Hackers used a Chinese-developed artificial intelligence agent to attack some of South Korea’s largest banks and steal personal information belonging to 68,000 people, according to The Wall Street Journal, in an intrusion now under investigation by the country’s national police.
Very large sums were arriving without enough being known about where the money had come from. Some transactions carried clear signs of elevated risk. Modulr Finance sometimes investigated them only minimally, and sometimes not at all. Those findings form part of the case that led De Nederlandsche Bank to fine the electronic money institution €722,160 for serious shortcomings in its anti-money laundering controls.
The Financial Crimes Enforcement Network has abandoned two proposed rules that would have tightened federal requirements around certain digital asset transactions, including those involving unhosted wallets and convertible virtual currency mixing.
Signal Diagnostics found the problem itself. In January 2022, the clinical laboratory began an internal audit of claims it had submitted to a federal program that reimbursed healthcare providers for treating and testing uninsured patients during the COVID-19 pandemic. What the company found was not trivial. Some of the people it had billed as uninsured had health insurance.
In December 2020, Latch shipped $147,000 worth of hardware to one of its channel partners, but there was a catch. The partner could send all of it back, without consequence, if the building developer behind the order decided not to proceed. That condition was written down, but it simply never made its way to the people doing the accounting. Latch booked the $147,000 as revenue anyway. About six months later, the hardware came back.
Austria’s Supreme Cartel Court has increased the fine against German construction machinery company Kiesel from €240,000 to €2.4 million for implementing two mergers before the law permitted it to do so, turning what had been a relatively modest penalty into one intended, quite deliberately, to be felt.
AUSTRAC has reduced good anti-money laundering compliance to five pieces of advice, and none of them is particularly exotic. Know which obligations apply to the business. Keep the regulator informed when basic company details change. Revisit the risks as the business changes. Make sure reports contain information somebody can actually use. Keep records good enough to explain the decisions made along the way.
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