AML / KYC

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    Crypto / Digital Assets

    India Demands $86m in Back Taxes from Crypto Giant Binance

    By Ajoy K Das | 06/08/2024

    Binance is said to have earned more than $476mn in transaction fees from Indian customers between July 2017 and March 2024.

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    AML / KYC

    MAS to Require Family Offices to Undergo Screening Process

    By Ranamita Chakraborty | 06/08/2024

    From 1st October, Singapore-based family offices must complete a screening process with approved providers to qualify for tax incentives.

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    Enforcement

    Hong Kong’s Insurance Authority Fines AIA for AML Lapses

    By Sanday Chongo Kabange | 06/08/2024

    The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

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    Enforcement

    HK Court Convicts Ex-Sunway Employee for Money Laundering

    By Sanday Chongo Kabange | 06/08/2024

    The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

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    Enforcement

    Switzerland Announces $152mn Penalty Order Against Glencore

    By Editors | 06/08/2024

    The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.

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    AML / KYC

    MAS Consults on Suspension of Certain China Remittance Channels

    By Nithya Subramanian | 06/08/2024

    MAS proposes to continue with the suspension announced last December and to expand its scope to include legal entities.

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    Enforcement

    Singapore Recovers $40 Million in Email Scam Bust

    By Nithya Subramanian | 05/08/2024

    Collaboration between the SPF, Timor-Leste authorities and INTERPOL led to the largest business email compromise scam recovery.

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    Fintech / Regtech

    RBI Proposes New Framework on Digital Payments Authentication

    By Ajoy K Das | 04/08/2024

    The draft framework would require all digital payment transactions to be authenticated with AFA unless otherwise exempted.

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    Enforcement

    UK SFO Charges Ex-Glencore Employees Over Bribery Scheme

    By Editors | 03/08/2024

    Five former Glencore employees are charged with conspiring to make corrupt payments to benefit the company’s oil operations in West Africa.

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    Fintech / Regtech

    RBI Issues Draft Rules for Aadhar-enabled Payment Systems

    By Ajoy K Das | 03/08/2024

    The draft rules focus on onboarding and ongoing due diligence of AePS touchpoint operators to prevent fraud.

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