Category: Banking

RELEASE OF INDIVIDUAL COUNTRY DATA ON REMITTANCES

Central Bank of Kenya

April 21, 2021

Remittance inflows continue to provide a stable source of foreign exchange for Kenya and a key support for many households, totaling USD 3,094 million in 2020. Remittances in March 2021 amounted to USD 290.8 million, compared to USD 228.8 million in March 2020, an increase of 27.1 percent. The US remains the largest source of these inflows, accounting for 55.9 percent of remittances in March 2021. The other top source countries were: UK (11.2 percent), Saudi Arabia (4.0 percent), Canada (2.9 percent), and Australia (2.9 percent).

Fin Toward Ltd./online trading platform fin-toward.com: BaFin prohibits unauthorised deposit business and unauthorised provision of investment advice and portfolio management services

BAFIN

April 21, 2021

The company opens trading accounts for customers on its trading platform fin-toward.com. These accounts supposedly allow customers to trade in forex products, cryptocurrencies, indices, commodities, shares, ETFs and bonds. The company makes investment decisions regarding the accounts without consulting the account holders beforehand. It also offers customers the opportunity to enter into contracts, claiming that the contracts are completely insured and that there can be no loss of the capital invested. Furthermore, on its website Fin Toward Ltd. offers comprehensive customer advice.

Two Companies and Nine Individuals Indicted for Alleged Large-Scale Visa Fraud Employment Scheme

US Department of Justice

April 21, 2021

An indictment returned by a federal grand jury in the Southern District of Georgia has been unsealed charging two businesses and nine of their officers and managers located across the country for their roles in an alleged conspiracy to defraud the U.S. government and commit various fraud and criminal immigration offenses for profit.