by Global Econ | Jan 30, 2024 | Financial Crime
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 Global Econ | Jan 18, 2024 | Financial Crime
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 Global Econ | Jan 17, 2024 | Financial Crime
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 Global Econ | Jan 9, 2024 | Financial Crime
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...
by Global Econ | Dec 9, 2023 | Financial Crime
Before the recent Binance enforcement action that resulted in a $4.3B fine, the industry was on pace for one of the lowest totals of Financial Crimes Compliance (FCC) related fines paid in recent memory. Before the Binance event, only $700M of fines had been assessed...
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