AML / KYC

AML / KYC

Singapore Makes Sixth Conviction in Money Laundering Case

By Nithya Subramanian | 15/05/2024

Turkish national Vang Shuiming was sentenced to “13 months and six weeks” imprisonment and required to forfeit S$179mn in assets.

AML / KYC

FATF, UNODC, INTERPOL Issue Joint Call to Action

By Editors | 14/05/2024

Countries are asked to step up their efforts to target the illicit profits generated by transnational organised crime.

Enforcement

Australian Court Dismisses Class Action Against CBA

By Editors | 14/05/2024

The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

AML / KYC

NZ Updates AML Guidance on Russia Sanctions

By Sanday Chongo Kabange | 14/05/2024

AML/CFT reporting entities that are duty holders under the Russia Sanctions Act must notify customers of asset freezes or blocked transactions.

AML / KYC

Canada: FINTRAC Fines Binance for Regulatory Violations

By Editors | 14/05/2024

Binance failed to report almost 6,000 crypto transactions larger than CAD 10,000 over the two years to July 2023.

AML / KYC

Singapore Jeweller Charged for Not Performing CDD Checks

By Nithya Subramanian | 13/05/2024

The jeweller failed to undertake customer due diligence checks when there was reason to suspect money laundering.

AML / KYC

1MDB and Subsidiaries Sue Former PM’s Wife for $346mn

By Nithya Subramanian | 13/05/2024

The lawsuit alleged that funds from 1MDB and its subsidiaries were used by Najib Razak’s wife to purchase luxury goods.

AML / KYC

New Zealand DIA Issues Formal AML Warning to Lawyer

By Sanday Chongo Kabange | 13/05/2024

The lawyer failed to establish, implement and maintain an AML/CFT programme, conduct on-going CDD, and report transactions.

AML / KYC

Taiwan Progresses New Anti-Fraud Legislative Package

By Editors | 12/05/2024

The legislative extends fraud prevention obligations to VASPs, telecom companies, and internet advertising platforms, among others.