Feds Roll Out Money Laundering Rules for All-Cash Home Sales
All-cash purchases of residential real estate are considered at high risk for money laundering. The rule would not require the reporting of sales to individuals.
Green Sometimes Raises Red Flags When It’s Cash
Roughly 1.21 million residential real estate sales were likely processed without any money laundering reporting. FinCEN wants to put a dent in that figure, and has named Boston as a region of concern.
FinCEN Proposal Would Crack Down on All-Cash Real Estate Deals
In a move that the Financial Crimes Enforcement Network said would help combat money laundering in real estate, the federal agency plans to expand the Bank Secrecy Act to require information about the individuals behind all-cash real estate transactions.
The Fight to End Money Laundering Comes to America
Nowhere is this criminal enterprise more prominent than in real estate, both residential and commercial. And a new report says America has become a “safe haven” for this kind of money laundering.
Megabank Shares Slide on Report of Rampant Money Laundering
The financial sector was hit hard Monday following a report alleging many large banks have continued to profit from illicit dealings with criminal networks despite previous warnings from regulators.
Waterbury Man Found Guilty of Fraud and Money Laundering
A Waterbury man has been found guilty of 21 fraud and money laundering offenses stemming from an investment scheme that defrauded victims of approximately $1.5 million.
Real Estate Developer Admits Role in Fraud, Money Laundering and Tax Evasion
A Palm Beach, Florida man pleaded guilty yesterday in Bridgeport federal court to conspiracy, money laundering and tax evasion offenses related to multiple schemes to defraud foreign investors and financial institutions.
New Haven Man Sentenced to Prison for Stealing Bitcoins in Phishing Scheme
A New Haven man was sentenced yesterday in Hartford federal court to 12 months and one day of imprisonment, followed by three years of supervised release, for fraud and money laundering offenses in connection with a scheme to steal bitcoins in an online phishing scheme.
Windsor Locks Resident Will Spend Three Years in Prison for Money Laundering
A Windsor Locks resident was sentenced to 36 months in prison, followed by three years of supervised release, for money laundering and drug trafficking that distributed heroin and prescription meds across the state.
73-Year-Old Woman Sentenced For $350K Debt Scheme
Urmila Sri Thakur, also known as Urmila Buddhu-Thakur and Indro Buddhu-Thakur, was sentenced yesterday to four years of probation, the first four months of which she must serve in home confinement, for her role in a fraudulent debt elimination scheme.
HSBC Partners With AI Startup To Combat Money Laundering
HSBC Holdings Plc. has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc. to automate some of its compliance processes in a bid to become more efficient.
Wethersfield Woman Charged In 9-Count Indictment In Debt Elimination Scheme
A Wethersfield woman was recently charged with mail fraud and money laundering in connection with a phony debt elimination scheme.
Wallingford Man Charged With Stealing Bitcoins In Phishing Scheme
A Wallingford man was recently charged with stealing Bitcoins in a dark web phishing scheme. Bitcoins are a form of electronic currency and online marketplaces on the dark web typically accept them as a payment method.
US Sides With HSBC To Block Release Of Money Laundering Report
The U.S. government asked a federal appeals court on Thursday to block the release of a report detailing how HSBC Holdings Plc. is working to improve its money laundering controls after the British bank was fined $1.92 billion.
Easton Man Faces 12-Count Indictment For Fraud Scheme
A Bridgeport attorney has been charged with conspiring with an Easton man to defraud distressed homeowners. Bradford Barneys, of Odenton, Maryland, was charged with conspiring with Timothy W. Burke, of Easton, as part of a long-running fraud scheme that targeted...Wallingford Man Charged With Defrauding Investors Of More Than $1.5M
A Wallingford man has been charged with operating a Ponzi scheme. Joseph A. Castellano was charged in New Haven with fraud and money laundering offenses stemming from an investment scheme that defrauded individuals of more than $1.5 million. The indictment alleges...
Danbury Man Convicted Of Defrauding Investors
A Danbury man was found guilty of fraud and money laundering offenses stemming from his operation of Ponzi scheme. According to evidence presented at the trial, Ian Parker Bick was a principal and/or managing member of various Danbury-based entities, including This Is...
