AML / KYC

Crypto / Digital Assets

Chinese Authorities Dismantle $2.2b Underground Banking Operation

By Editors | 27/12/2023

The operation involved the use of overseas crypto platforms to exchange foreign currency. 74 suspects were arrested and their electronic devices and bank cards seized.

AML / KYC

Wirecard Investors File Lawsuit Against EY in Munich

By Nithya Subramanian | 27/12/2023

The group of investors alleged that EY did not ensure accuracy of accounts and claimed EURO 700 million as damages.

Big Picture

“No Threshold” Approach Way Forward for Beneficial Ownership Frameworks

By Ranamita Chakraborty | 27/12/2023

Experts recommend proper legal frameworks, comprehensive verification processes, and international cooperation, to improve the effectiveness of beneficial ownership systems.

AML / KYC

Singapore Authorities Warn of Scammers Posing as MAS Officers

By Mark Johnston | 22/12/2023

The scammers accuse victims of being involved in criminal activities before asking them to transfer money to designated “security accounts”.

AML / KYC

FinCEN Issues Final Rule on Access to Beneficial Ownership Information

By Manesh Samtani | 22/12/2023

The final rule prescribes the circumstances under which BOI may be disclosed, including to FIs and foreign governments, and how it must be protected.

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.