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21 FEBRUARY 2018
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Page 1 of 28
Senior ECB official held over Latvia fraud Latest scandal hits countrys troubled financial sector A senior member of the European Central Bank has been detained over allegations of money laundering ...
Monday, 19 February 2018
Indian bank giant hit by US$1.8bn fraud Alleged case took place at single branch Punjab National Bank (PNB) is investigating an alleged US$1.8bn fraud that took place at a single branch in Mumbai. ...
Friday, 16 February 2018
Equifax admits breach was wider than reported Senator demands company produces full details Equifax has revealed more details of the 2017 breach of its systems, following claims that it was much ...
Wednesday, 14 February 2018
Italian cryptocurrency exchange loses US$170m Founder denies claims of exit scam The Italian cryptocurrency exchange BitGrail says it has been hacked and lost US$170m in customer money held through ...
Tuesday, 13 February 2018
Financial services cyberattacks triple in five years Breaches cost more to contain than in any other industry The rate of global cyber-breaches breaches in the financial services industry has tripled ...
Tuesday, 13 February 2018
6. Global card fraud network broken up
(News/Cards and Payments)
Global card fraud network broken up 36 people charged from crime empire that planned to steal US$2.2bn US prosecutors say they have broken up an online forum that committed frauds around the world ...
Monday, 12 February 2018
Police release ransomware decryption keys 52 tools now available to unlock encrypted files Belgian Federal Police are releasing free decryption keys that enable Cryakl ransomware to be unlocked.  ...
Friday, 09 February 2018
Cryptocurrency marketplaces hit by range of attacks Up to 20% of all Bitcoin estimated to be in fraudsters' hands Cryptocurrency marketplace are experiencing a range of fraudulent activity involving ...
Thursday, 08 February 2018
Tesco trial abandoned after accused has heart attack SFO to decide on whether to pursue re-trial The fraud and false accounting trial of three former Tesco directors has been abandoned after one ...
Wednesday, 07 February 2018
Cryptocurrency mining rises up list of malware threats Over half of global organisations now impacted Crypto-mining malware rose rapidly in rankings of the most prevalent global malware for December ...
Tuesday, 06 February 2018
11. SFO widens Petrofac investigation
(News/Investigations)
SFO widens Petrofac investigation Company CEO at centre of separate Italian probe The Serious Fraud Office is widening its investigation into alleged bribery, corruption and money laundering by UK ...
Monday, 05 February 2018
15-16 March 2018 Fraud, Asset Tracing & Recovery Geneva https://www.c5-online.com/fraud-asset-tracing-recovery-geneva/
Monday, 05 February 2018
Regulators unfairly targeting compliance officers Bank compliance boss warns of industry brain drain if perceptions do not change Compliance officers in the financial sector think that they are ...
Friday, 02 February 2018
MEPs approve new rules to speed up asset freezing 98.9% of criminal assets in EU are never seized A key committee of MEPs has approved new rules intended to make it quicker and easier for member ...
Thursday, 01 February 2018
15. SEC sues cryptocurrency bank
(News/Court cases)
SEC sues cryptocurrency bank ICO at centre of fraud allegations The US Securities and Exchange Commission has halted an allegedly fraudulent initial coin offering (ICO) that targeted retail investors ...
Wednesday, 31 January 2018
HMRC to make first prosecutions under Criminal Finances Act SFO also has cases in pipeline under new laws on Unexplained Wealth Orders HM Revenue & Customs is likely to be the first agency to ...
Tuesday, 30 January 2018
GDPR compliance levels are varied, EC admits Only two countries have so far adopted regulation  Germany and Austria are the only two EU countries that have so far adopted the requirements of the ...
Friday, 26 January 2018
Paradise Papers law firm linked to banned bank Offshore legal services provider sues The Guardian and BBC The Bermudan legal firm at the centre of the Paradise Papers leaks represented a bank that ...
Wednesday, 24 January 2018
More than 10% of money raised in ICOs is stolen Research uncovers big risk in blockchain fundraising Over 10% of the US$3.7bn raised in initial coin offerings (ICOs) to fund blockchain projects ...
Tuesday, 23 January 2018
Spectre and Meltdown problems persist Patches to resolve processor vulnerabilities cause new problems The ongoing problems with the Spectre and Meltdown computer microprocessor bugs are continuing, ...
