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LATEST: Visa buys AI-driven fraud prevention firm Featurespace in reported $935m deal

Premium September 26, 2024

Illustration of Visa credit and debit cards · Reuters

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NEWS: US finally removes defunct ABLV, once one of Latvia’s biggest private banks, from money laundering list

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NEWS: Ireland’s ‘sandbox’ scheme for new banking fincrime products opens for applications

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NEWS: Drug gang using Chinese money brokers uncovered, Italian police say

By Manya Saini

Visa has agreed to buy AI-driven payments protection firm Featurespace, marking the payments giant’s latest effort to strengthen its financial crime and fraud detection product portfolio.

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Premium

NEWS: US finally removes defunct ABLV, once one of Latvia’s biggest private banks, from money laundering list

 Premium

NEWS: Ireland’s ‘sandbox’ scheme for new banking fincrime products opens for applications

 Premium

NEWS: Drug gang using Chinese money brokers uncovered, Italian police say

Regulatory Watch News

  • New York City Mayor Eric Adams charged with bribery, wire fraud, solicitation of contribution by a foreign national

    Southern District of New York

    SDNY attorney general: Adams 'abused' privilege of public office to serve 'highest' bidder

    Damian Williams called Eric Adams’s alleged misconduct a “grave breach of the public’s trust” and vowed to continue to investigation to “hold more people accountable”

  • Treasury Takes Coordinated Actions Against Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitator

    OFAC

    WASHINGTON — Today, the U.S. Department of the Treasury is undertaking actions as part of a coordinated international effort to disrupt Russian cybercrime services. Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an order that identifies PM2BTC—a Russian virtual currency exchanger associated with Russian individual Sergey Sergeevich Ivanov (Ivanov)—as being of “primary money laundering concern” in connection with Russian illicit finance. Concurrently, the Office of Foreign Assets Control (OFAC) is sanctioning Ivanov and Cryptex—a virtual currency exchange registered in St. Vincent and the Grenadines and operating in Russia. The FinCEN and OFAC actions are being issued in conjunction with actions by other U.S. government agencies and international law enforcement partners to hold accountable Ivanov and the associated virtual currency services.

  • Financial sanctions update: Russia

    OFSI

    On 26 September 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. The following entries have been added to the Russian financial sanctions regime and are now subject to an asset freeze and trust services sanctions:

    • OCEAN SPEEDSTAR SOLUTIONS OPC PVT LTD (Group ID: 16570)
    • WHITE FOX SHIP MANAGEMENT FZCO (Group ID: 16571)
    OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

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