Tagged: financial crime

April 19, 2025 @ 10:50 pm By Omar Faridi  |  

A Brazilian court has reportedly sentenced Joel Ferreira de Souza, the lead launderer behind the Braiscompany cryptocurrency Ponzi scheme, to an unprecedented 128 years, 5 months, and 28 days in prison—one of the longest sentences for financial crimes in Brazil’s history. Alongside de Souza, two… Read More

April 16, 2025 @ 9:13 pm By Omar Faridi  |  

At the Cyberport Blockchain Security Summit 2025 in Hong Kong, industry professionals and regulators convened to address the evolving landscape of crypto-related crime. Binance, represented by Nils Andersen-Röed, Global Head of the Financial Intelligence Unit (FIU), shared critical insights into the state of cryptocurrency crime,… Read More

April 12, 2025 @ 11:13 am By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA), Hong Kong Police Force (HKPF), and The Hong Kong Association of Banks (HKAB) jointly announced a series of measures aimed at enhancing the prevention and detection of financial crime, including fraud and money laundering. Authorities are responding to a… Read More

April 10, 2025 @ 8:07 am By Omar Faridi  |  

Chainalysis partnered with the Spanish National Police in Operation Bonanza to dismantle an international Ponzi scheme that defrauded over 50,000 victims worldwide. This operation, which reportedly amassed more than $500 million in cryptocurrency, underscores the importance of technology and public-private collaboration in combating illicit financial… Read More

April 9, 2025 @ 9:33 pm By Omar Faridi  |  

Hawk, the provider of AI-powered anti-money laundering (AML), screening and fraud prevention solutions, announced its $56 million Series C round of funding. Hawk is the chosen partner for more than “80 customers globally, ranging from large banks to mid-market financial institutions and fintechs.” Its technology… Read More

April 1, 2025 @ 8:49 pm By Omar Faridi  |  

Revolut, the global fintech claiming 50 million+ customers, released its Consumer Security and Financial Crime Report, revealing the evolving tactics of fraudsters globally. The report highlights that criminals are increasingly “turning to encrypted messaging services to exploit victims, with the proportion of fraud originating on… Read More

March 20, 2025 @ 7:55 am By Omar Faridi  |  

Insights from Experian reveal the rise of ‘synthetic fraud’ in the UK. Recent analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was “an increase of 60% in false identity cases in 2024 when compared to 2023, with the cases now making… Read More

February 20, 2025 @ 11:16 am By Omar Faridi  |  

Growing levels of financial crime and regulatory “scrutiny” are forcing organizations to step up spending on compliance, but they are “less sold on AI as the standalone solution,” according to a survey of risk and compliance officers by LSEG Risk Intelligence. The survey finds that… Read More

January 29, 2025 @ 7:50 am By Omar Faridi  |  

A London-based financial services startup, Stenn Group, has reportedly entered administration, leaving creditors facing losses of over £100 million. The company, which specialized in invoice finance, had been under investigation by HSBC, its lender, following allegations of links to a Russian money laundering case. As… Read More

January 12, 2025 @ 8:14 pm By Michael Wong  |  

The Central Bank of Ireland has launched its first “innovation sandbox programme,” introducing seven private-sector ventures focused on tackling financial crime. The initiative provides a controlled environment for testing new technologies, enhancing collaboration between the central bank and the fintech sector, and advancing solutions to… Read More

December 3, 2024 @ 9:46 pm By Omar Faridi  |  

Themis, a global firm that’s focused on financial crime prevention, announces the official launch of Tathabbat. This reportedly marks an important step in Saudi Arabia’s fast-growing compliance landscape, aligning with Vision 2030 as well as the Middle Eastern nation’s ongoing push to adopt innovative Know-Your-Finance… Read More

November 19, 2024 @ 1:20 pm By Omar Faridi  |  

Ilya Lichtenstein was sentenced to 60 months for his alleged role in laundering more than 120,000 Bitcoin, which was reportedly stolen from the crypto exchange Bitfinex in 2016. This was the sentence recommended by Department of Justice (DOJ) attorney Jessica Peck. Lichtenstein’s wife, Heather “Razzlekhan” Morgan, is… Read More

November 11, 2024 @ 7:16 am By Omar Faridi  |  

Feedzai, the RiskOps platform for financial risk management, in partnership with the Global Anti-Scam Alliance (GASA), releases the 2024 Global State of Scams Report. The study reveals scams have siphoned off US$1.03 trillion globally over the past year, with US victims seeing the “largest impact… Read More

October 29, 2024 @ 10:49 pm By Omar Faridi  |  

Crime experienced by individuals and households has generally decreased over the last 10 years with some notable exceptions. Latest estimates from the Crime Survey for England and Wales (CSEW) showed that there were an “estimated 9.2 million incidents of headline crime” (which includes theft, robbery,… Read More

October 3, 2024 @ 6:15 am By Omar Faridi  |  

Feedzai, a provider of risk management and fraud prevention solutions, and PwC, a global consulting firm, have joined forces to establish a Center of Excellence (CoE) dedicated to fighting financial crime. This partnership enhances the delivery of solutions to financial institutions, enabling them to protect… Read More

September 25, 2024 @ 7:28 am By Michael Wong  |  

Hummingbird, a provider of financial crime risk management solutions, has acquired LogicLoop, a no-code data integration and automation platform, in a move aimed at transforming how financial institutions handle risk and compliance. The acquisition is part of Hummingbird’s broader strategy to become the core operating… Read More

September 19, 2024 @ 9:13 am By Omar Faridi  |  

Oracle announced Oracle Financial Crime and Compliance (FCCM) Management Monitor Cloud Service. With the new solution banks, fintechs, and other financial services companies can “gain a holistic, centralized view of their FCCM efforts, enabling them to identify potential issues faster and, proactively manage risk to… Read More

September 11, 2024 @ 10:57 am By Omar Faridi  |  

TRON, Tether, and TRM Labs have announced they will be joining forces to establish the T3 Financial Crime Unit (T3 FCU), described as a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activity associated with the use of USDT on the TRON blockchain…. Read More

August 16, 2024 @ 7:52 am By Omar Faridi  |  

Chainalysis has released the report, entitled 2024 Crypto Crime Mid-year Update Part 1: Cybercrime Climbs as Exchange Thieves and Ransomware Attackers Grow Bolder As noted in the report from Chainalysis, aggregate illicit activity on-chain “has dropped by almost 20% year-to-date, demonstrating that legitimate activity is… Read More

August 2, 2024 @ 8:39 am By Omar Faridi  |  

Tuum, a core banking platform, is proud to announce its partnership with ComplyAdvantage, a firm focused on financial crime intelligence. This partnership leverages Tuum’s API-first approach in order “to integrate complementary solutions, ensuring that financial institutions can meet their unique needs effectively and efficiently with… Read More