$73M HSBC Fine, FinCEN Sticker Shock, and China Bitcoin Fraud

1/30/24

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Hello! It’s January 30, and we’re tracking today's top stories: HSBC failed to protect $142B in deposits, preparing for beneficial ownership database will cost banks millions, a $6B Bitcoin fraud from China, hacked up bodies from gang war found in vehicles on Mexico's gulf coast, and much more...

Catch up on ALL the news at Illicit Edge...

Featured Story

🎯 HSBC failed to protect $142B in deposits. The penalty is the second-biggest ever imposed by the PRA, behind only the 87M pound fine last July against Credit Suisse. AP

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🌎 Woman tried in London over alleged bitcoin laundering from $6.3B China fraud. Wen Jian is charged with helping to hide the source of money stolen from nearly 130,000 Chinese investors. Reuters

🌎 Undetermined number of hacked-up bodies found in vehicles on Mexico's Gulf coast. Grupo Sombra is a faction of the now-splintered Gulf cartel battling Jalisco for turf in the northern part of Veracruz. AP

🌎 The Turkish terminal helping disguised Russian oil reach Europe. For most of its existence, the Dörtyol terminal had been a relatively sleepy business, focused on exporting Iraqi crude. FT

🌎 Senior US Treasury official travels to Iraq to counter illicit finance. The US on Monday identified Iraq's Al-Huda Bank as a foreign financial institution of primary money laundering concern. Reuters

🌎 Iraq Is Choking Off Billions in US-Backed Oil Exports. Businesses Are Imploring Congress To Help Free Beacon

🌎 FBI and DOJ use court order to disrupt Chinese hacking targeting key US infrastructure. The court order permits DOJ to update vulnerable software used by thousands of China-exposed devices. CNN

🌎 A new era for international cybercrime. The final negotiating session of the U.N.’s international cybercrime treaty five years in the making is upon us. Politico

🚩 Treasury Designates ISIS Cyber Facilitators and Trainers U.S. Treasury

🌎 Iranian man and two Hells Angels accused in murder-for-hire plot in U.S. A hitman promised to shoot targets and "erase his head from his torso," according to indictment. NBC

📕 Corruption Perceptions Index 2023 TI

IN THE NEWS

Sanctions

💥 US reimposes some sanctions on Venezuela over ban on opposition candidates ABC

💥 Treasury Takes Action to Protect Iraqi Financial System From Abuse U.S. Treasury

💥 US designates former Sudanese minister under war crimes reward program U.S. State Department

💥 Europe sanctions Russian internet censorship agency and its leader Record

China

🇨🇳 TikTok Pledged to Protect U.S. Data. $1.5 Billion Later, It’s Still Struggling WSJ

🇨🇳 Teradyne pulled $1B worth of manufacturing from China amid US export controls Reuters

🇨🇳 Lawmakers want US to probe four Chinese firms involved in Ford battery plan Reuters

Russia

🇷🇺 Secret Putin Home May Have Just Been Discovered Newsweek

🇷🇺 EU moves slowly toward using profits from frozen Russian assets to help Ukraine AP

🇷🇺 Putin lets 'economically significant' entities limit information disclosures Reuters

Crypto & Cyber

🔐 A Backdoor Regulatory Option Haunts U.S. Crypto CoinDesk

🔐 DOJ and SEC unveil charges in $1.9B HyperFund cryptocurrency fraud CNBC

🔐 Encrypted Phone ‘Sky’ Linked to Murder-for-Hire Plot in Maryland 404

Corruption & Financial Crime

💸 Saudi Arts Hub CEO Arrested For Money Laundering AFP

💸 Former Pakistan Prime Minister Imran Khan sentenced to 10 years in prison CNN

💸 Con artist accused of stealing $100M from Army to spend on luxe homes, cars is allowed to retire with full benefits: ‘I earned it’ NYP