Friday, 19 January 2018
Businesses urged to stop capturing payment card data Cybercriminals increasingly targeting retail card data Companies must step-up protection so sensitive customer payment data does not enter their ...
Thursday, 18 January 2018
Global cyberattacks surge by 100% in two years Bots now make up 90% of activity on some retail sites The number of cyberattacks around the world doubled to 700 million in the last two years. ...
Tuesday, 16 January 2018
Corporate fraud hits 15-year high Fraud in financial sector increases dramatically The total value of corporate fraud in the UK has risen by 538% to £2.11bn in the last 15 years and is up 6.5% ...
Monday, 15 January 2018
FINRA sets out priorities as Citgroup fined again! Earlier US$70m fine from OCC for failing to follow its checklist Fraud, high-risk firms and brokers, operational and financial risks including ...
Thursday, 11 January 2018
25. PwC banned from India
(News/Regulation)
PwC banned from India Sanction for failures in Satyam case Indian regulators have banned PwC from editing listed companies in the country for two years for failing to spot a massive fraud at IT company ...
Thursday, 11 January 2018
Citigroup pays US$11.5m to settle share mis-information case Inaccuracies due to glitches in electronic data feed Citigroup Global Markets Inc (CGMI) has been ordered to pay a total of US$11.5m for ...
Thursday, 11 January 2018
Carphone Warehouse fined 400,000 for data breach Post Mays GDPR implementation, it could have been £400m Carphone Warehouse has been fined a joint-record £400,000 by the UKs data watchdog, after rudimentary ...
Wednesday, 10 January 2018
Equifax hack prompts US bill to impose heavy data breach fines Proposal before the Senate today Two top Senate Democrats are seeking broad new powers for the US government to impose heavy fines on ...
Wednesday, 10 January 2018
29. 32% apply for a job as a money mule
(News/Money laundering)
32% would apply for a job as a money mule Banks fake ad convinces job hunters to apply One third (32%) of 2,000 people targeted by a fake job advert were persuaded to apply for a job as a money ...
Wednesday, 10 January 2018
Western Union fined for compliance failures Regulator issues penalty for failures over eight-year period Western Union has been fined US$60m for compliance failures and violations of bank secrecy ...
Tuesday, 09 January 2018
31. Threat to close online casinos
(News/Court cases)
Threat to close online casinos Regulator may withdraw licences over ML concerns The UK Gambling Commission has written to all 195 online casino operators to raise concerns about the sectors approach ...
Monday, 08 January 2018
32. New FCA chair named
(News/Regulation)
New FCA chair named Financial crisis lawyer also takes over at Payment Systems Regulator Charles Randell has been appointed as the chair of the Financial Conduct Authority (FCA), effective from April ...
Friday, 05 January 2018
Big Four auditor found negligent in US$2bn fraud Ruling paves opens up potentially massive damages payout A US judge has ruled that auditor PWC was negligent in failing to detect a US$2bn fraud ...
Thursday, 04 January 2018
Seismic changes as MiFID II arrives - Financial reporting requirements bring major compliance challenges The five key areas affecting financial markets The MiFID II financial markets directive came ...
Wednesday, 03 January 2018
Lawyer emerges as favourite to chair FCA Current boss departs in March Charles Randell is reportedly favourite to become the next chairman of the Financial Conduct Authority (FCA). Randell, a ...
Tuesday, 02 January 2018
GDPR golden nugget Today: How online retailers will be affected The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every ...
Friday, 29 December 2017
GDPR golden nugget Today: A data compliance checklist The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every company in ...
Thursday, 28 December 2017
GDPR golden nugget Today: The data compliance implications The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every  ...
Wednesday, 27 December 2017
Law firms vulnerable to spoof emails Almost all legal companies email systems are vulnerable to email fraud, according to a new security report. 2017 has seen a big rise in impersonation frauds, ...
Wednesday, 27 December 2017
The top 10 fraud stories of 2017 See the most read stories on the Fraud Watch website this year 1. AML requirements: Are the stakes increasing? (March 30) 2. BofE warns it will go after lenders ...
Friday, 22 December 2017
GDPR golden nugget Today: Sending data to a mailing house The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every company ...
Friday, 22 December 2017
US bank freezes US$22bn in Kazakhstan assets Central bank launches counter-suit against bank The Bank of New York Mellon is reported to have frozen US$22bn in Kazakhstan state funds. The oil-generated ...
