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Financial Crime News

Don't miss our round-up of our top five financial crime risk and compliance (and adjacent) stories this morning.

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This morning, a spam-scam arrived claiming that a subscription had been renewed.

Then a few minutes later, we came across a news article that had something in common.

Is it pure coincidence?

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Luke Raven, Compliance Manager with Wise, Australia, outlines the failures of the Senate Committee on Australia as a Technology and Financial Centre to come to terms with one of Australia's pet technology topics: fintechs.

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Tyrome Lewis, who organised and led a gang with the media-nickname "the Oxy-Bandits" that committed 15 armed robberies of independent “mom-and-pop” pharmacies throughout Southern California, has been sentenced to 240 months in federal prison. He was convicted earlier this year and sentenced yesterday.

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The Carbolic Smoke Ball case gave carte blanch for businesses to lie so long as they didn't go too far.

But that related to the efficacy of their products.

Here's an extraordinarily blatant lie that is so common that it's a surprise that it's not stamped on as a matter of policy.

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adviserangelo0@gmail.com (Advisor Angelo) writes under the subject line "VERY URGENT!!!!!!!!!"

Obviously, one has to pay careful attention to such a missive.

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The situation in Afghanistan is appalling. Exactly how appalling, we cannot know unless we are present. As journalists fly in, report from the tarmac or, in one case, from just outside the airport gates as bullets flew, we get a multitude of one-dimensional pictures that create a collage but not a cohesive whole. Stories of abuse are rife but on the other hand so are stories that the Taliban is far from the version of 20 years ago. All we can say is that the situation is extraordinarily complex, dangerous and it's likely to become far, far worse.

In the middle of all of this, a mail arrives. It's headed "Urgent request from Mohammed."

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This is a far from infrequent occurrence. In fact, it happens so often that it falls into that hole where due diligence and newsworthiness do not collide. So as a news outlet, we pay less attention to it than we would if we were a provider of due diligence information. Here's a round-up of recent announcements from the HKMA.

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Sometimes the headlines just write themselves.

Like this one.

Mary Margaret Kreuper, 79, of Los Angeles, was charged yesterday with one count of wire fraud and one count of money laundering. In a plea agreement Kreuper has pleaded guilty to the two charges that carry a maximum statutory penalty of 40 years in federal prison.

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I am so blessed. This chap has purloined money from a cryptocurrency account and wants to send it to me. So he chose an address at antimoneylaundering.net.

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If you were to receive mail from a government URL, you'd give it the time of day. Everyone would.

But this fake investment scam uses an address owned by the government of Paraguay as its spoofed "from" address. And, of course, it uses a free any anonymous e-mail address to collect responses from its victims.

And behind the spam-scam is a far more sophisticated scheme. We scrape away the stinky stuff and lay bare the fraudulent scheme.

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