Criminals laundering assets worth as much as 2.7% of global GDP, warns UN report; up to 10% of all wealth in offshore havens

Regulatory Watch News

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  FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions

  FinCEN

  November 13, 2024

  WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. The alert explains typologies associated with these schemes, provides red flag indicators to assist with identifying and reporting related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act. “While GenAI holds tremendous potential as a new technology, bad actors are seeking to exploit it to defraud American businesses and consumers, to include financial institutions and their customers,” said Director Andrea Gacki. “Vigilance by financial institutions to the use of deepfakes, and reporting of related suspicious activity, will help safeguard the U.S. financial system and protect innocent Americans from the abuse of these tools.”

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  Six arrested after multi-million pound Birmingham Airport drug seizure

  National Crime Agency

  November 13, 2024

    Six people have been arrested and charged following a major drug seizure at Birmingham International Airport. National Crime Agency officers made the arrests on Monday 11 November, seizing suitcases containing around 180 kilos of cocaine. The six, two men and three women from Bradford, West Yorkshire, and a man from Halesowen in the West Midlands, were questioned by NCA investigators before being charged with conspiring to import class A drugs late yesterday.

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  Singapore FinTech Festival 2024 Attracts 65,000 Participants

  MAS

  November 13, 2024

  Singapore, 13 November 2024… The ninth edition of the Singapore FinTech Festival (SFF) concluded successfully on 8 November with 65,000 participants from 134 countries and regions in attendance. Key highlights of SFF 2024 include:

  • The invite-only Insights Forum brought together more than 2,300 policymakers, regulators, investors, and industry leaders for in-depth discussions across 40 roundtables. Topics ranged from the future of financial infrastructure to pathways for achieving global net-zero goals.
  • More than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions and government organisations participated in the Regulation Zone. Key discussion areas included Artificial Intelligence (AI) solutions, quantum research and finance, cross-border data flow, and digital asset growth.
  • The Technology Zone featured 64 sessions exploring AI and quantum technologies, blockchain, and e-commerce and payments applications, showcasing real-economy impact across sectors.