Fraudulent Wire Transfers

Wire Stripping: What is Old is New Again

by Joseph D. Gustavus, Jeffrey Richardson | Miller Canfield on 1/29/2013

Recently, Standard Chartered Bank (SCB) was in the news again for stripping original wire details so that payments would go undetected by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC)....more

The HSBC AML Settlement - Lessons Learned for the AML Compliance Practitioner

by Thomas Fox on 1/14/2013

I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more

CSBS Joins With Federal Authorities To Combat Corporate Account Takeover

by BuckleySandler LLP on 12/19/2012

On December 7, the Conference of State Bank Supervisors announced a joint effort with the U.S. Secret Service (Secret Service) and the Financial Services-Information Sharing and Analysis Center (FS-ISAC) to assist financial...more

When Banks Are on the Hook for Cybertheft

by Bernstein Shur on 12/5/2012

This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell. Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have...more

After Sanford company’s money stolen, court rules banks are responsible if hacked

by Bernstein Shur on 12/5/2012

This BDN Maine article features Bernstein Shur Attorney Dan Mitchell. SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and...more

The Tale of Two Banks: Final Settlement in Maine Bank Security Practices Case and a Failure of Bank Security Procedures in Florida

by Mintz Levin - Privacy & Security on 12/5/2012

In a case that we have written about, People’s United Bank of Maine has agreed to pay about $ 390,000 to settle a claim that its security practices allowed unauthorized persons to withdraw funds from a construction company’s...more

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