Brazil Targets Banks, Fintechs in Laundering Crackdown (1)

São Paulo’s Faria Lima Avenue, Brazil’s financial hub, was on high alert on Thursday as police raided firms allegedly tied to a massive criminal scheme.

Dozens of patrol cars surrounded buildings in the district known as the country’s Wall Street, as investigators searched offices linked to a criminal group accused of using investment funds to hide illicit assets.

While the police investigation covered the penetration of organized crime into the fuel distribution business, it also delved into the way criminal gangs are tapping into fast-growing segments of the finance industry.

Funds overseen by Banco Genial SA were among the targets, ...