money laundering
November 9, 2010 - 4:43am | Fraud | News
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Prosecutors in Moldova arrested six corrupt bank insiders which turned to be ZeuS money mule suspects. It was found during the investigation that half dozen of the suspects worked in local banks in the east European country. Investigators reckon the suspects specialised in laundering Western Union and MoneyGram payments received from co-conspirators in the West that can ultimately be traced back to compromised corporate and personal bank accounts. |
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September 2, 2010 - 1:47am | News | Payment systems
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Liberty Reserve has recently introduced an anti-money laundering policy which was accepted by some users as a potential threat to their funds and subsequent devaluation of the services offered by the payment processor and as a result liquidity diminution.
The new policy says:
LIBERTY RESERVE S.A. views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. |
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April 9, 2010 - 5:22pm | Law aspects | News
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Central
bank of Italy
has ordered American Express to discontinue distributing new credit cards after
the payment network failed to comply with the regulation on money laundering,
usury, and transparency. |
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November 23, 2009 - 11:06am | News | Payment systems
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PayPal Inc., the online payment processor owned by EBay Inc., agreed to work with Australia’s financial crimes regulator after the agency found it wasn’t compliant with reporting standards to prevent money laundering.
The company will hire an independent party to help it meet the standards, the Australian Transaction Reports and Analysis Centre and PayPal said today in separate statements.
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October 27, 2009 - 2:23am | Law aspects | News
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A discount brokerage company Scottrade was fined by the Financial Industry Regulatory Authority $600,000 for allegedly inadequate money laundering controls to detect suspicious transactions.
The FINRA, the brokerage industry's self-policing organization, announced the fine on Monday. On the other end, Scottrade neither admitted nor denied any FINRA’s allegations.
As is known like banks brokerage companies are obliged to establish proper anti-money laundering policies, procedures and internal controls.
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October 21, 2009 - 9:58am | Law aspects | News
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A global leader in the payment services industry MoneyGram International has achieved a settlement with the Federal Trade Commission (FTC) over introducing some alterations to its consumer anti-fraud program. The company will have to improve its policies so as to further combat consumer fraud perpetrated by criminals who use MoneyGram's services illegally.
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September 9, 2009 - 11:09am | Fraud | News
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The Securities and Exchange Commission announced fraud charges and an asset freeze against the perpetrators of a Charlotte, N.C.-based investment scheme that bilked $32.5 million from approximately 500 investors by falsely promising extraordinarily high returns. |
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August 31, 2009 - 9:28am | Law aspects | News
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Now all Chinese electronic payment systems can be used only for paying for virtual purchases. This is going to have an adverse effect on the market but as the government believes it will eliminate negative impact on the national economy on the whole.
Chinese administration has banned any purchases of real world goods for virtual money. Previous measures taken by the government to control electronic money in China came to only taxation practices. |
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August 6, 2009 - 5:10am | Articles | Law aspects
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On Wednesday ex- U.S. Congressman William Jefferson was convicted on 11 of 16 counts of bribery, racketeering and money laundering. The former Congress member from Louisiana was accused in 2007 of soliciting millions of dollars in bribes from companies while using his office to broker business deals in Africa. FBI agents found the $90,000 neatly wrapped in foil and stashed in his freezer during a search of his residence.
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July 10, 2009 - 6:18am | Fraud | News
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Moneygram scandal appeared to become great as seven people charged apart from one point five million dollars in cash stuffed in suitcases. However, on Thursday, the sacndal rose from big to huge as Dean Fuller, Moneygram former master-agent in Belize, and his companies OMNI NETWORKS and FULTEC have been charged for money laundering.
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June 12, 2009 - 11:01am | News | Plastic cards
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Mint Technology announced the partnership with APS Financial Ltd (a wholly-owned subsidiary of Advanced Payments Solutions Ltd, with secured Principal Status for the issuance of MasterCard's, Maestro, and Cirrus prepaid cards) for Mint's prepaid business in the United Kingdom.
As a part of the deal APS Financial Ltd (AFL) will act as the issuing bank for Mint's prepaid products in the UK. |
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April 28, 2009 - 9:31am | News | Other themes
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It was announced that Bernard Madoff's market-making business, which was once worth $1 billion, was sold at an auction to Castor Pollux Securities LLC for up to $25.5 million.
It should be reminded that Madoff, 70, a former non-executive chairman of the Nasdaq stock market, was arrested on December 11 and pleaded guilty to charges including securities fraud, money-laundering and perjury on March 12. |
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April 28, 2009 - 8:00am | Fraud | News
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At the times when world economies are trying to recover, there are new ways for fraudsters to increase their incomes.
Javelin Strategy & Research, a Pleasanton, Calif.-based research firm reported that identity theft increased 22% to reach about 10 million in 2008. More than 5 million U.S. consumers lost money due to "phishing" attacks in the year ending September 2008, a 40% increase comparing to the year earlier, as Stamford, Conn.-based research firm Gartner Inc. |
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April 10, 2009 - 3:16am | Fraud | News
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First arrests were made this week by the UK Police Central E-crime Unit (PCeU) that was formed in September last year, with £7.4 million in funding over three years. In association with a "virtual task force" that includes members of the financial services industry the unit arrested nine suspects in southeast London in connection with money laundering, computer misuse and conspiracy to defraud using malware designed to compromise online bank accounts.
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March 31, 2009 - 9:51am | Fraud | News
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Metavante announced that Mizuho Corporate Bank, Ltd. ("Mizuho") is automating its compliance efforts throughout its 27 offices worldwide with a suite of anti-money laundering (AML) products from Metavante Corporation's Risk and Compliance Solutions division.
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