Compliance & Anti-Financial Crime
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Financial Crime, North America, Regulatory

US Justice Department charges four in payment fraud case worth over $150M

By Dan Byrne for AMLi

An alleged payment fraud network has been uncovered in Massachusetts and four individuals have been charged with deceiving multiple banks and credit card companies.

The defendants reportedly convinced multiple financial institutions to process transactions worth up to $150M, even though they knew the funds were connected to “prohibited and high-risk businesses,” the US Department of Justice said in a statement Thursday.

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