AML / KYC

AML / KYC

China Fines Bohai Bank for Third Time This Year

By Editors | 16/03/2023

The PBOC fined China Bohai Bank for committing 12 regulatory violations. The bank was fined twice last month for different violations.

AML / KYC

US, German Authorities Coordinate on Takedown of Crypto Mixer

By Editors | 16/03/2023

Authorities dismantled ChipMixer’s infrastructure and seized four servers, about USD 46 million worth of bitcoin, 7 TB of data, two domains, and a Github account.

AML / KYC

FATF Publishes First Comprehensive Report on Ransomware

By Manesh Samtani | 16/03/2023

The report says the payment and subsequent laundering of ransomware proceeds is “almost exclusively conducted through virtual assets”.

Crypto / Digital Assets

Crypto-related Crime in Australia: What Court Records Tell Us, and What Lies Ahead

By Angela Ang | 16/03/2023

Angela Ang considers findings from the first empirical study of crypto-related court cases in Australia, and what this means the crypto crime and enforcement landscape.

AML / KYC

HKIMR Report Explores GBA Cross-border Payments Challenges

By Editors | 16/03/2023

A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

AML / KYC

UK to Start Collecting New Economic Crime Levy from July

By Editors | 15/03/2023

The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

AML / KYC

AUSTRAC Launches Specialist AML Unit for Gambling Sector

By Editors | 13/03/2023

AUSTRAC reportedly warned gambling industry officials it had “identified serious non-compliance in a number of businesses”.

AML / KYC

FATF Finalises Revisions to Recommendation 24 Guidance

By Editors | 13/03/2023

The guidance will assist policymakers and practitioners to prevent bad actors from using shell companies for illicit activity.

AML / KYC

Former Malaysian PM Muhyiddin Charged With Corruption

By Editors | 13/03/2023

Former prime minister Muhyiddin Yassin was charged with four counts of abuse of power and three counts of money laundering.