Article: Deutsche Bank Jumps Back Into Payments With Fiserv Deal

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Deutsche Bank Jumps Back Into Payments With Fiserv Deal

Patricia Kowsmann, 21 June 2021

Deutsche Bank AG wants to get back into the suddenly valuable business of digital payments, nearly a decade after getting out of it.

Germany’s largest lender is setting up a joint venture with U.S. payments giant Fiserv Inc. to offer customers payments-processing services. The joint venture will allow Deutsche Bank’s business clients to accept payments from customers, both in person and digitally, through Fiserv’s platform called Clover, which reads credit cards, debit cards and mobile wallets, and records orders and inventory. Continue reading “Article: Deutsche Bank Jumps Back Into Payments With Fiserv Deal”

Article: True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

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True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

Omar Faridi, 15 June 2021

LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.

The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers. Continue reading “Article: True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021”

Article: Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million

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Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million

MARY DIVINE, 15 June 2021

Doug Kelley has been working since 2008 to help organizations and individuals who lost billions in the Twin Cities businessman Tom Petters’ Ponzi scheme, the biggest financial crime in Minnesota history.

The bankruptcy trustee’s search to collect assets linked to Petters’ $1.925 billion scheme spanned 26 countries, including the Cayman Islands, Luxembourg, Germany, Switzerland, the Netherlands and the British Virgin Islands.

Now, after 13 years, he says his work is almost done. Continue reading “Article: Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million”

Article: Wirecard: German Parliament slams Scholz and Merkel

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Wirecard: German Parliament slams Scholz and Merkel

Reuters, 07 June 2021

A committee of lawmakers in the Bundestag has published its inquiry into the Wirecard fraud affair. The damaging report comes months before Germany’s general election.

The public inquiry into the Wirecard scandal published its concluding report on Monday, criticizing Germany’s Finance Minister Olaf Scholz and Chancellor Angela Merkel.

The parliamentary committee consisting of opposition lawmakers ended a monthslong investigation into the scandal with the publication of a 675-page draft report. Continue reading “Article: Wirecard: German Parliament slams Scholz and Merkel”

Article: Global Stocks Slip as Inflation Remains in Focus

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Global Stocks Slip as Inflation Remains in Focus

Patricia Kowsmann and Xie Yu, 31 May 2021

Global stock markets were mixed Monday as investors wrapped up a month of trading dominated by concerns over inflation and the pace of the international economic recovery.

Trading was light with holidays in the U.S. and the U.K. S&P 500 stock futures were little changed Monday.

In Europe, Germany’s DAX index slid 0.2%, dragged by Deutsche Bank shares, which fell 1.6%. The Wall Street Journal reported Sunday that the Federal Reserve told the bank in recent weeks that it is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter. Continue reading “Article: Global Stocks Slip as Inflation Remains in Focus”

Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding

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Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding

Patricia Kowsmann and Jenny Strasburg, 30 May 2021

The Federal Reserve told Deutsche Bank AG DB 0.40% in recent weeks that the lender is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter.

The Fed’s frustration has escalated to a point that the bank could be fined, the people said.

Deutsche Bank has poured massive resources into addressing repeated shortcomings and penalties related to allowing suspect transactions. The Fed told Deutsche Bank that instead of making progress, the German lender with a large Wall Street presence is backsliding. The regulator has said that some of the anti-money-laundering control problems require immediate attention, according to the people. Continue reading “Article: Fed Warned Deutsche Bank Over Anti-Money-Laundering Backsliding”

Article: The Bogus “Super Dollars” That Fooled the World for Two Decades

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The Bogus “Super Dollars” That Fooled the World for Two Decades

EXPLICA .CO, 25 May 2021

The forgery was so perfect that even US Secret Service experts could not initially determine whether it was real dollars or a copy before them.

Only after a sophisticated forensic analysis were they able to confirm that they were fakes. But those $ 100 bills were so millimeter perfect who nicknamed them “The false superdollars.” They had the same high-tech color change ink as real US dollars.

They were also printed on paper with exactly the same fiber composition as the originals: three-quarters of American cotton and one-quarter of linen. The recorded images were, if anything, finer than those produced by the United States Bureau of Engraving and Printing.

Kirill Kukhmar Even machines were hard to recognize counterfeit. A little variation, then reported the New York Times, which revealed that they were not original. The United States was very alarmed that counterfeits were passing through the banks undetectedas no one could tell the difference.

These “super dollars” circulated around the world in the 1990s and 2000s. During these years, the United States decided to change the design of the US $ 100 bills twice, but counterfeiters managed to adapt.

They appeared in Denmark, France, Austria, Germany, Latvia, Russia, the Czech Republic, and Ireland. Also in Russia.

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Article: Groundbreaking research provides insight into operations of Italian mafias across Europe

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Groundbreaking research provides insight into operations of Italian mafias across Europe

Michael Steward, 24 May 2021

A groundbreaking new report by researchers in Essex has provided the first analysis into the expansion of Italian mafias across Europe. The report, published by the University of Essex, highlights how criminal groups embed themselves in countries and operate across borders, and the challenges of policing mafia-type crime.

