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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.
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.
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