AML / KYC

AML / KYC

HK Customs “Smashes” Syndicate That Laundered HK$6b

By Editors | 18/01/2023

A money laundering operation centre was being run from an apartment at a large private housing estate. The syndicate was “successfully smashed”.

AML / KYC

UK Linked ‘Golden Visas’ to Crime Years Ago

By Editors | 18/01/2023

A review commissioned in 2018 and “kept secret for years” found a disproportionate number of golden visa applicants were from countries identified as high risk.

Crypto / Digital Assets

BitConnect Victims Receive $17mn Restitution from Crypto Fraud

By Editors | 16/01/2023

BitConnect was an online crypto lending platform that collapsed in 2018, causing investor losses estimated at over USD 2.4 billion.

AML / KYC

Illicit Crypto Transactions Reached All-time High in 2022

By Editors | 15/01/2023

Chainalysis says 44 percent of 2022’s illicit transaction volume came from activity associated with sanctioned entities, including sanctioned crypto exchange Garantex.

AML / KYC

FATF Publishes Consolidated Table of Assessment Ratings

By Editors | 15/01/2023

FATF members reportedly blocked proposals that could have more meaningfully reformed the process for adding countries to the blacklist and greylist.

AML / KYC

CSRC Official Faces Criminal Prosecution for Corruption

By Editors | 15/01/2023

The former head of the CSRC’s Shandong branch was found to have accepted gifts and bribes and engaged in illegal stock trading.

AML / KYC

GCFFC Establishes APAC Regional Chapter

By Editors | 13/01/2023

The APAC Chapter is led by DBS Bank’s Debra Au and Westpac’s Jodie Arthur serving as co-chairs, and Napier’s Robin Lee serving as vice chair.

AML / KYC

UK FCA Penalises Qatar’s Al Rayan Bank for AML Failures 

By Editors | 13/01/2023

The bank had no policy for handling large deposits and did not conduct an internal audit of its financial crime unit over an 8-year period, among other weaknesses.

AML / KYC

Financial Crime: Threats, Challenges, and Priorities for 2023

By Manesh Samtani | 12/01/2023

RUSI’s Tom Keatinge discusses the continuing focus on fraud and scams in Asia, and work underway on asset recovery, sanctions, and environmental crime.