Thursday, 21 December 2017
Only 10% of EU suspicious transaction reports are investigated Two countries account for over 65% of STRs Although the overall number of suspicious transaction reports (STRs) in the European Union ...
Wednesday, 20 December 2017
Cryptocurrency exchange files for bankruptcy Administrators called in after second cyber-attack this year South Korean cryptocurrency exchange Youbit is filing for bankruptcy after losing 17% of ...
Tuesday, 19 December 2017
Nigeria sues JP Morgan for laundering losses Suit alleges compliance failures at bank The Nigerian government is suing US bank JP Morgan for US$875m over its alleged failure to block payments made ...
Monday, 18 December 2017
Individual prosecutions must accompany DPAs Scare resources could threaten court cases, claims anti-corruption group Individuals involved in corporate corruption should be prosecuted, even when ...
Friday, 15 December 2017
New economic crime centre threatens SFO independence Fears government could decide which cases are investigated The immediate future of the Serious Fraud Office seems assured, with the government ...
Thursday, 14 December 2017
Banks forced to reveal more details on security incidents New rules for customers come into effect from August 2018 New rules will require UK banks to reveal to customers how many times they have ...
Wednesday, 13 December 2017
Major banks adopt isolation web browsing JP Morgan leads US$40m investment round in malware blocker A number of major global banks have gone public on their use of isolation web browsing ...
Wednesday, 13 December 2017
Lack of international cooperation hinders anti-corruption efforts - Developed countries must do more, says Nigerian legal chief - Swiss agree to repatriate last of stolen Abacha assets   The fight ...
Tuesday, 12 December 2017
51. Ghana gets special prosecutor to fight corruption
(News/Bribery and corruption)
Ghana gets special prosecutor to fight corruption Appointee will be independent of government control The parliament in Ghana has approved plans for a Special Prosecutor with powers to take action ...
Thursday, 07 December 2017
Philippines bank officials suspended over US$35m fraud FI ordered to set aside US$100m in capital The Philippine central bank has suspended directors and officials at Metropolitan Bank & Trust ...
Tuesday, 05 December 2017
Big Data is transforming our compliance Credit Suisse Bank also deploys robots to carry out repetitive tasks Credit Suisse says a new technology platform is transforming its compliance and driving ...
Friday, 01 December 2017
Australia to investigate bank misbehaviour Announcement after Big Four withdraw opposition to enquiry The Australian Government is setting up a Royal Commission to investigate the alleged misconduct ...
Thursday, 30 November 2017
Banks must change data policies post-Equifax The Equifax data breach is in a class of its own. It compromised the personal data of 145 million people, equivalent to half the US population. The seriousness ...
Thursday, 30 November 2017
159 arrests in global action against money muling Fifty-nine money mule organisers identified One hundred and fifty-nine people have been arrested as a result of European Money Mule Action (EMMA3), ...
Wednesday, 29 November 2017
57. DT Fraud Conference 2018
(Events/General)
10-11 April 2018 DT Fraud Conference 2018 Grange Hotel Tower Bridge, London How to be the best in class in fighting financial crime Financial crime and risk management in retail, payments and banking. ...
Wednesday, 29 November 2017
5-6 March 2018 FINSEC Banking Security Summit Dubai, UAE The second edition of FINSEC The Banking Security Summit will bring together leading decision makers and solution providers to share case ...
Tuesday, 28 November 2017
EC sets bank deadline for delayed PSD2 standards Schedule for standards on strong customer authentication and third party access to bank data Banks will have 18 months to meet the finalised PSD2 ...
Tuesday, 28 November 2017
Currencycloud names new compliance and MLRO boss Former Lebara executive joins International payments platform Currencycloud has appointed Tanya Ziv as chief compliance officer and money laundering ...
Monday, 27 November 2017
Regulatory change is biggest compliance challenge 22 bank COs gives views in survey by regulator The volume, pace and complexity of regulatory change is the biggest challenge facing bank compliance ...
Friday, 24 November 2017
Bank fraud & compliance teams face aftershocks from Equifax breach The recent massive Equifax data breach is in a class of its own. In the new issue of Fraud Watch we ask industry experts about the ...
