AML / KYC

AML / KYC

Singapore Proposes Law to Empower Police to Stop Scams

By Nithya Subramanian | 03/09/2024

The proposed law will allow police to restrict banking transactions for victims who refuse to believe they are being scammed.

AML / KYC

New Zealand to Introduce AML Amendment Bill in November

By Sanday Chongo Kabange | 03/09/2024

A new cabinet paper sets out 25 proposals for further amendments to New Zealand’s AML/CFT Act.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Associate Director

By Sanday Chongo Kabange | 03/09/2024

The former associate director was banned for life following his conviction for laundering $1.8mn that he stole from UBS.

Crypto / Digital Assets

Indian Court Orders Takedown of Scam Crypto Websites

By Ajoy K Das | 03/09/2024

The order was granted after crypto firm Mudrex filed legal action to stop investors being scammed by websites using its name and brand.

AML / KYC

Thai Banks Have Fully Implement Anti-Money Mule Measures: BOT

By Nithya Subramanian | 02/09/2024

The measures include sharing information through the Central Fraud Registry and blocking high-risk customers from opening accounts.

AML / KYC

HKMA Fines WeChat Pay for AML Control Deficiencies

By Sanday Chongo Kabange | 02/09/2024

WeChat Pay had control deficiencies in its process for undertaking CDD reviews and applying EDD measures.

Enforcement

China Extradites Crime Syndicate Ringleaders to South Korea

By Editors | 01/09/2024

The syndicate has been operating from China since 2017, using government impersonation scams to defraud almost 2,000 Koreans of $113mn.

Enforcement

UK Jails Members of Chinese Money Laundering Group

By Editors | 31/08/2024

A 12-year jail sentence was handed to the head of the group, which sold British pounds to UK university students to circumvent China’s foreign currency controls.

Enforcement

Singapore Designates Wildlife Trade as Serious Criminal Offences

By Nithya Subramanian | 30/08/2024

Wildlife trading will now be punishable in Singapore under the Organised Crime Act with up to 20 years imprisonment.