PYMNTS
SEPTEMBER 12, 2019
Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. Regulators are increasingly taking note of such problems, with some seeking to improve AML and anti-tax evasion efforts by prohibiting anonymous crypto transactions.
PYMNTS
MAY 2, 2016
The Internal Revenue Service has estimated that the business of tax evasion is a costly one for the government. Tax cheats cost the government as much as $458 billion annually, according to data tabulated between 2008 and 2010. As noted by Fortune , public awareness over tax evasion has been heightened.
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PYMNTS
JANUARY 15, 2021
It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008.
PYMNTS
SEPTEMBER 23, 2019
As we noted in the recent Digital Banking Tracker, the CNP fraud has taken a leg down in favor of fraud that looks to snag credit card numbers. Check Fraud, Too. In another example of decidedly low-tech fraud, in Oklahoma, a woman recently sentenced to prison stole $400,000 from her employer through signed paper checks.
PYMNTS
MAY 12, 2016
office were facilitating tax evasion and money laundering. office in London, revealed that back in 2008 secretive techniques and services were being offered to clients that would allow them to conceal assets. A former employee at Swiss bank BSI, who worked at the bank’s U.K. But as the FT’s reports showed, U.K.
PYMNTS
NOVEMBER 28, 2019
The transactions were carried out via 194 SEB accounts including around 475 million Swedish crowns ($49 million) connected to the so-called Magnitsky affair, named after Russian lawyer Sergei Magnitsky, who was arrested in 2008 after accusing Russian official of tax fraud.
PYMNTS
JANUARY 24, 2019
A server running an Elasticsearch database contained sensitive data from as far back as 2008 that included loan and mortgage agreements, repayment schedules and other financial and tax documents. Unfortunately, the server wasn’t password protected, giving anyone access to the documents.
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