AML / KYC

AML / KYC

US Real Estate the ‘Preferred’ Money Laundering Destination: GFI

By Ranamita Chakraborty | 13/08/2021

Lawyers, real estate agents, investment advisers, and bank employees have repeatedly facilitated money laundering through US real estate by HNWIs and PEPs.

AML / KYC

ICAC Charges Company Director for Fraud, Money Laundering

By Sanday Chongo Kabange | 13/08/2021

The director faces charges for defrauding BOCHK into making L/C payments to a supplier and then laundering the proceeds back to his own company.

AML / KYC

BitMEX to Pay $100m in Civil Penalties for US Regulatory Breaches

By Editors | 12/08/2021

BitMEX unlawfully accepted orders and funds from US customers to trade cryptocurrencies and failed to have in place an AML and user verification programme.

AML / KYC

HKMA Issues “Mandate” for Innovation in AML/CFT

By Manesh Samtani | 12/08/2021

The HKMA will launch interactive lab sessions to experiment with new technologies and emerging data analytics techniques, with an initial focus on network analytics and NLP.

Securities / Derivatives

Singapore Sees Resurgence of ‘Pump and Dump’ Scams

By Editors | 11/08/2021

Seven victims recently bought more than 49,000 shares in a US-listed company based on the recommendation of an “expert” and lost over $1mn within two days.

AML / KYC

DeFi Accounts for Majority of Crypto Hacks, Frauds in 2021

By Sanday Chongo Kabange | 11/08/2021

In H1 2021, DeFi accounted for 76% of major crypto hack volume and 54% of major crypto fraud volume, according to CipherTrace.

AML / KYC

Chinese Nationals Face US Jail For Laundering Drug Money

By Editors | 11/08/2021

Six Chinese nationals face jail for conspiracy to launder money for El Chapo-linked drug cartels, using casinos, front companies, and false passports.

AML / KYC

SFC Finalises Investor ID, OTC Securities Reporting Regimes

By Manesh Samtani | 11/08/2021

The investor identification regime is expected to be launched in H2 2022. The securities transactions reporting regime will go live in H1 2023.

AML / KYC

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.