Spencer Askew, the founder of E-Freight Solutions Worldwide, LLC, a logistics and supply company, recently admitted to committing bank fraud and lying to the United States Department of Veterans Affairs (VA), marking a significant development in the case. In March of this year, Askew pleaded guilty
The enduring battle against financial crime, including pervasive issues like money laundering and fraud, has been a persistent challenge for financial institutions and regulatory bodies alike. Traditional Anti-Money Laundering (AML) systems, burdened with outdated technology and labor-intensive
In the ever-evolving fintech landscape, artificial intelligence (AI) is redefining the approach to compliance. As venture capital investments in fintech surge globally, AI has emerged as a critical tool for streamlining compliance processes, enhancing efficiency, and detecting fraud. The profound
Bank of America is contemplating launching its own stablecoin, a move that could significantly impact the stablecoin market and the broader financial sector. The announcement, delivered by CEO Brian Moynihan, underscores the bank’s interest in the burgeoning stablecoin market and its desire to
Recent allegations have cast a shadow over ActBlue, raising crucial questions about the platform's legitimacy and transparency in political fundraising. Known for funneling significant funds to left-wing movements and Democratic campaigns, ActBlue is now under scrutiny following claims of financial
With enforcement actions, consent orders, and written agreements reaching unprecedented levels, banks are increasingly in search of swift solutions to regain normalcy. Enforcement actions bear the potential to hinder a bank's growth, product launches, or acquisitions. For instance, one bank was
