AML / KYC

AML / KYC

OFAC Sanctions Cambodian Tycoon for Scam Centre Operations

By Manesh Samtani | 13/09/2024

Billionaire Ly Yong Phat was sanctioned for his role in human trafficking and human rights abuses tied to scam centre operations he controls in Cambodia.

AML / KYC

Swedish Court Sentences Former Swedbank CEO to Jail Term

By Nithya Subramanian | 13/09/2024

Birgitte Bonnesen was sentenced to 15 months in prison for providing misleading information about Swedbank’s money laundering issues in Estonia.

AML / KYC

Japan Backs FSB Plan to Streamline Cross-border Payments

By Thisanka Siripala | 12/09/2024

However, the Japanese Bankers Association is calling for incentives to help boost the adoption of LEIs, which are currently costly and complex to implement.

AML / KYC

GCFFC Calls for Better Access to Global Beneficial Ownership Data

By Manesh Samtani | 12/09/2024

In a new report, the GCFFC outlines key considerations for building technological systems to standardise the collection and publication of BO data across jurisdictions.

Enforcement

Singapore to Issue First Charges Under New Anti-Scam Laws

By Nithya Subramanian | 12/09/2024

Around 40 individuals will be charged with new offences under the CDSA and CMA for selling their bank accounts and Singpass credentials.

AML / KYC

UK FCA to Update Guidance on Addressing Suspicious Payments

By Manesh Samtani | 12/09/2024

The updated guidance aims to support a new policy that will enable PSPs to delay payments when fraud or dishonesty is suspected.

Crypto / Digital Assets

UK FCA Charges Man for Operating Illegal Crypto ATM Network

By Nithya Subramanian | 12/09/2024

The London resident is the first individual to be criminally prosecuted for unregistered crypto activity in the UK.

Enforcement

Singapore Police Nab 6 Men Linked to Global Cybercrime Syndicate

By Nithya Subramanian | 11/09/2024

The men, suspected of conducting global malicious cyber operations from Singapore, were arrested in an operation involving 160 police officers.

AML / KYC

Australia Introduces AML/CTF Reform Bill to Parliament

By Sanday Chongo Kabange | 11/09/2024

The amendment bill will bring tranche 2 entities into scope and modernise the regulation of virtual assets and payments tech.