Financial crimes

Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.

Prosecutors claim Dan Rotta, 77, hid more than $20 million from the IRS, using "pseudonyms, complicated corporate structures, and nominees" to conceal offshore assets and income.

The ruling further complicates an already complicated area — the law's mandate around beneficial ownership information reporting.

Banco San Juan Internacional is suing the Federal Reserve Bank of New York and the Board of Governors in Washington claiming they wrongfully terminated its access to the federal payments system.

The Toronto bank has been under investigation by U.S. and Canadian supervisors for alleged shortcomings in anti-money-laundering compliance. CEO Bharat Masrani pledged "comprehensive enhancements" but declined to pinpoint the exact fixes and their costs.

According to a new study, pig-butchering scammers have likely stolen more than $75 billion from victims around the world.

Bharat Masrani has spent a decade as the Canadian bank's top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it's unclear when he'll step down or who's next in line.

The Financial Crimes Enforcement Network Tuesday proposed a rule to include investment advisors in the compliance regime under the Bank Secrecy Act, aiming to close regulatory gaps exploited by criminals.

Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.

The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.

January is Human Trafficking Prevention Month, and the financial services industry should take the opportunity to step up for survivors.

The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry's claims about proposed rules for implementing the Basel endgame capital requirements.

The Federal Reserve and New York State Department of Financial Services fined the Industrial and Commercial Bank of China for violations related to a lack of internal controls for confidential supervisory information and anti-money-laundering compliance failures.

Past crises have created opportunities for criminal organizations to inject their funds into the legitimate banking system. Bankers can't allow that to happen again.

Who counts as a politically exposed person, or PEP, is different in different jurisdictions. Uniformity in the identification of people considered a higher risk for money laundering would ease compliance headaches for everyone.

The use of digital wallets to finance the Hamas attack on Israel highlights the need for tighter controls on the transfer of cryptocurrencies.

Banks cannot shrug off the impact of sudden account closures as inevitable collateral damage involved in fighting money laundering.

Despite the surge in tips to the Securities and Exchange Commission in fiscal year 2023, the number of whistleblowers receiving awards dropped sharply.

The process allows artificial intelligence and machine learning to train on the data of many banks, without compromising customer privacy.