Anti-Money Laundering

UK Trial Commences in £5bn Bitcoin Money Laundering Case

01/02/2024

Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

Anti-Money Laundering

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

Trading & Investment

Chinese State-backed Investors on ETF Buying Spree – Reports

01/02/2024

There have been “large and unusual flows” into ETFs tracking the CSI 300 this month, likely from state-backed investors.

Data Privacy

Australia-US Agreement on Electronic Data Access Comes Into Force

01/02/2024

The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.

Fraud, Scams & Cybercrime

Korea Passes Bill Strengthening Penalties for Insurance Fraud

01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Cryptocurrency

Crypto Lender Celsius Network Emerges from Bankruptcy

31/01/2024

Celsius, which filed for bankruptcy in July 2022, has commenced distributions of over $3bn of crypto and fiat to creditors.

CBDCs

UAE Completes First Cross-border Payment Using CBDC

31/01/2024

The transaction was sent to China through the “mBridge” platform, developed by the BIS Innovation Hub, HKMA, CBUAE, BOT, and PBOC.

Fraud, Scams & Cybercrime

NYAG Sues Citi for Failing to Protect Customers from Fraud

31/01/2024

NYAG says Citi does not implement strong anti-fraud defences, misleads account holders about their rights, and illegally refuses to reimburse fraud victims.

PEPs & Sanctions

OFAC Sanctions Egypt, Turkey Nationals for Supporting ISIS

31/01/2024

Two Egyptian nationals created an online platform that provided instructions on donating funds to ISIS-affiliated entities.