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

This week we begin with the Consumer Financial Protection Bureau (CFPB) imposes a USD 60 million fine on Toyota’s financing arm for its involvement in a car loan scam, highlighting deceptive practices. Furthermore, we shed light on how Shakira confronts tax fraud accusations related to unreported income amid a legal battle over her residency status in Spain, potentially leading to a trial and fines.

In another story, Binance CEO Changpeng Zhao is under investigation for potential connection to money laundering; regulatory concerns arise around the cryptocurrency exchange’s practices. Moving on the Indian Income Tax Department reveals a massive INR 10,000 crore tax fraud scheme perpetrated by sellers on Facebook and Instagram, signaling increased scrutiny of digital transactions

Moving forth, DGGI launched an investigation into Qatar Airways over alleged INR 57 billion tax fraud, revealing potential financial misconduct within the airline company Lastly, the Justice Department announced the conviction of pharmacy owners and a doctor in a USD 145M health care fraud, money laundering, and tax evasion case.