Wednesday, 22 November 2017
Blockchain token for AML/CFT compliance Product determines risk of others in network Blockchain AML/CTF and compliance company Coinfirm  is releasing a dedicated token, AMLT, designed to help market ...
Tuesday, 21 November 2017
64. Bankers behind 67% of frauds
(News/Research)
Bankers behind 67% of frauds Figures on fraudulent use of alternate deliver channels in Bangladesh Bankers are involved, solely or in collusion with others, in 67% of Bangladesh bank frauds that ...
Monday, 20 November 2017
Singapore port fuel company charged with fraud Country cracks down on illicit bunkering industry conduct Singapore-based Vermont Bunkering and three former senior employees have been charged with ...
Friday, 17 November 2017
66. UBS claims 74% fraud cut using AI
(News/Company news)
UBS claims 74% fraud cut using AI Swiss card processor UBS Card Center says it reduced fraudulent transactions by 74% in 2016 using AI technology. UBS, which processes roughly 25% of the credit cards ...
Friday, 17 November 2017
US bans Chinese bank for North Korea links Banks warned over rogue state schemes to avoid sanctions The Treasury Department has banned Bank of Dandong from the US financial system, claiming that the ...
Thursday, 16 November 2017
Articles in the latest printed edition of Fraud Watch Equifax: Fraud and AML professionals face aftershocks from massive hack Financial regulators under pressure. How can they preserve their independence? ...
Wednesday, 15 November 2017
Banks form company to manage third party risk Major institutions pool expertise to address escalating challenges A consortium of major US banks and payments companies has formed a new company to ...
Wednesday, 15 November 2017
Deutsche Bank names new head of global legal team Compliance and governance boss promoted to role Deutsche Bank has appointed Florian Drinhausen, chief compliance officer and head of global governance, ...
Tuesday, 14 November 2017
Europol boss warns of growing cyberthreats to banks Gangs evolving into conglomerates The technological capability of cybercriminals now threatens critical parts of the financial sector, the head ...
Friday, 10 November 2017
EBA sets out schedule for PSD2 fraud standards Timeline after closure of consultation period The European Banking Authority says the new PSD2 fraud reporting standards will become binding for ...
Friday, 10 November 2017
Misspending public money is top fraud risk area Danger from pre-Brexit rush for grant Misspending government funding is the top risk area for fraud today. Almost half (48%) of accountants ...
Thursday, 09 November 2017
Saudi banks in massive anti-corruption crackdown More than 1,200 accounts worth US$33bn frozen  Banks in Saudi Arabia have frozen more than 1,200 accounts belonging to individuals and companies as ...
Wednesday, 08 November 2017
Banks to be more liable for push payments fraud New proposals would require customers to be compensated Banks would have greater liability for compensating customers who fall victim to push payment ...
Tuesday, 07 November 2017
Pivotal moment as PSD2 fraud reporting consultation closes Banks and PSPs must be compliant by January 13 The European Banking Authority (EBA) has closed its consultation period on fraud reporting ...
Monday, 06 November 2017
Hackers use new Trojan to attack banks FIs in Russia, Malaysia and Armenia affected Hackers are using a new Trojan called Silence against financial institutions in Russia, Malaysia and Armenia. ...
Friday, 03 November 2017
78. Lloyds introduces ’scam blocker’
(News/Cards and Payments)
Lloyds introduces scam blocker System to combat APP fraud trend Lloyds Banking Group has introduced a new online scam-blocker to help customers fight the rising trend of Authorised Push Payment ...
Thursday, 02 November 2017
79. Low key Trojan steals US$140K in bitcoin
(News/Cards and Payments)
Low key Trojan steals US$140K in bitcoin Virtual currency payments diverted from intended destination An under the radar Trojan has stolen US$140,000 (equivalent to 23 bitcoin) by diverting bitcoin ...
Thursday, 02 November 2017
Equifax faces deluge of class action suits Former CEO blames one employee for breach More than 70 class action lawsuits have been filed against Equifax since the credit reporting company revealed ...
Wednesday, 01 November 2017
Europol launches online investigations platform Initiative to share knowledge and tools to combat digitally-enabled crimes Europol has launched the SIRIUS platform to address the current challenges ...
Tuesday, 31 October 2017
82. IFINTEC 2018
(Events/General)
8-9 May 2018 IFINTEC Finance Technologies Conference and Exhibition Istanbul IFINTEC is a global conference which is one of the biggest and most important conferences in EMEA region on Retail Banking, ...
