FINANCIAL CRIME is becoming increasingly sophisticated and frequent, evolving alongside the digital economy and the implications of the data-first era. Synthetic identity fraud, one of the fastest accelerating forms of financial crime in the U.S., is a particularly complex security threat contributing to the growing risk landscape and reshaping technological investment priorities for financial services organizations (FSOs).
Regulatory Watch News
The Central Bureau of Investigation has registered a case against two Directors of Indore based private company; the said private company based at Indore and unknown public servants on a complaint from Bank of Baroda, Indore. It was alleged that borrower company had committed fraud during the period of 2014 to 2017 in conspiracy with its directors & unknown public servants and cheated Bank of Baroda to the tune of Rs. 29.41 crore (approx.). It was further alleged that the said private company based at Indore was advanced the working capital loan and term loan amounting to Rs. 36 crore by Bank of Baroda on 13.09.2014 after taking over credit facilities extended by IDBI Bank. The said loan account became NPA on 02.05.2017 and was subsequently reported as fraud to RBI. The outstanding loan amount was Rs. 29.41 crore. It was also alleged that the forensic accounting had revealed siphoning of funds and diversion of funds by the said private company.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the parties, unless otherwise indicated.
Wednesday, the Department of Justice served a complaint filed against a Montana man to recover a $9.9 million penalty imposed by the Federal Communications Commission (FCC) for nearly 5,000 unlawful and malicious “spoofed” robocalls.
In a complaint filed in U.S. District Court for the District of Montana, the government alleged that Scott Rhodes, 52, of Libby, Montana, made 4,959 illegal robocalls with falsified caller ID information, with the intent to cause harm. The targets of the alleged robocall campaigns included individuals across the United States, many of whom complained to law enforcement regarding unwanted and harassing calls.
Sign Up To Our Newsletter
- Analysis & Opinion (196)
- Compliance (553)
- Featured Article (109)
- Financial Crime (966)
- Sponsored content (2)
- Tech (147)
- Women in FinCrime (10)
- News (6)