Credit Suisse fined $2m over money laundering linked to cocaine trafficking

Credit Suisse and a former employee were found guilty 27 June in a Swiss federal criminal court of helping a Bulgarian crime ring launder money related to cocaine trafficking. The court found Credit Suisse didn’t do enough to prevent money laundering by members of the crime ring, which prosecutors said moved tons of cocaine into … Read more

Credit Suisse Found Guilty in Bulgarian Money-Laundering Case

By Ed Frankl Credit Suisse AG was found guilty on Monday by a Swiss court for failing to stop money laundering in a historic case involving a Bulgarian drug-trafficking gang. The decision is the latest reputational blow for the bank, which issued a profit warning earlier in June as it undergoes a tough turnaround plan … Read more

NJ Regulators Allege ‘Massive, Nationwide Fraud’ by Real Estate Fund

Securities regulators in New Jersey have ordered Secaucus development firm National Realty Investment Advisors to cease what they characterize as fraudulent activity, alleging that the firm misled investors while funneling millions of dollars to executives and their families. The New Jersey Bureau of Securities said in its 63-page cease-and-desist order that NRIA had operated a … Read more

NJ Regulators Allege ‘Massive, Nationwide Fraud’ by Real Estate Fund

Securities regulators in New Jersey have ordered Secaucus development firm National Realty Investment Advisors to cease what they characterize as fraudulent activity, alleging that the firm misled investors while funneling millions of dollars to executives and their families. The New Jersey Bureau of Securities said in its 63-page cease-and-desist order that NRIA had operated a … Read more

US, UK Collaborate to Spur Innovation in Tech Used to Combat Money-Laundering

Federated learning technology could be a ‘building block for protecting the US financial system from illicit finance,’ said Himamauli Das, acting director of the US Treasury Department’s Financial Crimes Enforcement Network. Photo: EPA/Shutterstock The US and UK governments are teaming up to encourage the development of new machine-learning technologies that could be used to combat … Read more

Former BitMEX CEO Sentenced to House Arrest on Anti-Money-Laundering Charges

Arthur Hayes, a co-founder and former chief executive of cryptocurrency derivatives exchange BitMEX, has been sentenced to serve six months of house arrest for violating US law by failing to establish a compliant anti-money-laundering program. Mr Hayes, who was sentenced at a hearing in federal court in Manhattan on Friday, also was ordered to serve … Read more