AML / KYC

Enforcement

19 Year Old Pleads Guilty for Involvement in OCBC Phishing Scams

By Editors | 24/04/2023

The youth is the sixth individual to be convicted among those accused of being involved in phishing scams.

AML / KYC

ChatGPT Could ‘Turbocharge’ Fraud and Scams: US FTC Chair

By Editors | 23/04/2023

The FTC plans to use existing authorities to pursue companies who misuse AI to violate laws against unfair and deceptive acts.

AML / KYC

Taiwan Targets Misleading Online Financial Advertisements

By Sanday Chongo Kabange | 23/04/2023

Meta is said to be addressing scams “more efficiently” than Google, after Taiwan regulators asked both to remove misleading financial ads from their platforms.

AML / KYC

European Parliament Gives Final Approval on MiCA Law

By Manesh Samtani | 21/04/2023

MiCA is expected to come into force around July; provisions relating to stablecoins from July 2024; and provisions relating to CASPs and the travel rule from January 2025.

AML / KYC

Australia Opens Consultation on ‘Tranche 2’ AML Reforms

By Sanday Chongo Kabange | 21/04/2023

The proposed reforms will extend the AML/CTF regime to lawyers, accountants, trust and company service providers, real estate agents, and dealers in precious metals and stones.

AML / KYC

BNM, FICG to Co-host AML/CFT Hackathon in June

By Editors | 21/04/2023

The hackathon will be hosted with regional FIU body FICG to “search for creative solutions to curb financial crimes, particularly scams”.

AML / KYC

FATF Reiterates Calls for Global Adoption of Crypto AML Rules

By Editors | 20/04/2023

At a meeting in Tokyo last week, officials and the private sector discussed global progress and challenges in regulating virtual assets.

AML / KYC

ASIC Calls on Banks to Reconsider Approach to Scams

By Editors | 20/04/2023

Only 13 percent of scam payments made by customers were detected and stopped by the big four banks. Customers were “overwhelmingly” the bearer of scam losses.

AML / KYC

Malaysia to Re-evaluate Goldman Settlement Over 1MDB

By Editors | 19/04/2023

The government believes the 2020 deal “was done hastily” and could have resulted in more public funds being recovered.