The Latest FinCrime News from North America
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The Shell Game at Scale: SEC Petition 4-891 and the Concealment Architecture Global Compliance Professionals Should Recognise
SEC petition exposes false Form 1099-DIV reporting and inflated NAV fee practices, raising serious AML, tax, and compliance risks across the global investment fund industry.
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FINRA Fines Brentwood Capital Advisors 45000 Dollars for AML Failures
Brentwood Capital Advisors was fined 45,000 dollars by FINRA for failing to implement a proper anti-money laundering compliance program and neglecting beneficial ownership verification for legal entity customers over a five year period.
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FinCEN Dissolves US-Based CIBanco S.A. Over Massive Opioid Money Laundering Operations
FinCEN dissolves the CIBanco domestic branch following a primary money laundering concern designation linked to illicit opioid trafficking and cartel financial activity.
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US Treasury Disrupts Mexican Cartel Money Laundering Operations via Casinos
The US Treasury has sanctioned the Cartel del Noreste for money laundering through border casinos, blocking assets and disrupting the financial networks that support violent narcotics trafficking and human smuggling operations near Laredo, Texas.
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MCAP LLC Faces FINRA Censure for Failing to Maintain Independent AML Testing Standards
MCAP LLC receives a FINRA censure after failing to perform timely Independent AML Testing, leaving its compliance program unverified for years.
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Mexican National Pleads Guilty in 1 Million Dollar Laundering Plot
A Mexican national pleaded guilty to participating in a sophisticated black market peso exchange laundering millions in narcotics proceeds through trade-based schemes in Texas.
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FinCEN and OFAC Unleash Strict New Rules for Stablecoin Platforms
Federal regulators propose 100,000 dollar daily fines for Permitted Payment Stablecoin Issuers failing to meet new AML and sanctions compliance mandates.
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US Senate Targets Binance Over 1.7 Billion Sanctions Risk
Binance faces an intense Senate probe over $1.7 billion in unexplained transactions as Senator Blumenthal demands proof of compliance and sanctions evasion prevention measures following major reporting discrepancies.
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FinCEN Establishes New Whistleblower Rewards for Anti Money Laundering
FinCEN has finalized new whistleblower rewards to enhance anti money laundering efforts. Discover how these incentives and protections target illicit financial activities and support significant enforcement actions across the globe.
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FinCEN Targets Massive Health Care Fraud and Related Money Laundering
FinCEN has issued a new advisory regarding health care fraud and the complex laundering schemes used to hide illicit profits. Learn about the latest AML red flags for financial institutions.
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Canada’s Northern Isga Foundation Faces FINTRAC Compliance Enforcement
Canada's Northern Isga Foundation faces enforcement for Canadian Anti-Money Laundering violations involving the Eagle River Casino operations in Alberta.
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Former Bank CEO Admits to 24.9 Million Fraud and Sanctions Evasion
Former bank CEO Tomas Niembro Concha pleads guilty to a 24.9 million dollar fraud and sanctions evasion scheme at Nodus Bank. Financial Institutions and Money Laundering Risks led to a major bank collapse and 16.9 million dollar forfeiture.
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US Sanctions Network Over 100 Million Dollar Hezbollah Scheme
The US Treasury has sanctioned a network led by Alaa Hassan Hamieh for a 100 million dollar money laundering scheme benefitting Hezbollah across global borders.
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Feds Seize 14 Million Dollars From Massive Cartel Laundering Ring
The Department of Justice unsealed a case involving the seizure of 14.9 million dollars targeting international trade based money laundering schemes linked to cartels using shell companies and musicians.
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US Sanctions Four Sham Charities Linked to Hamas Terrorist Funding
The US Treasury disrupts Hamas by designating four organizations involved in Charity Sector Exploitation to fund military operations through laundered donations.
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US Treasury Strategy Report on Defeating Modern Financial Fraud
The US Treasury identifies new risks and solutions for the Digital Asset Service Provider sector to stop money laundering through advanced blockchain analytics.
Other News From North America
The Shell Game at Scale: SEC Petition 4-891 and the Concealment Architecture Global Compliance Professionals Should Recognise
SEC petition exposes false Form 1099-DIV reporting and inflated NAV fee practices, raising serious AML, tax, and compliance risks across the global investment fund industry.
FINRA Fines Brentwood Capital Advisors 45000 Dollars for AML Failures
Brentwood Capital Advisors was fined 45,000 dollars by FINRA for failing to implement a proper anti-money laundering compliance program and neglecting beneficial ownership verification for legal entity customers over a five year period.
FinCEN Dissolves US-Based CIBanco S.A. Over Massive Opioid Money Laundering Operations
FinCEN dissolves the CIBanco domestic branch following a primary money laundering concern designation linked to illicit opioid trafficking and cartel financial activity.