by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
There is an interesting case in the UK where a woman, Wen Jian, is accused of helping an alleged Chinese fraudster, Qian Zhimin, laundering the proceeds of a $6.3B fraud scheme using Bitcoin. Qian is accused of defrauding nearly 130,000 investors in China with...
by gegwp1 | Oct 8, 2024 | Financial Consulting
The world is moving to real-time or near-real-time payments. The G20 established a Roadmap for enhancing cross-border payments in November of 2020. The roadmap aims to reduce costs and increase cross-border payments’ speed, access, and transparency. The speed target...
by gegwp1 | Oct 8, 2024 | Economic Consulting, Industry News
NASDAQ’s Verafin business unit released its 2024 Global Financial Crime Report this week, highlighting the scale of the problem with an estimated $3.1 Trillion in illicit funds flowing through the global financial system. One interesting aspect of the report is the...
by gegwp1 | Oct 8, 2024 | Financial Consulting, Industry News
In a recent interview, Donna Achimov – the Chief Compliance Officer and Deputy Director of Canada’s FINTRAC financial intelligence unit – highlighted how they increasingly use artificial intelligence to monitor bank activity for suspected money laundering and...
by gegwp1 | Oct 8, 2024 | Financial Consulting
Financial institutions have multiple obligations to surveil the activity and behavior of their clients, counterparties, and associates. The scope of these obligations is growing as a higher percentage of client interactions are digitized, creating the expectation by...
