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News in brief – June 2021

  • Stephen Calk, founder and former CEO of The Federal Savings Bank, is being prosecuted in New York for bribery. He is accused of approving multi-million dollar loans to fund Trump’s 2016 campaign in exchange for a White House appointment. Find out about more about our anti-bribery and corruption solution here.
  • Former CANNTRUST executives charged with fraud, insider trading and other allegations. Find out more about our fraud solution here
  • The US government is considering granting FinCEN unlimited power on global financial data with a focus on control of transactions in cryptocurrencies
  • Increasing issues with counterfeit and lower quality goods sold online with little recourse for buyers
  • Bitcoin mining – the higher the price of Bitcoin the higher the cost of the environment and the lives it impacts. Great discussion surfacing about the impacts of Bitcoin
  • Biden directed his administration to focus on global anti-corruption efforts by US department and agencies
  • Former compliance-based bank employee has been sentenced for 2 years for allegedly met customers to transfer in cash or using Bitcoin ATM’s
  • NAB hired Accenture to strengthen internal anti-financial crime regime
  • Removal of McDonald’s franchisee (4 restaurants in Auckland, New Zealand) due to bonded labour contracts were disclosed. Find out more about our modern slavery solution here
  • A top 4 bank and 3 casinos across Australia are facing the possibility of multi-million dollar penalties for non-compliance to anti-money laundering laws. All have advised they will fully co-operate with AUSTRAC in relation to the investigations. Find out more about our AML solution here
  • Man charged over alleged EFTPOS scam syndicate which could be part of a broader international criminal network granted bail
  • Man gambled A$100M on poker machines (slots) found to be part of a gang with plans to import cocaine into Australia worth A$900M
  • ASIC issue new breach reporting obligations for Australian financial services (AFS) and credit licensees come into effect on 1 October 2021
  • Labour hire/temporary contractor in financial crime allegedly cause for corners being cut on critical compliance tasks for major Australia bank
  • 200+ underworld figures were charged in Australia’s largest crime sting in collaboration with the FBI and the Australian Federal Police. An encrypted app called ANOM designed by police was used to by organised crime gangs to discuss money laundering, executions and mass drug importations
  • South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. The Korean government has confiscated $47M crypto as part of he investigation
  • North Korean hackers allegedly behind the largest heist in modern banking history (Bangladesh Bank heist in 2016) which all started with a malfunctioning printer
  • China has created a four-point proposal global anti-corruption governance and cooperation
  • WWF urging governments across Asia-Pacific to commit to funding and take control to combat the illegal wildlife trade. Find out more about our wildlife trafficking solution here
  • Interpol has a dedicated taskforce across Asia designed to target 5 types of financial crime; investment fraud, money laundering (mainly from online gambling), online sextortion, romance scams and voice phishing scams. Operation ‘HAECHI-I’ has seized $83M from the online financial crime
  • Arctic Intelligence shortlisted on FStech awards for RegTech project of the year
  • Financial Conduct Authority (FCA) re-extends deadline for registration due to the complexity of the examination process and influence of the pandemic. The new date for all cryptoasset related companies moves from 9 July 2021 to 31 March 2022
  • Accounting sector looking for clarity on post-Brexit new anti-money laundering rules
  • 585 suspects have been arrested as interpol seize $83M  belonging to victims if financial crime
  • French police are investigating claims that tens of millions of euros worth of crypto assets from asset managers books
  • Financial Action Task Force (FATF) divides 7 Iranian presidential candidates in controversial election
  • French financial prosecutors have launched a probe into the wealth of Lebanon’s central bank chief, Riad Salameh
  • Economic Financial Crime Commission (EFCC) have arrested 44 suspected internet fraudsters who are identified as the Yahoo Yahoo boys from Nigeria

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