AML / KYC

AML / KYC

Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages

By Sanday Chongo Kabange | 09/06/2021

Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.

AML / KYC

Australians Lost a Record A$851mn to Scams Last Year: ACCC

By Ranamita Chakraborty | 09/06/2021

Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.

AML / KYC

China Steps Closer to Law to Protect Against US Sanctions

By Editors | 09/06/2021

A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.

Enforcement

Philippine Prosecutors File Criminal Complaints Over Wirecard Fraud

By Ranamita Chakraborty | 09/06/2021

The criminal complaints accuse respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.

AML / KYC

US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers

By Sanday Chongo Kabange | 09/06/2021

Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.

AML / KYC

European Commission Proposes European Digital Identity Regulation

By Sanday Chongo Kabange | 08/06/2021

To expedite the initiative, the European Commission has issued a recommendation for member states to establish a common toolbox by September 2022.

AML / KYC

AUSTRAC Launches Fresh Probes into Australian Casinos

By Ranamita Chakraborty | 07/06/2021

AUSTRAC has launched enforcement investigations into Crown Perth, The Star Sydney and SkyCity Adeliade over their dealings with high-risk customers and PEPs.

AML / KYC

Japan FSA Sets Hard Deadline for Full AML/CFT Compliance

By Editors | 07/06/2021

The FSA has directed FIs to formulate a plan that ensures full compliance with its AML/CFT guidelines by March 2024.

AML / KYC

AUSTRAC Launches Formal Probe into NAB Over AML Breaches

By Sanday Chongo Kabange | 07/06/2021

AUSTRAC said it is not considering civil penalty proceedings at this stage, a decision made based on the work undertaken by NAB to date.