Anti-Money Laundering

Supervision & Enforcement

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Anti-Money Laundering

Australian Parliament Passes Historic AML/CTF Amendment Bill

By Thisanka Siripala | 29/11/2024

The bill extends AML/CTF obligations to lawyers, accountants, TCSPs, real estate professionals, and dealers in precious metals and stones.

Anti-Money Laundering

FCA Unveils New 5-year Strategy to Boost Trust in UK Market

By Editors | 29/11/2024

FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.

PEPs & Sanctions

US Appeals Court Overturns Tornado Cash Sanctions

By Editors | 28/11/2024

The court said federal law only gives OFAC the authority to sanction property, and Tornado Cash’s smart contracts do not qualify as property.

Anti-Money Laundering

APG Typologies Report Shines Light on Misuse of Legal Persons

By Thisanka Siripala | 28/11/2024

The APG’s 2024 typologies report says legal persons including shell companies have emerged as primary vehicles misused by criminals.

Anti-Money Laundering

Vietnam Property Tycoon Asked to Repay $11b to Avoid Execution

By Nithya Subramanian | 28/11/2024

Under Vietnamese law, if Lan can return three-quarters of the embezzled assets, the jury can consider a reduction in her sentence.

Fraud, Scams & Cybercrime

Singapore Court Commences Nickel Trading Fraud Trial

By Nithya Subramanian | 28/11/2024

Ng Yu Zhi faces charges of fraudulent trading, cheating, forgery and money laundering. The trial is expected to take over 50 days.

Anti-Money Laundering

Taiwan FSC Fines Two Crypto Exchanges for AML Violations

By Mark Johnston | 28/11/2024

FSC investigations found lapses involving CDD, transaction monitoring, record-keeping, and suspicious transaction reporting.

Anti-Money Laundering

Wolfsberg Group Defines Key Terms Related to Digital Assets

By Manesh Samtani | 27/11/2024

The definitions are intended to serve as a foundational reference for assessing ML/TF risks and developing appropriate controls for digital assets.