Anti-Money Laundering

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.

PEPs & Sanctions

US: Two Men Plead Guilty to Russia Export Control Violations

By Editors | 11/07/2024

The two men shipped US-manufactured dual-use electronics to Turkey, Hong Kong, India, China, and UAE before they were rerouted to Russia.

Anti-Money Laundering

US DOJ Secures Guilty Plea from Crypto Exec for AML Failures

By Editors | 11/07/2024

Paxful co-founder Artur Schaback pleaded guilty for willfully failing to establish, develop, implement, and maintain an effective AML programme.

Anti-Money Laundering

FATF Calls for Urgent Action to Regulate Gatekeeper Professions

By Manesh Samtani | 11/07/2024

Australia, China, the US, and South Korea scored the lowest on compliance with the FATF’s corruption prevention standards.

Anti-Money Laundering

Singapore to Develop Standards for SoW Checks by Banks

By Editors | 10/07/2024

MAS has reportedly formed a group that will work to develop standards for account opening and source of wealth checks by year-end.

Anti-Money Laundering

Global Implementation of AML Measures for Crypto “Still Lagging”

By Manesh Samtani | 10/07/2024

The FATF says there has been “negligible improvement” in regulating virtual assets and “insufficient progress” in implementing the travel rule.