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Man said to be Jamaican lottery scam kingpin gets 6 years

AP — A Jamaican man who authorities said masterminded a lottery scam that defrauded at least 95 Americans out of more than $5.8 million was sentenced Monday to six years in federal prison. Lavrick Willocks, 29, operated the scam out of a Jamaica mansion where he… Read More

Ponzi scheme suspect paid $720K for prayers amid SEC probe

AP — An investment adviser charged with orchestrating a multimillion-dollar Ponzi scheme spent nearly three-quarters of a million dollars on prayers by Hindu priests in India to ward off a federal investigation and save her failing business, according to testimony at her trial this week. Using… Read More

Dan Tannebaum of PwC’s Financial Crimes Unit on the compliance challenges faced by money service businesses

KYC360's Tom Devlin speaks to Dan Tannebaum, Partner of the Financial Crimes Unit and Global Financial Services Sanctions Leader at PwC. Read More

16th October 2018

Man said to be Jamaican lottery scam kingpin gets 6 years

16th October 2018

U.S. cracks down on transnational organised crime including Hezbollah – Sessions

U.S. Attorney General Jeff Sessions on Monday said he had designated five groups, including Hezbollah and MS-13, as transnational criminal organizations to target with tougher investigations and prosecutions. Sessions also said he had designated the Sinaloa Cartel, Clan de Golfo and Cartel de Jalisco Nueva Generacion for the crack down… Read More

16th October 2018

Insurer Anthem will pay record $16M for massive data breach

AP — The nation’s second-largest health insurer has agreed to pay the government a record $16 million to settle potential privacy violations in the biggest known health care hack in U.S. history, officials said Monday. The personal information of nearly 79 million people — including names, birthdates, Social Security… Read More

15th October 2018

Saudi Arabia says will retaliate against any sanctions over Khashoggi case

Saudi Arabia on Sunday warned against threats to punish it over last week’s disappearance of journalist Jamal Khashoggi, as European leaders piled on pressure and two more U.S. executives scrapped plans to attend a Saudi investor conference. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, disappeared… Read More

15th October 2018

Ponzi scheme suspect paid $720K for prayers amid SEC probe

15th October 2018

Barclays to challenge Goldman in digital-only bank market – FT

Barclays Plc is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank with the backing of a major financial institution, the Financial Times reported on Sunday. The move will put the London-based bank in competition with Goldman Sachs Group Inc’s new Marcus Brand in the digital… Read More

12th October 2018

‘Greedy’ young mayor stole from investors, feds say

AP — A Massachusetts mayor who was first elected at age 23 was charged Thursday with using investments in a company he formed as his “own personal ATM” to enjoy casinos and adult entertainment, buy a Mercedes, and pay down student loan debt. Jasiel Correia, the mayor of Fall River,… Read More

10th October 2018

HSBC fined $765 million for misleading buyers, investors

The US Department of Justice has fined HSBC $765 million over its sale of mortgage-based securities, which resulted in buyers being mislead and investors suffering heavy losses. Residential mortgage-backed securities were a major cause of the 2008 financial crisis, which saw the crash of the US housing market. The DoJ… Read More

10th October 2018

U.S. investigating possible StanChart Iran breaches after 2012 deal: CEO

U.S. authorities are investigating whether Standard Chartered (STAN.L) breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls. Standard Chartered’s chief executive Bill Winters said in a memo to senior staff addressing recent media… Read More

9th October 2018

UBS, bank bosses trial over money laundering, tax evasion

Swiss bank UBS Group and six of its executives faced trial in France on Monday over charges of money laundering and tax evasion. The charges, which were also brought against UBS’ French unit, originate from a report by employee Bradley Birkenfeld which detailed a scheme to help rich clients funnel… Read More

Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More