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Industry News

March 5, 2021

Antivirus Software Pioneer John David McAfee Charged by U.S. Department of Justice with Cryptocurrency Fraud

On March 5, 2021, John David McAfee, the antivirus software pioneer and Executive Adviser of his cryptocurrency team, was indicted in Manhattan Federal Court, New York for Fraud and Money...
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February 26, 2021

John Geddert, Ex-USA Gymnastics coach was found dead after being charged with human trafficking and sex crimes

Thursday February 25, 2021, John Geddert who had coached the 2012 US Olympic women's gymnastics team, was found dead after being charged with 24 felonies in connection with the abuse...
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January 15, 2021

FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act

January 15, 2021, the Financial Crimes Enforcement Network (FinCEN), announced Capital One, National Association has been assessed a $390,000,000 civil money penalty for engaging in willful and negligent violations of...
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January 14, 2021

The Office of Foreign Assets Control (OFAC) fines Indonesian Manufacturer $1 million for Violations of the North Korea Sanctions Program Regulations

On January 14, 2021, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that an Indonesian company agreed to pay over $1 million to settle potential civil...
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December 28, 2020

United States to receive $150 Million related to Ponzi Scheme from Switzerland

On December 28, 2020, Switzerland’s Federal Ministry of Justice announced that the United States (U.S) will receive $150 million from previously blocked bank accounts by the end of 2020 to...
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October 15, 2020

Largest Tax Fraud Case in the United States

On October 15, 2020, “A federal grand jury in San Francisco, California, indicted Robert T. Brockman, the Chief Executive Officer of an Ohio-based software company, with tax evasion, wire fraud,...
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September 21, 2020

FinCEN Files Leaked Globally

On September 20, 2020, the FinCEN Leaked Files were globally publicized. “Leaked documents involving about $2tn of transactions revealed how some of the world's biggest banks have allowed criminals to...
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May 4, 2020

FATF issued a paper COVID-19-Related ML/TF Risks and Policy Responses

May 4, 2020, the Financial Action Task Force (FATF) issued a paper on "COVID-19 related Money Laundering and Terrorist Financing Risks and Policy Responses. This paper identifies challenges and new...
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March 4, 2020

FinCEN fines Bank Executive for Bank Secrecy Act (BSA)/ Anti-Money Laundering Failures

On March 4, 2020, the Financial Crimes Enforcement Network (FinCEN) fined Michael LaFontaine, former Chief Operational Risk Officer at U.S. Bank National Association (U.S. Bank), for his failure to prevent...
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