Anti-Money Laundering

Anti-Money Laundering

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

By Editors | 21/06/2024

The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.

Anti-Money Laundering

India FIU Imposes $2.25m Penalty on Crypto Exchange Binance

By Editors | 21/06/2024

Binance will pay the penalty as part of a push to re-enter the Indian market after its website and app were blocked in the country around six months ago.

Fraud, Scams & Cybercrime

Japan Announces New Measures to Combat Fraud and Scams

By Manesh Samtani | 21/06/2024

The measures include obligations for social media companies, internet service providers, telecoms companies and financial institutions.

Anti-Money Laundering

Singapore Publishes Money Laundering Risk Assessment

By Manesh Samtani | 21/06/2024

Banking is Singapore’s highest risk sector. A key ML threat is cyber-enabled fraud, typically orchestrated by criminal syndicates located overseas.

Anti-Money Laundering

National Risk Assessment Reinforces Need for AML Reforms: AUSTRAC CEO

By Editors | 20/06/2024

AUSTRAC CEO Brendan Thomas said the need to respond to the vulnerabilities posed by professional services firms is now “more critical than ever”.

Anti-Money Laundering

Sri Lanka Sign New MoUs to Help Combat Illicit Finance

By Ajoy K Das | 19/06/2024

Sri Lanka’s FIU signed two new information exchange agreements, one with the bribery commission and the other with its counterpart in Bahrain.

Anti-Money Laundering

US Uncovers Drug Cartel Alliance With Chinese Money Launderers

By Editors | 19/06/2024

US authorities uncovered a partnership between Mexico’s Sinaloa Cartel and a Chinese underground money laundering syndicate.

PEPs & Sanctions

HSBC Breached AML Obligations in Switzerland: FINMA

By Manesh Samtani | 19/06/2024

HSBC’s Swiss private banking unit is prohibited from onboarding new PEPs until an auditor has confirmed its compliance with FINMA’s orders.

PEPs & Sanctions

Sanctioned Russian Billionaire Files Lawsuit Against UBS – Reports

By Editors | 19/06/2024

Alisher Usmanov claims that STRs filed by UBS were “unsubstantiated, if not knowingly false” and triggered an illegal criminal investigation against him.