Tuesday, 31 October 2017
Deutsche Börse CEO resigns over insider trading claims Stock exchange starts search for new boss Carsten Kengeter, CEO of the Deutsche Börse, is to step down at the end of 2017 after he was accused ...
Monday, 30 October 2017
DOJ reviewing future of financial fraud task force Department looks to reduce un-needed regulation The US Department of Justice is considering major changes to the 8-year-old Financial Fraud Enforcement ...
Thursday, 26 October 2017
85. Charity coalition combines to fight fraud
(News/Public sector fraud)
Charity coalition combines to fight fraud Second Charity Fraud Awareness Week gets underway Charity industry stakeholders have joined forces to make the sector more resilient to fraud. The second ...
Monday, 23 October 2017
Former top Rio Tinto execs charged Company also accused in asset fraud case Mining company Rio Tinto and two of its former top executives have been charged with fraud for inflating the value of coal ...
Thursday, 19 October 2017
Hackers switch focus from banks to cryptocurrencies Sate-sponsored attacks on infrastructure n increasing threat to FIs Hackers are moving their efforts from banks to the cryptocurrency industry ...
Friday, 13 October 2017
88. Taiwan beefs up financial crime controls
(News/Money laundering)
Taiwan tries to shake off reputation as laundering haven Increased emphasis on confiscation brings success in AML efforts Taiwan is increasing its efforts in the confiscation of proceeds of crime ...
Thursday, 12 October 2017
89. Five arrested over Venezuela fraud claims
(News/Bribery and corruption)
Five arrested over Venezuela fraud claims US$200m alleged to have been embezzled from state oil firm Venezuelan authorities have arrested five directors of state-owned oil firm Petroleos de Venezuela ...
Wednesday, 11 October 2017
Russian courts helping to legalise proceeds of corruption Oligarchs can use local trials to block allegations International efforts to tackle corruption originating from Russia are being ...
Monday, 09 October 2017
Rio Olympics boss arrested for fraud and corruption Alleged vote buying to win Games The president of the 2016 Rio Olympic Games has been arrested on charges of corruption, fraud and money laundering. ...
Friday, 06 October 2017
Featurespace raises £16.5m to drive international growth Worldpay and Invoke Capital are investors Machine learning fraud prevention company Featurespace has raised £16.5m (US$21.6m) from a funding ...
Thursday, 05 October 2017
93. Banks warned about corrupt Venezuelan money flows
(News/Bribery and corruption)
Banks warned about corrupt Venezuelan money flows Advisory sets out red flags to look for The US Financial Crimes Enforcement Network (FinCEN) has issued an advisory alerting financial institutions ...
Wednesday, 04 October 2017
94. Equifax breach worse than suspected
(News/Data security)
Equifax breach worse than suspected US numbers increased, Canadians downgraded Credit reporting company Equifax now says that the data of 145.5 million US citizens was compromised in the breach ...
Tuesday, 03 October 2017
SEC makes first initial coin offering charges Businessman and two companies accused of selling non-existent digital coins The Securities and Exchange Commission has charged a businessman and two ...
Monday, 02 October 2017
CEO and COO of collapsed oil giant charged Pair stand trial over Nigeria business deals The ex-CEO and COO of former FTSE 250 oil and gas exploration company Afren face money laundering and fraud ...
Wednesday, 27 September 2017
97. Equifax CEO steps down
(News/Data security)
Equifax CEO steps down Company initiates search for new boss after massive data breach Richard Smith has left his role as chairman and CEO of Equifax after 12 years following the massive data breach ...
Tuesday, 26 September 2017
98. Seven convictions in Bertling case
(News/Bribery and corruption)
Seven convictions in Bertling corruption case Company and senior executives admitted Angola charges Freight and logistics company F.H. Bertling and six of its current and former employees have ...
Tuesday, 26 September 2017
SEC sets up Cyber Unit to protect investors Initiative targets range of cyber-related misconduct The Securities and Exchange Commission has created a new Cyber Unit that will focus on targeting cyber-related ...
Tuesday, 26 September 2017
The six criminal types driving money laundering Alert on what businesses should look out for There are six types of criminal that drive the US$2 trillion a year global money laundering industry. ...
Monday, 25 September 2017
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