AML / KYC

Enforcement

Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB

By Mark Johnston | 22/12/2023

At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.

Enforcement

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.

Enforcement

ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors

By Sanday Chongo Kabange | 21/12/2023

Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.

AML / KYC

NZBA Issues Update on Anti-Scam Initiatives

By Editors | 21/12/2023

The first phase of the new national Anti-Scam Centre is “now live”, focusing on sharing information on money mules.

Enforcement

INTERPOL: $300m in Assets Seized in Latest HAECHI Operation

By Mark Johnston | 20/12/2023

The latest HAECHI operation resulted in nearly 3,500 arrests and the blocking of over 82,000 bank accounts linked to cyber-enabled scams.

AML / KYC

MAS Boosts Due Diligence Checks for SFO Tax Incentive Applicants

By Ranamita Chakraborty | 20/12/2023

To combat money laundering risks, MAS plans to deploy a panel of “specialised firms” to scrutinise individuals and entities associated with SFOs.

AML / KYC

HK ICAC Charges Two in Bribery Case Involving ICBC Unit

By Editors | 20/12/2023

A shipping consultancy director bribed a former executive of ICBC Financial Leasing to secure a consultancy contract for an iron ore shipping project.

AML / KYC

Japan FSA Issues AML/CFT Guidelines for CPAs, Auditors

By Mark Johnston | 19/12/2023

The guidelines require CPAs to verify client identities, keep 7 years of transaction records, provide AML/CFT training to staff, and report suspicious transactions.

AML / KYC

SEBI Simplifies Rules for Obtaining ‘Accredited Investor’ Status

By Ajoy K Das | 19/12/2023

Certain documentary requirements are removed, certification will be granted based solely on KYC and financial information, and the validity period is lengthened.