Coronavirus Fincrime Compliance News Update: Coalition calls for safeguards to prevent looting of relief funds, more AML aftershocks, exploitation fears, and more

The Skinny: Watchdog groups say to watch for corruption to tinge global pandemic relief efforts. Financial crime compliance teams will face new challenges as alerts and threats rise and resources and support retreat – including layoffs. Investigators urge financial institutions and individuals to be wary of scams coming through your phone, your email and even […]

Key takeaways from the ACFCS Boston Crypto Compliance Symposium

The Skinny: At the ACFCS East Coast Crypto Compliance Symposium in Boston, more than 100 thought leaders, regulators and investigators gathered to analyze challenges, offer solutions. Rising domestic and international AML standards are challenging the crypto sector, forcing them to work together more aggressively than ever before with each other, and legacy banks. The current […]

New Resource: Tech Against Human Trafficking – Interactive Map of Anti-Trafficking Technology-enabled Tools

The Skinny: Anti-Human Trafficking group creates new tool to review, catalogue technologies used to counter trafficking. The group has identified hundreds of tools, including applications, sites and databases, that can be searched and cross-referenced. The site’s homepage, Tech Against Human Trafficking, also offers users a way to visualize and overlay tool categories, including target users, […]

DOJ charges Ohio resident with laundering more than $300 million through Darknet-based cryptocurrency ‘mixer’

The Skinny: DOJ arrests Ohio resident for allegedly laundering more than $300 million. Investigators say Larry Harmon laundered the money through Helix, a Darknet-based cryptocurrency laundering service, also referred to as “mixing” and “tumbling.”  The indictment is just the latest move by DOJ in broader efforts by investigators and regulators to find where illicit funds […]

U.S. class action suits pile up against Australia’s Westpac amid money-laundering scandal

The Skinny: In recent months, Australia’s No.2 lender Westpac Banking Corp was hit with more than a half-dozen U.S. class-action lawsuits. The suits relate to an ongoing scandal identified by Austrac, alleging 23 million breaches of anti-money laundering laws, including payments between known child exploiters. The law firms are accusing the lender of not carrying […]