The Latest FinCrime News from North America
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Latest FINTRAC’s Report Alerts On Gambling And Mule Networks
FINTRAC highlights how sports betting money laundering schemes rely not only on gambling platforms but also on networks of recruited individuals, mule accounts, payment intermediaries, and fragmented financial activity.
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Community Federal Savings Bank Faces OCC Action Imposing Zero Dollar Fine
Community Federal Savings Bank faces a comprehensive regulatory enforcement action targeting severe systemic deficiencies within its compliance tracking architecture and payment processing tracking lines.
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Greg Lindberg Sentenced to 12 Years for 2 Billion Dollar Fraud and Laundering
Greg Lindberg Sentenced to 12 Years for 2 Billion Dollar Fraud and Laundering after executing a massive two billion dollar corporate asset diversion scheme involving international shell entities and political bribery.
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Chinese Syndicate Members Indicted for Cartel Money Laundering Under CMLN
A federal grand jury indicted members of a Chinese underground banking network utilizing mirror transfers to launder cartel funds under CMLN.
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Georgian Citizen Gets 37 Months Prison For Laundering $1.1M of Healthcare Illegal Proceeds
A Georgian citizen in Miami receives 37 months in prison and a $1.1 million forfeiture for a Transnational Wire Laundering conspiracy involving a fake healthcare firm.
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FDIC Rules Target Stablecoin Issuers for Financial Crime Compliance
The Federal Deposit Insurance Corporation approved a notice of proposed rulemaking enforcing strict anti-money laundering compliance and sanctions standards for permitted payment stablecoin issuers under federal law.
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Florida Men Sentenced for Laundering 2.2 Million Dollars in Healthcare Fraud
Three individuals received federal prison sentences for laundering over 2.2 million dollars in healthcare fraud proceeds through complex networks, demonstrating the critical need for robust Medicare money laundering detection.
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Nevada Regulations Force AML Compliance Shift Across Las Vegas Strip Casinos
The new Nevada Compliance System Enhancements overhaul land-based casino operations, mandating personal executive licensure and restricting corporate account deposits.
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Goldman Sachs Pays $500 Million Dollars to Settle 1MDB Shareholder Litigation
Goldman Sachs agrees to a 500 million dollar settlement over a shareholder lawsuit alleging deception regarding the 1MDB money laundering scandal and internal risk management failures.
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Feds Freeze Assets Of Sinaloa Cartel Crypto Laundering Networks
Federal authorities block Sinaloa cartel networks using cryptocurrency and corporate front companies to launder millions in illicit fentanyl profits under strict financial enforcement actions.
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US Sanctions Target Hamas-Sponsored Gaza Flotilla to Freeze Assets
US Federal counterterrorism sanctions target the financial infrastructure of Hamas and the Global Sumud Flotilla to impose severe asset freezes.
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California Man Draws 15 Year Sentence and 50000 Dollar Fine for Money Laundering
A California man received a 15 year sentence and 50000 dollar fine for using corporate networks for narcotics proceeds concealment strategies and money laundering.
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FINTRAC Penalizes Necosmart CAD 700k for Compliance Failures
FINTRAC Penalizes Necosmart CAD 700k following a compliance exam that revealed critical failures in suspicious transaction reporting, risk assessments, and virtual currency record-keeping protocols.
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FINTRAC Issues Over 118,000 Dollars in Fines to Multiple Entities
FINTRAC, the Canadian regulator issued over 118,000 dollars in fines to VersaBank, RE/MAX Twin City Realty Inc, and Birks Group Inc for Regulatory Compliance gaps.
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The Intersection of Canada’s South Asian Diaspora Networks and Strategic Procurement
FINTRAC's Analysis of how South Asian diaspora networks in Canada are being utilized for the procurement of Dual Use Goods and the evasion of international sanctions.
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FinCEN Proposes Renewal of MSB Registration Compliance Standards
The Financial Crimes Enforcement Network (FinCEN) has proposed a renewal of registration requirements for money services businesses, carrying a 5,000 dollar penalty for non-compliance. This article explores the mandatory obligations for principals and agents under the Bank Secrecy Act to prevent illicit financial activity.
Other News From North America
Latest FINTRAC’s Report Alerts On Gambling And Mule Networks
FINTRAC highlights how sports betting money laundering schemes rely not only on gambling platforms but also on networks of recruited individuals, mule accounts, payment intermediaries, and fragmented financial activity.
Community Federal Savings Bank Faces OCC Action Imposing Zero Dollar Fine
Community Federal Savings Bank faces a comprehensive regulatory enforcement action targeting severe systemic deficiencies within its compliance tracking architecture and payment processing tracking lines.
Greg Lindberg Sentenced to 12 Years for 2 Billion Dollar Fraud and Laundering
Greg Lindberg Sentenced to 12 Years for 2 Billion Dollar Fraud and Laundering after executing a massive two billion dollar corporate asset diversion scheme involving international shell entities and political bribery.