AML / KYC

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.

AML / KYC

AUSTRAC Sues Online Betting Site Operator Entain for AML Breaches

By Sanday Chongo Kabange | 17/12/2024

AUSTRAC CEO said the failures in Entain’s approach to its AML/CTF obligations were “systemic” and “left the company at serious risk of criminal exploitation”

AML / KYC

Singapore Plan to Unmask NRIC Numbers Raises Privacy Concerns

By Manesh Samtani | 17/12/2024

Singapore’s government says NRIC numbers will be made public and should be used the same way people use their names.

AML / KYC

Malaysia Advances Bill to Amend Trustee Act for AML/CFT

By Editors | 17/12/2024

The amendments will impose AML/CFT obligations on trustees, including requirements to maintain records on beneficial ownership.

AML / KYC

AUSTRAC Sets AML/CTF Improvement Priorities for Reporting Entities

By Sanday Chongo Kabange | 17/12/2024

AUSTRAC said wider board involvement is needed on ML/TF matters and firms should use tailored rules and triggers to prioritise high-risk investigations.

Enforcement

ASIC Sues HSBC for Failing to Protect Customers from Scams

By Sanday Chongo Kabange | 16/12/2024

ASIC says HSBC contravened the Corporations Act and Credit Act and caused customers to lose A$23mn from unauthorised payments.

AML / KYC

Scam Loss Sharing Framework Takes Effect in Singapore

By Manesh Samtani | 16/12/2024

The framework requires FIs and telcos to pay compensation to victims of phishing scams if they breach certain scam prevention duties.