial Crime Prevention Platform Silent Eight Prepares for IPO
September 22, 2023  |  Security & Fraud

Singapore-based company Silent Eight, which uses artificial intelligence (AI) to combat financial crimes such as money laundering and terrorist financing, reportedly aims to be ready for...

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Four Inc. and Chainalysis Partner on Blockchain Analysis for Government
Four Inc. and Chainalysis Partner on Blockchain Analysis for Government
August 29, 2023  |  Blockchain

Four Inc. has partnered with Chainalysis to equip government agencies with the necessary tools to monitor, analyze and combat illicit activities within blockchain networks. This collaboration brings together...

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