It's been nearly seven years since HSBC was fined $1.9 billion by U.S. authorities for money laundering violations involving international drug cartels. But Everett Stern, the former employee who blew the whistle on the bank, continues to tell his story because he believes similar criminal activity is ongoing.
Everett Stern, the whistleblower who called attention to HSBC's international money laundering activities, which ultimately resulted in a $1.9 billion fine, says the crackdown on financial fraud still has a long way to go. He'll be the keynoter at ISMG's Fraud and Breach Summit in Chicago on May 14.
The latest edition of the ISMG Security Report features an update on what U.S. intelligence chiefs told Congress this week about persistent nation-state cyberthreats, plus reports on evasion tactics used by cryptocurrency money launderers and what government CIOs have to say about security funding.
Massive data brokers - Equifax, Experian, Illion and others - are leveraging Australia's electoral roll, which is a tightly held and valuable batch of data. While this little-known practice might sound alarming, in fact it's required under Australia's anti-money laundering and anti-terrorism rules.
New account fraud is rising and within that, Identity Fraud is clearly the winner. The vast majority of such cases involved the abuse of an innocent victim's identity, rather than a fictitious identity. The availability of large amounts of personal information obtained from hacking, phishing or data breaches continues...
New research has found that 74% of business customers think banks use machine learning and artificial intelligence to spot money laundering. In reality banks rely on human investigators to manually sift through alerts - a hard-to-believe fact selected only by 31% of respondents. This lack of automation and modern...
The evolving industry regulations, such as adherence
to the FinCEN CDD final ruling and the 4th EU antimoney
laundering directive, have put additional
pressure on financial institutions when screening
new applicants and existing customers.
Download this report to learn more about:
Enhancing your KYC / CDD...
Cryptocurrency money laundering is increasing dramatically, being already three times greater than in 2017. And we're only half way through the year, observes Dave Jevans, Founder and CEO of CipherTrace, and chairman of the Anti-Phishing Working Group.
Federal authorities have arrested more than 35 suspects on charges that include selling illicit substances via darknet marketplaces - such as AlphaBay, Dream and Hansa - thanks in part to undercover agents posing as cryptocurrency money launderers. Authorities say the year-long investigation is continuing.
Experts have long warned that bitcoin is not as private as it appears. The very design of bitcoin, as well as some other virtual currencies, can lend a surprising amount of information about the groups using it to transact. In fact, it's sometimes easier to track than if criminals used the banking system.
Many banking institutions boast of being "digital first" and enabling "omnichannel banking." But are they fully aware of the new fraud risks they also are inviting? Kimberly Sutherland and Kimberly White of LexisNexis Risk Solutions discuss how to mitigate omnichannel fraud.
As long as we've had currency, we've had money laundering. Lately, we've been fighting a more effective battle against it. But what used to be a stable, predictable evolution of regulation, compliance, and on the criminals' side, evasion, has collapsed in a year of revelations.
This report is divided into two...
Money laundering: a crime as old as currency itself. It represents between two and five percent of global Gross Domestic Product (GDP)*. Cyber crime and money laundering are growing and evolving at a faster rate than many organizations can keep pace with, especially while staying within regulatory requirements. The...
What happens when you need to verify a new customer? Without prior information or customer records, and when the information you rely on is publicly available, it can be challenging to determine whether an account was created by a new customer or by a cybercriminal. Download this whitepaper and learn how IBM Trusteer...
The dark web has become a very effective resource for purchasing sinister educational materials. How-to guides are for sale on major dark web markets such as Hansa and AlphaBay and offer step-by-step instructions for drug trafficking, hacking, social engineering and many other cyber crimes.
Fraud guides, a subset...