Money Laundering

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.

FCRO Subsection:

Financial Crime News

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The Fall of Afghanistan and Financial Crime Risks

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Waheed Zaman explains that the fall of Afghanistan to the Taliban has widespread implications for money laundering and a range of other financial crimes.

This piece was written on 22 August 2021, almost immediately after the fall of Kabul.

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For once, this spam-scam is truly entertaining

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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.

FCRO Subsection:

Financial Crime News

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SPACs: a renaming of an old method of giving foreign businesses access to US capital. And expatriating large amounts of money.

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The origins of the SPAC, an acronym that has taken on a life of its own with the actual name falling into disuse, are not recent. In fact, as a concept, it's 300 years old - originating in a time of corporate malfeasance, fraud and abuse of investors.

As a vehicle, then, it's perfectly suited to be recognised by regulators who think they are being progressive.

Oh, and it's a near magical route for the expatriation of funds generated by organised crime i.e. money laundering.

BIScom Subsection:

Capital Raising

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US SEC freezes assets of an offshore fund and its operators.

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The USA's Securities and Exchange Commission has frozen the accounts of a foreign registered fund operated by two US residents.

BIScom Subsection:

Crowdfunding

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Nun's bad habit leads to prosecution.

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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.

FCRO Subsection:

Financial Crime News

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Suspicious transactions: are your customers paying this business?

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Australia: the Australian Consumer and Competition Commission has issued a public warning notice about the conduct of Postage Ink Pty Limited in relation to the unsolicited supply of labels and ink cartridges and other consumables for postage meters to business customers.

BIScom Subsection:

Compliance

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First look: Quick To Learn More - Key Concepts - Money Laundering and Terrorist Financing.

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We have put up, marked for pre-order but really just so that clients can see the curriculum, information relating to the compulsory module Key Concepts - Money Laundering and Terrorist Financing, part of the Quick To Learn More series for front liners to managers, from beginner to intermediate.

FCRO Subsection:

Learning

Management

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