Anti-Money Laundering

PEPs & Sanctions

Canada Issues Draft Amendments to AML/CFT Regulations

By Editors | 15/07/2024

The proposed amendments will require firms to report sanctioned property and suspected sanctions evasion offences, among other changes.

Anti-Money Laundering

AUSTRAC to Deliver New Reporting Platform in “Coming Months”

By Editors | 15/07/2024

AUSTRAC said in 2021 that it would be replacing its reporting system. The final stage of features will be delivered in the “coming months”.

Anti-Money Laundering

Crypto Firm BitMEX Pleads Guilty to US Criminal Charge

By Editors | 15/07/2024

BitMEX said its founders were already sentenced for BSA charge in 2022 and that it has since fully remediated its deficiencies and will seek an expedited sentencing hearing.

PEPs & Sanctions

Lithuania Fines Crypto Firm Payeer for Sanctions, AML Breaches

By Editors | 14/07/2024

Lithuanian authorities said Payeer offered services to Russian customers and allowed them to carry out transactions with sanctioned banks.

Fraud, Scams & Cybercrime

Taiwan Enacts New Laws to Strengthen Anti-Fraud Defences

By Editors | 13/07/2024

The new laws increase the penalties for fraud that results in illegal gains and strengthens measures in the financial and telecom sectors.

Fraud, Scams & Cybercrime

RBI Red Flags Bank Accounts Used for Fraud and Evergreening

By Ajoy K Das | 12/07/2024

Banks should rationalise accounts and enforce stringent control measures through proper reporting to the audit committee of the board, said Swaminathan.

PEPs & Sanctions

FinCEN Issues New Alert on Financing of West Bank Violence

By Editors | 12/07/2024

The alert provides additional red flag indicators. New sanctions on three individuals and five entities also announced.

Fraud, Scams & Cybercrime

Cambodian Online Platform Involved in $11bn Illicit Transactions

By Nithya Subramanian | 12/07/2024

A report by Elliptic said that Huione Guarantee hosts merchants providing services to perpetrate deepfake, money laundering, and pig-butchering scams.

Payments & Settlements

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.