AML / KYC

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    Crypto / Digital Assets

    BCBS Paper Warns of Risks in Permissionless DLT Systems

    By Manesh Samtani | 30/08/2024

    New working paper describes the risks associated with permissionless DLT, highlighting the need for banks to adopt robust risk management strategies.

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