Financial Crime

Financial crime is defined as crime that is specifically committed against property. These crimes are almost always committed for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property that is involved.

Source: complyadvantage.com

Secret Service Recovers $286M in COVID Aid Stolen by ID Fraud
Secret Service Recovers $286M in COVID Aid Stolen by ID Fraud
August 28, 2022  |  Security & Fraud

The Secret Service has reportedly recovered $286 million in COVID-19 relief funds that had been obtained illegally by people using fake identities. According to a...

READ MORE >
Crypto-Related Crime Less Common, Easier to Track, Says Chainalysis
Crypto-Related Crime Less Common, Easier to Track, Says Chainalysis
August 11, 2022  |  Cryptocurrency

Last week, the number of unique cryptocurrency addresses passed the 1 billion mark. That isn’t to say there are a billion crypto users, Kim Grauer,...

READ MORE >
With Tornado Cash Sanctions, Feds Seek to Lift Crypto’s Veil of Anonymity
With Tornado Cash Sanctions, Feds Seek to Lift Crypto’s Veil of Anonymity
August 09, 2022  |  Cryptocurrency

In sanctioning what it called the “notorious virtual currency mixer Tornado Cash” on Monday (Aug. 8), the Treasury Department kicked off what could be the...

READ MORE >
Fourth BitMEX Figure Pleads Guilty to Failing to Implement AML, KYC Programs
Fourth BitMEX Figure Pleads Guilty to Failing to Implement AML, KYC Programs
August 09, 2022  |  Legal

In the fourth admission to violations of U.S. law among top figures at BitMEX, the crypto exchange’s former head of development pleaded guilty to failing...

READ MORE >
Ransomware Fraudsters Pivot as Payments Shrink 
Ransomware Fraudsters Pivot as Payments Shrink 
July 29, 2022  |  Security & Fraud

Cybercriminals engaged in ransomware-as-a-service (RaaS) have been forced to pivot in how they run their fraudulent operations, as fewer victims coughed up payments this year...

READ MORE >
South Korea’s Crypto ‘Kimchi Premium’ Suspected in $3.4B FX Investigation
South Korea’s Crypto ‘Kimchi Premium’ Suspected in $3.4B FX Investigation
July 28, 2022  |  Cryptocurrency

When people talk about illicit Korean cryptocurrency transactions, people tend to think of North Korean hackers stealing billions in bitcoin to fund the country’s nuclear...

READ MORE >
Report: South Africa’s Biggest Banks at Risk for Money Laundering
Report: South Africa’s Biggest Banks at Risk for Money Laundering
July 26, 2022  |  Banking

The South African banking regulator has warned that the country’s banking industry is at risk of becoming ensnared in money laundering and terrorist financing activity....

READ MORE >
Founder of My Big Coin Convicted of Fraud
Founder of My Big Coin Convicted of Fraud
July 22, 2022  |  Cryptocurrency

A federal jury has convicted the founder of cryptocurrency company My Big Coin of cheating investors out of more than $6 million by selling them...

READ MORE >
Banks’ Increased Liabilities on P2P Fraud May Have Silver Lining
Banks’ Increased Liabilities on P2P Fraud May Have Silver Lining
July 19, 2022  |  Security & Fraud

Call it a reset on how the Consumer Financial Protection Bureau (CFPB) views authorized P2P fraud — and by extension, just who’s on the hook...

READ MORE >