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NEWS: AML executive at US credit union fined $100,000 for failing to flag $1BN in high risk transactions

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FinCEN Director Andrea Gacki

INSIGHT: Corporate secrecy ‘scourge’ in fight against fincrime, time for fully public BO registers, says Financial Times

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NEWS: Former billionaire Bill Hwang sentenced to 18 years in prison for massive US fraud

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NEWS: CEO of AllHere, promising education AI chatbot, charged with defrauding investors

A US credit union official has been fined $100,000 for not flagging $1BN+ in high risk transactions – and will be sentenced on criminal charges in May. FinCEN assessed the $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. FinCEN’s action also…

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INSIGHT: Corporate secrecy ‘scourge’ in fight against fincrime, time for fully public BO registers, says Financial Times

 Premium

NEWS: Former billionaire Bill Hwang sentenced to 18 years in prison for massive US fraud

 Premium

NEWS: CEO of AllHere, promising education AI chatbot, charged with defrauding investors

Regulatory Watch News

  • Austria: 15 arrests in €3.5 million fraud investigation involving RRF funds

    European Public Prosecutor's Office

    (Luxembourg, 21 November 2024) – This week (19 November), at the request of the European Public Prosecutor’s Office (EPPO) in Vienna and Graz (Austria), the Vienna Criminal Police (Landeskriminalamt Wien) arrested 15 suspects and carried out 37 searches in Vienna and its surroundings. On the radar of the EPPO are several criminal organisations that are suspected of defrauding over €3.5 million from the so-called ´Reparaturbonus´ (´Repair Bonus´) programme financed by the EU via the Recovery and Resilience Fund (RRF). The ´Reparaturbonus´ is an initiative of the Austrian government, which promotes and incentivises the repair of electronic devices and household appliances. Its purpose is to encourage sustainability, reduce electronic waste and support local repair business.

  • NCA arrest man in Wolverhampton as part of operation to take down Europe-wide people smuggling gang

    National Crime Agency

    The National Crime Agency has participated in a major international operation targeting a Syrian organised crime group considered one of Europe's most significant people smuggling networks. The German-led investigation against the group, supported by the NCA and co-ordinated through Europol and Eurojust, has so-far seen at least 20 people arrested in a series of raids across the continent on Wednesday 20 November.

  • SFC issues restriction notices to four brokers to freeze client accounts linked to suspected account hacking and market manipulation

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) has issued restriction notices to four brokers, prohibiting them from dealing with or processing certain assets held in their client accounts for suspected market manipulation or fraud involving unauthorised online trades placed through hacked accounts between 24 October and 6 November 2024

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