The United Kingdom National Audit Office (NAO) has released its memorandum The Ministry of Justice's electronic monitoring contracts (19 November 2013), which sets out the UK Ministry of Justice's (MoJ) decision to commission an independent forensic audit of its electronic monitoring contracts with the firms G4S and Serco.
The United States (US) Department of Justice (DoJ) has announced that Costa Rica-registered digital currency company Liberty Reserve SA (Liberty Reserve) co-founder Vladimir Kats has pleaded guilty to "money laundering and operating an unlicensed money transmitting business".
The Australian Securities and Investments Commission (ASIC) has announced that Insure 247 Pty Ltd (Insure 247) has edited its insurance product quote-providing websites in response to ASIC concerns of misleading or deceptive advertising.
A US Federal Court jury has found Bank of America Corporation (BofA) liable on a civil fraud charge relating to defective mortgages sold by its Countrywide unit to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
United States (US)-based banking firm JP Morgan Chase & Co (JP) is conducting an internal review of its commercial-lending clients in a move that is expected to result in a scaling back of JP's lending to companies classified as posing a higher risk of money laundering or fraud, such as pawn shops, payday lenders, cheque cashers and some car dealers.
Hong Kong (HK)-based former law firm K&L Gates senior partner Navin-kumar Aggarwal has been sentenced to 12 years in prison for an HK$8.5 billion (approximately US$1.1 billion/€828 million) fraud and money laundering scheme.
The Financial Conduct Authority (FCA) has released Thematic Review - Mobile banking and payments: supporting an innovative and secure market (August 2013) (the report), which contains the preliminary findings of an FCA review of mobile banking and the associated risks to consumers and other issues that should be considered by firms developing their services.
Former Goldman Sachs Group Inc (GS) trader Fabrice Tourre has been found guilty of breaching United States federal securities law by aiding and abetting Goldman's fraud and intentionally misleading investors in relation to the Abacus 2007-AC1 synthetic collateralised debt obligation.
Chinese authorities, through their raid of Shanghai Linjiang International Travel Agency, have uncovered fake contracts and travel invoices which suggest that pharmaceutical company GlaxoSmithKline (GSK) bribed government officials, foundations, doctors and hospitals.
Visa and MasterCard have jointly made a submission to the Australian Competition and Consumer Commission (ACCC), urging 90% of in-store credit card sales to be verified by personal identification number (PIN) rather than by signature by 30 June 2014, in a bid to reduce credit card fraud.
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