Anti-Money Laundering

Cryptocurrency

India Demands $86m in Back Taxes from Crypto Giant Binance

By Ajoy K Das | 06/08/2024

Binance is said to have earned more than $476mn in transaction fees from Indian customers between July 2017 and March 2024.

Anti-Money Laundering

Hong Kong’s Insurance Authority Fines AIA for AML Lapses

By Sanday Chongo Kabange | 06/08/2024

The IA fined AIA’s Hong Kong branch after an inspection identified shortfalls in its AML controls and processes.

Anti-Money Laundering

HK Court Convicts Ex-Sunway Employee for Money Laundering

By Sanday Chongo Kabange | 06/08/2024

The former PA helped his boss to launder HK$125mn that was unlawfully obtained through loans from HK-listed Sunway Intl Hldgs.

Anti-Money Laundering

MAS Consults on Suspension of Certain China Remittance Channels

By Nithya Subramanian | 06/08/2024

MAS proposes to continue with the suspension announced last December and to expand its scope to include legal entities.

Anti-Money Laundering

Amendments to MSB Law Take Effect in Malaysia

By Nithya Subramanian | 02/08/2024

The amendments strengthen BNM’s ability to take enforcement action against unauthorised money services business activities.

Fraud, Scams & Cybercrime

ACCC to Create 2nd NASC Fusion Cell to Target Job Scams

By Sanday Chongo Kabange | 01/08/2024

The fusion cell will work with social media platforms, recruitment agencies, financial firms and law enforcement to disrupt job scams.

Fraud, Scams & Cybercrime

Details Revealed on Chinese Scam Operated from Isle of Man

By Manesh Samtani | 01/08/2024

The case is the first known where Chinese nationals operated a pig-butchering scam from a Western country to con victims in China.

Payments & Settlements

China Implements Tighter Rules for Non-Bank Payments Platforms

By Editors | 31/07/2024

The rules impose stricter licensing, business management, risk management and user protection requirements on non-bank payment institutions.

Anti-Money Laundering

MAS Tightens Licensing Requirements for Payment Services

By Ranamita Chakraborty | 31/07/2024

Applicants must submit a legal opinion, an independent assessment report by an external auditor, and have a governance structure for compliance and AML/CFT oversight.