Welcome to our weekly newsletter that provides the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.

This week we begin with The SEC alleges a firm committed staggering fraud, misappropriating investor funds, leading to legal action against the company for violating securities laws. Furthermore, the founder of Nikola, Trevor Milton, has been sentenced to four years in prison for his role in a fraud scheme, marking a significant development in the ongoing legal saga.

Moving on In a coordinated global effort, law enforcement agencies arrested 3,500 individuals and seized USD 300 million, dismantling online fraud operations. In another story, the US Office of the Comptroller of the Currency (OCC) imposes a USD 15 million fine on a bank for unfair practices and violations related to regulatory statements.

Moving forth Ex-Atlanta assistant attorney, Shelitha Robertson could receive a 90-year sentence for embezzling USD 7 million in COVID relief funds, committing fraud against the Paycheck Protection Program. Lastly, Moldova’s parliament dismisses the Central Bank chief over involvement in a USD 1 billion fraud scandal, signaling a response to financial misconduct within the country’s banking sector.