Using Italy as a starting point, the research focused on seven countries – the UK, Germany, the Netherlands, Belgium, Spain, Romania, and Switzerland. For mafia groups, territories outside Italy are places where they can consolidate certain business or venture into new ones. The report revealed how mafia groups operate very differently in each country. Continue reading “Article: Groundbreaking research provides insight into operations of Italian mafias across Europe”

Article: Police Across Europe Crush Ponzi Schemes, Recover Lost Money

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Police Across Europe Crush Ponzi Schemes, Recover Lost Money

ZDRAVKO LJUBAS, 18 May 2021

Authorities in Europe have dismantled several investment fraud schemes across the continent and recovered some of the money victims lost. Confiscation of proceeds from crimes is a strategic priority of the European Union, Europol said.

With the help of U.K. law enforcement and Europol, Spanish police recovered some of the over 15 million euro (US$18,2 million) hundreds of victims had lost in a ponzi scheme after a Spanish national living in the U.K. tricked them into making seemingly safe investments with high returns.

Police recovered about six million euro ($7,28 million) or some 40 percent of the money people invested, according to Europol. Continue reading “Article: Police Across Europe Crush Ponzi Schemes, Recover Lost Money”

Article: European police bust major online investment fraud ring

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European police bust major online investment fraud ring

Amer Owaida, 13 May 2021

Europol and several national law enforcement agencies have teamed up to take down an investment fraud and money laundering ring that caused losses of approximately €30 million (US$36 million) to hundreds of victims, according to a press release by the European Union’s law enforcement agency.

The investigation led to the arrest of 11 suspects and involved the search of dozens of locations across Europe and Israel with law enforcement officers seizing a range of ill-gotten gains including jewels, real estate, high-end vehicles and some €2 million (US$2.4 million) in cash. The effort was spearheaded by German law enforcement authorities and supported by their peers from Bulgaria, Israel, Latvia, North-Macedonia, Poland, Spain, and Sweden. Continue reading “Article: European police bust major online investment fraud ring”

Article: Vietnam seeks avoidance as currency manipulator in future

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Vietnam seeks avoidance as currency manipulator in future

Saigon Investment, 06 May 2021

Professor Eswar Prasad at Cornell University believes that the US Treasury report this time includes more intensive analysis and shows a less overtly political approach than previous reports during the Trump Administration. However, to avoid being labeled as a currency manipulator again in the future, Vietnam needs to do much more concerning trade and currency issues, rather than just tackling short term problems.

Subjective decision Continue reading “Article: Vietnam seeks avoidance as currency manipulator in future”

Article: Opinion: Wirecard fraud shows it’s time to regulate the regulators

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Opinion: Wirecard fraud shows it’s time to regulate the regulators

Kate Ferguson, 29 April 2021

What would you do if you were confident you could get away with it? Perhaps you’d rob a bank, or have a wild affair. Or maybe you’d subsist on nothing but candy floss for the rest of your life.

The chances are you won’t, though. The risk of being arrested, destroying your marriage or becoming a diabetic are simply too high. For most of us, the question is destined to remain hypothetical. After all, life has taught us that bad behavior does not generally go unpunished.

Generally doesn’t mean always
There are notable exceptions to the rule, though. In recent years, three major scandals in Germany have provided pleasingly concrete answers to the question. Continue reading “Article: Opinion: Wirecard fraud shows it’s time to regulate the regulators”

Article: Swiss court convicts German financier Homm in long-running fraud case

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Swiss court convicts German financier Homm in long-running fraud case

Michael Shields, 23 April 2021

German financier Florian Homm was convicted by a Swiss court on Friday of breach of trust and multiple forgery of documents in a fraud case that had led to millions of dollars in losses for investors. The 61-year-old former hedge fund manager was convicted in absentia and sentenced to 36 months in jail, of which half was suspended, the court said.

Authorities had accused Homm of orchestrating a market manipulation scheme to artificially improve the performance of his funds, a fraud that led to at least $170 million in losses for investors. Continue reading “Article: Swiss court convicts German financier Homm in long-running fraud case”

Article: The ex-convict’s tale: Germany’s role in Wirecard scandal under microscope

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The ex-convict’s tale: Germany’s role in Wirecard scandal under microscope

John O’donnell, Tom Sims, 23 April 2021

In February 2019, after a steep drop in Wirecard’s share price, German authorities launched criminal probes into short-sellers and journalists who had accused the company of fraud, and banned investors from betting against the company.

Documents seen by Reuters show for the first time that the only independent information – beyond Wirecard’s representations – received by Munich prosecutors who launched the criminal probes was a third-hand account of events from a convicted money launderer, Daniel James Harris.

The rationale that led to the decisions of prosecutors and regulators to launch the criminal probes and short-selling ban, and whether they were overzealous in supporting Wirecard, are central issues being investigated by a parliamentary inquiry into the company’s collapse in Germany’s biggest post-war fraud scandal. Continue reading “Article: The ex-convict’s tale: Germany’s role in Wirecard scandal under microscope”