AML / KYC

AML / KYC

Singapore Jails Former Healthcare Execs for Defrauding Banks

By Ranamita Chakraborty | 22/08/2024

Maybank, Standard Chartered, DBS, UOB, Citibank, and HSBC were defrauded of SGD 69 million through the use of forged documents.

Enforcement

Polish National Arrested in Montenegro for Crypto Fraud

By Mark Johnston | 22/08/2024

Both Poland and South Korea are seeking the extradition of crypto founder Roman Zimian to face fraud and money laundering charges.

AML / KYC

Singapore Advisory Panel Calls for Stronger Penalties to Deter Scams

By Nithya Subramanian | 22/08/2024

The panel recommends a minimum six-month jail term for those who allow scammers to control their Singpass or bank accounts.

AML / KYC

BNM Launches Integrated Platform to Help FIs Combat Fraud

By Jaya Prakash Balakrishnan | 22/08/2024

The platform allows automated fund tracing and recovery, information sharing and collaboration, and data-driven mule assessments.

Market Infrastructure

ASIC Finds Lack of Maturity in Banks’ Scam Strategies

By Sanday Chongo Kabange | 21/08/2024

ASIC conducted a review of scam strategies and governance at 15 non-big-four banks, finding a “less mature approach” than expected.

AML / KYC

Singapore Freezes 300 Suspicious OCBC Accounts, Seizes S$1.8m

By Nithya Subramanian | 21/08/2024

A joint operation revealed bank accounts were used to layer scam proceeds, which obscured fund sources and facilitated money laundering.

Enforcement

HK Court Jails Ex-Sunway Employee for Laundering $125m

By Sanday Chongo Kabange | 21/08/2024

The court sentenced a personal assistant to five years in prison for helping his boss unlawfully obtain loans from a listed company and launder the proceeds.

AML / KYC

Banks Exercise Caution in Transition to AI-Based AML Systems

By Bradley Maclean | 20/08/2024

Participants at a recent Regulation Asia roundtable in Hong Kong expressed caution, but also optimism, about the use of AI for AML purposes.

AML / KYC

China, US Exchange Letters of Cooperation on Financial Stability

By Editors | 20/08/2024

PBOC and US Treasury officials agreed to strengthen information sharing and coordinate in times of financial stress and operational resilience issues.