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Enforcement
Singapore Jails Nominee Director for Facilitating Illicit Activities
By Editors | 29/03/2022
The director of corporate service provider 3E Accounting served as local resident director of four companies whose bank accounts were used to receive criminal proceeds.
AML / KYC
US, Australia Impose Sanctions Over DPRK Missile Tests
By Manesh Samtani | 28/03/2022
The sanctions were imposed against Russian and North Korean entities and individuals over missile tests on 27 February, 5 March and 24 March.
AML / KYC
EBA Outlines AML/CFT Challenges Faced by EU Supervisors
By Ranamita Chakraborty | 27/03/2022
In a new report, the EBA outlines findings from its second round of assessment of the approaches AML/CFT supervisors are using in the banking sector.
AML / KYC
US Imposes Fresh Russia Sanctions, G7 Pledges to Block Gold Trades
By Manesh Samtani | 25/03/2022
The G7 and EU will prohibit gold-related transactions involving Russia and ramp up monitoring and information sharing to prevent Russian sanctions evasion.
AML / KYC
SFC Sets Out Expectations on Managing BEC Risk
By Manesh Samtani | 24/03/2022
Most successful business email compromise frauds occurred because LCs did not check or verify the identities of email senders or they ignored red flags.
AML / KYC
FSC Korea Starts Enforcing Travel Rule in Crypto Industry
By Editors | 24/03/2022
Starting today, VASPs can be subject to cautions, warnings or corrective orders if violations of travel rule requirements are found.
AML / KYC
New Zealand Pledges to Enhance Beneficial Ownership Transparency
By Manesh Samtani | 23/03/2022
A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.
AML / KYC
FATF Spotlights ML/TF Risks Associated with Migrant Smuggling
By Manesh Samtani | 23/03/2022
Financial institutions have an important role to play in helping authorities profile migrant smugglers’ financial behaviour, the FATF says in a new report.
Enforcement
HK Police Arrest 38 Individuals for Covid Loan Fraud
By Editors | 23/03/2022
The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.
Enforcement
SG Police Charge Two for Disclosing Singpass Login Details
By Editors | 23/03/2022
The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.
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