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Regulatory Watch News

  • READOUT: FinCEN Holds Engagement to Eliminate Hospice Fraud in California

    FinCEN

    LOS ANGELES — On August 17, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) convened law enforcement and financial institutions for an engagement on health care benefits fraud, including the exploitation of hospice care services. Participants discussed new and emerging health care fraud schemes targeting federal and state health insurance programs, associated financial typologies and red flag indicators, and opportunities to boost awareness around hospice care fraud. Additionally, FinCEN held a training session for law enforcement on August 18 on how to use Bank Secrecy Act data to combat fraud. These engagements build on FinCEN’s work to counter fraud in partnership with the White House Task Force to Eliminate Fraud.

  • Authority publishes AML/CFT supervisory priorities progress report

    Isle of Man Financial Services Authority

      The Isle of Man Financial Services Authority has published an update regarding its two-year supervisory engagement programme aimed at countering financial crime. The year one report highlights the targeted activities carried out during 2025/26 in relation to anti-money laundering, countering the financing of terrorism and countering the financing of proliferation. Multiple risk-based workstreams have been delivered by the AML/CFT Supervision Division in line with the Authority’s commitment to enhancing standards of compliance in the Island.

  • Fintel Alliance uncovers coordinated mortgage fraud across major lenders

    Austrac

    AUSTRAC’s Fintel Alliance has uncovered coordinated mortgage fraud and systemic weaknesses across Australia’s lending sector. A joint analysis of data from 10 major Australian banks identified potentially hundreds of millions of dollars in suspected fraudulent loans, mostly linked to properties in Sydney. Operation Claw identified suspected mortgage fraud involving inflated incomes, misrepresented employment and fabricated or unverifiable business activity used to support loan applications. The project identified cases where offshore or third-party funds were used to complete property settlements and make mortgage repayments, demonstrating how false income streams and complex funding arrangements can facilitate access to the Australian property market.

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