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6 Key Highlights – Bank Fraud, Fraud Scheme, EncroChat, Binance, TCS, Financial Fraud

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Welcome to our weekly newsletter focused on providing you with the latest news and insights on AML, financial crime compliance, and emerging risks.

This week, we start with a piece of news on a former CEO of All Hands on Deck who was found guilty of conspiracies including bank fraud, wire fraud, aggravated identity theft etc. We then delve into a piece on a few corporate executives who faced charges for submitting fraudulent loan applications and misusing COVID-19 relief funds in a $53 million fraud scheme.

Next up, we have an article that highlights the crackdown of the criminal EncroChat system which resulted in thousands of arrests, the seizure of $900 million, and a significant blow to organized crime networks in Europe. After this, we have a story on Binance, a leading cryptocurrency exchange that faces regulatory concerns as it loses a significant European banking partner.

We then have an article on Tata Consultancy Services (TCS) which has taken action against six employees for their alleged involvement in a bribery case related to staffing firms. Lastly, the Economic Offences Wing (EOW) has started a probe into a fraud worth ₹14 crores in Bhubaneswar, Odisha.

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