Fed Bars Two Former Bank Employees Over Customer Fund Theft
The Federal Reserve barred two former bank employees after consent orders described unauthorized withdrawals from elderly customers and theft from bank cash.
Category: Risk, Fraud & Controversies
New York Sues Kalshi Over Alleged Illegal Gambling Operation
New York alleges Kalshi operated an unlicensed gambling platform, accepted wagers from 18-to-20-year-olds and lacked state-mandated safeguards.
Apple Sued Over Fake Sparrow Wallet App and $1.8M Loss Claim
Three users allege Apple’s App Store distributed a fake Sparrow Wallet app that led to more than $1.8 million in bitcoin losses.
CFTC Fines UBS $8 Million Over AML Monitoring Failures
The CFTC fined UBS Financial Services $8 million after finding that foreign-currency wires were omitted from or inadequately covered by AML monitoring.
UK Bank Transfer Delays Expose Duplicate-Payment Risk
Transfer problems reported across several UK banks left customers uncertain whether payments had failed, creating a risk that retries could duplicate transactions.
OCC Denies Wise Trust Bank Charter Over AML and Governance Gaps
The OCC rejected Wise’s proposed U.S. trust bank, citing unresolved AML weaknesses, insufficient management expertise and significant compliance concerns.
Zelle Must Face New York Fraud-Control Lawsuit
A New York judge refused to dismiss the state attorney general’s case against Zelle operator Early Warning Services, keeping fraud-control and marketing claims alive.
UK BNPL Rules Put Third-Party Lenders Under FCA Oversight
The UK now regulates third-party deferred-payment lenders, adding authorisation, affordability and customer-support duties while leaving merchant-own credit exempt.
Fortris Accused of Processing Offshore Betting Payments for U.S. Customers
A source accuses Fortris of processing payment flows for offshore betting companies serving U.S. customers outside licensed state markets, raising questions about gaming-payment controls.