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AML / KYC
Enforcement
US SEC Fines Deutsche Bank Securities for Late SAR Filings
By Editors | 24/12/2024
The SEC said the firm took months or years to conduct or complete investigations prompted by law enforcement or regulatory requests.
Big Picture
Europol Examines Criminal Abuse of Legal Business Structures
By Manesh Samtani | 24/12/2024
New Europol report details how legal business structures are used to enable and disguise organised crime and launder criminal proceeds.
AML / KYC
Australia Reviews Tax Regulator Secrecy Exceptions
By Editors | 24/12/2024
Feedback is sought on allowing the ATO or TPB to share protected tax information for purposes such as fraud prevention.
Enforcement
US Regulator Files Lawsuit Targeting Zelle and Three Major Banks
By Editors | 24/12/2024
The CFPB says JPMorgan, BofA and Wells Fargo failed to implement anti-fraud safeguards on Zelle, resulting in $870mn in losses to customers over 7 years.
AML / KYC
Wolfsberg Group Issues Payment Transparency Roles & Responsibilities Guidance
By Editors | 23/12/2024
The guidance aims to help PSPs, regulators, and standard-setters understand their respective obligations in ensuring payment transparency.
AML / KYC
Singapore Officials Apologise for Exposing NRIC Numbers
By Manesh Samtani | 22/12/2024
The mishap was attributed to a “miscommunication”. Banks, insurers reviewing NRIC practices. Security and privacy concerns persist.
AML / KYC
FMA Launches Legal Action Against InvestNow for Breaching AML Rules
By Editors | 22/12/2024
The FMA said it considers failures by retail investment platform InvestNow to be “significant and, in some respects, systemic.”
AML / KYC
INTERPOL Calls for Shift Away from ‘Dehumanising’ Term ‘Pig Butchering’
By Manesh Samtani | 22/12/2024
INTERPOL argues that the term dehumanises and shames victims of such frauds, deterring them from coming forward to seek help and provide information to authorities.
Crypto / Digital Assets
OFAC Sanctions Two for Funnelling Illicit Proceeds to North Korea
By Editors | 18/12/2024
The two individuals are part of a network led by Sim Hyon Sop, a sanctioned China-based banking representative who helps North Korea launder money.
Sanctions
OFAC Sanctions 20 Targets Linked to Global Drug Trafficking
By Editors | 18/12/2024
The sanctions targets, located across seven countries, include Australian David Thackray and New Zealander Ho Kai Leung.
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