TOP STORY

May

19

FinCEN Lists Red Flags for COVID-19 Fraud and Cybercrime

FinCEN Director Ken Blanco speaks at the ACAMS 23rd Annual AML & Financial Crime Conference in Florida on Monday, April 16, 2018. On Monday, May 18, 2020, the bureau issued a list of more than 20 potential indicators of fraud and other financial crimes tied to the COVID-19 pandemic.

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Legs & Regs

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Enforcement Actions

The Federal Trade Commission entered into a stipulated order with the Atlanta, GA-based payment processing company requiring it to pay $40 million for apparently ignoring warnings that it was assisting and facilitating a client who was credit card laundering.
The Federal Trade Commission entered into a stipulated order with Chi W. Ko, a co-defendant in a case also against First Data Merchant Services, LLC, requiring him to pay $270,373.70 for allegedly using the payment processing company to launder fraudulent funds.