Anti-Money Laundering

Anti-Money Laundering

17 Others Involved in Singapore Money Laundering Probe – Report

By Nithya Subramanian | 06/06/2024

The SGD 3 billion in cash and assets seized or issued with prohibition of disposal orders belonged to 27 individuals, not just the 10 accused so far.

Anti-Money Laundering

US Authorities Arrest Epoch Times CFO for Money Laundering

By Editors | 06/06/2024

The DOJ alleges Weidong Guian participated in a “sprawling, transnational scheme” to launder $67mn million of crime proceeds.

Fraud, Scams & Cybercrime

Fraud Constitutes 37pc of All Financial Crimes – Report

By Mark Johnston | 05/06/2024

Fraud accounted for 37% of financial crime records reviewed by LSEG Risk Intelligence for its inaugural fraud analysis.

Anti-Money Laundering

AUSTRAC Issues New Guidance on Money Mule Detection

By Sanday Chongo Kabange | 04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

Anti-Money Laundering

Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

By Sanday Chongo Kabange | 04/06/2024

The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

Anti-Money Laundering

Japan’s AML Landscape and the Need for Effective Governance

By Bradley Maclean | 03/06/2024

Former regulator and AML subject matter expert Hiroshi Ozaki discusses Japan’s financial crime threat landscape and how firms can mitigate risk through effective governance.

Anti-Money Laundering

APAC FIUs Launches Regional Intelligence Sharing Platform

By Sanday Chongo Kabange | 03/06/2024

The new platform will allow for real-time sharing of information, case studies and technologies among Australasian and ASEAN FIUs.

Anti-Money Laundering

Singapore Hands Down 8th Sentence in Money Laundering Case

By Nithya Subramanian | 31/05/2024

Chinese national Lin Baoying has been sentenced to 15 months in jail and will forfeit 90% of the S$170.5mn of assets seized from her.

Anti-Money Laundering

Switzerland Fines UBS for Yemen-Linked AML Failures

By Editors | 31/05/2024

The bank failed to perform its due diligence obligations and to report suspicious transactions linked to Yemen’s former president.