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AML / KYC
US Recovers $60m in 1MDB Funds from Najib Razak’s Stepson
By Editors | 06/09/2020
The assets recovered include luxury real estate in Beverly Hills, New York and London, a Kentucky maintenance company, and a 1927 promo poster for the film “Metropolis”.
AML / KYC
BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft
By Sanday Chongo Kabange | 05/09/2020
Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.
AML / KYC
SWIFT Details How Cyber Criminals Encash Stolen Funds
By Editors | 03/09/2020
In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.
AML / KYC
BNM Issues Guidance Documents on AML/CFT Obligations
By Editors | 02/09/2020
Guidance is provided for financial institutions, DNFBPs and NBFIs on AML/CFT and targeted financial sanctions, customer due diligence and beneficial ownership.
AML / KYC
US DOJ Files Civil Forfeiture Complaint to Recover Stolen Crypto
By Manesh Samtani | 31/08/2020
The two crypto exchange hacks detailed in the complaint are linked to the same group of Chinese actors who laundered over $250mn in stolen cryptocurrency for North Korea in 2018.
AML / KYC
Trade-based Money Laundering: Avoiding Murky Waters
By Jamil Ahmed | 31/08/2020
HSBC Singapore’s Jamil Ahmed calls for continued vigilance, the use of technology, and participation in public-private partnerships to mitigate trade-based money laundering risks.
AML / KYC
US Agencies Warn of North Korean ATM Cash-out Threat
By Manesh Samtani | 30/08/2020
The hacking team uses various techniques to gain access to banks’ SWIFT terminals to enable wire fraud or their payment switch application servers to enable ATM cash-outs.
AML / KYC
ASIC Ends Years-old Probe into CBA’s AML Breaches
By Editors | 26/08/2020
ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.
AML / KYC
US Sanctions Chinese Individuals, Entities Over South China Sea
By Editors | 26/08/2020
The US accuses one Chinese state-owned enterprise of engaging in “corruption, predatory financing, environmental destruction, and other abuses across the world.”
AML / KYC
SFC Grants In-principle Approval to Virtual Asset Trading Platform
By Editors | 23/08/2020
Once conditions for final approval are satisfied, OSL will be able allowed to operate a brokerage and automated trading service for digital assets.
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