AML / KYC

Tokenisation Will Improve Correspondent Banking Model: BIS Paper

By Manesh Samtani | 01/06/2024

The next generation of correspondent banking will make “previously closed corridors economically viable once again”.

AML / KYC

Singapore Hands Down 8th Sentence in Money Laundering Case

By Nithya Subramanian | 31/05/2024

Chinese national Lin Baoying has been sentenced to 15 months in jail and will forfeit 90% of the S$170.5mn of assets seized from her.

AML / KYC

Switzerland Fines UBS for Yemen-Linked AML Failures

By Editors | 31/05/2024

The bank failed to perform its due diligence obligations and to report suspicious transactions linked to Yemen’s former president.

AML / KYC

Swift Announces Industry Partnership to Combat Fraud With AI

By Editors | 31/05/2024

FIs will share data with privacy-preserving controls so that AI can be used to detect fraud patterns from a “much richer dataset”.

AML / KYC

European Council Adopts New AML Regulatory Package

By Nithya Subramanian | 31/05/2024

This is the final step of the adoption procedure. The texts will now be published in the EU’s Official Journal and enter into force.

AML / KYC

AUSTRAC Accepts Enforceable Undertaking from Sportsbet

By Sanday Chongo Kabange | 30/05/2024

The undertaking binds the online betting company to an ongoing remedial action plan to improve its AML/CTF programme.

AML / KYC

Singapore Publishes Environmental Crimes ML Risk Assessment

By Nithya Subramanian | 30/05/2024

Singapore is assessed to be at medium-low risk for money laundering linked to environmental crimes.

AML / KYC

ASIC to Launch New Professional Registers Search in June

By Sanday Chongo Kabange | 30/05/2024

The platform will allow users to search for a licence or registration across multiple registers with a single search.

Crypto / Digital Assets

Authorities Take Down “World’s Largest” Malicious Botnet

By Editors | 30/05/2024

US authorities, with international partners, arrested the botnet’s administrator and seized infrastructure and assets.

AML / KYC

Hong Kong Arrest 20 in Triad-Run Money Laundering Scheme

By Sanday Chongo Kabange | 28/05/2024

The HKPF arrested 20 people for laundering HK$10mn through 17 bank accounts set up by foreign domestic helpers and controlled by triads.

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