Log In | Subscribe | | |

GlobalKYC.com is crowd-sourced information for the financial crime risk management community.
Click here to add suspicious crypto assets to the Register

Indonesian authorities are mounting a global manhunt for Muhammad Nazaruddin after he fled the country via Singapore.

When Dubai wanted a model for its courts system for the (then) new financial centre, it chose that of the English legal system. Now the British government wants to capitalise on the standing and reputation of the UK Courts and ancillary services, including arbitration, and turn London into the world's leading "law tourism" centre.

CoNet Section: 

Mobile payment systems provider is facing a nice day as venture capitalists value the little business at some USD1,000 million.

The USA's Securities and Exchange Commission is, understandably, delighted: yesterday, it told a Court that USD230 million held in an offshore account in the name of a fund under investigation as a possible ponzi scheme has been transferred to the SEC pending the conclusion of investigations against Highview Point Partners and the operators of the fund.

US company SurePass says that it has developed a two-factor authentication system that avoids problems with the "RSA Breached Token Devices" so as to "deliver secure two-factor authentication via free mobile apps, text and electronic card"

An anonymous posting, purporting to be by a solicitor in private practice, has appeared on the website of The Law Society's Gazette, the organ of the Law Society of England and Wales. If there was ever a reason to question the quality of the profession, this is probably high on the list.

CoNet Section: 

The USA's Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the previously notified filing date of 30 June, 2011.

BIScom Subsection: 

Three people have been arrested, and cash, goods and items used in the commission of offences seized in Hong Kong as police investigate a rapid-fire ATM scam involving data written to mag stripe cards and used in just two ATMs over a two week period.

BIScom Subsection: 

Today is the 17th May. It's Tuesday. But in the USA, even on the East Coast, it's still Monday evening. That makes the deluge of enforcement announcements that the SEC has issued in the past few hours all the more impressive. Less impressive is that some related to action more than a week ago, and in some cases in February 2011 which renders them of less value for due diligence purposes where freezing orders have been obtained.

The Philippines Central Bank, Bangko Sentral ng Pilipinas, says that is has seen continued growth in remittances from Filipino workers overseas as the effects of the global financial crisis are factored out - but in March, the rate of growth was slower than in February.

BIScom Subsection: 

When the UK started charging purchase tax on cars, Colin Chapman found a loophole: if he sold his Lotus cars in kit form, buyers did not have to pay the tax. Caterham Cars started their business as an early - perhaps the first - dealer for Lotus Cars, building kits of the Lotus Seven for customers who didn't trust themselves to build the car from a kit.

CoNet Section: 

When a private investigator approached a "friend" who worked in a bank and asked for information relating to the accounts of a politician, the clerk was willing to help. She says she thought she was helping the police when "Ramesh" asked for the information. It's the first prosecution of its kind in Malaysia.

BIScom Subsection: 

As the USA's crisis over the failure of Congress to finalise a Federal budget, the US Federal Courts system is one of those on the front line. What will happen if Congress fails to solve the problem tomorrow (8 April).

CoNet Section: 

Canada is a wonderfully peaceful place - most of the time. But outlaw motorcycle gangs and widespread cannabis cultivation are omnipresent threats. No one expected to find similar problems in New Zealand - until yesterday.

As off-site storage of hard copies becomes more common - as does outsourcing of document destruction - the question of liability for loss and / or security breaches becomes ever more important. A US insurance company has designed a policy specifically for that industry.




Amazon ads

| |