Anti-Money Laundering

Anti-Money Laundering

SkyCity Agrees to Pay More Than A$70m for AML Breaches

By Editors | 02/02/2024

AUSTRAC launched civil penalty proceedings against SkyCity Adelaide in December 2022. The casino operator just raised its provision for the potential penalty.

Anti-Money Laundering

China to Amend AML Law to Address Virtual Asset Risks

By Manesh Samtani | 01/02/2024

Draft amendments bring virtual assets into scope. FIs would also be required to assess money laundering risks before adopting new technologies and launching new products.

Anti-Money Laundering

UK Trial Commences in £5bn Bitcoin Money Laundering Case

By Editors | 01/02/2024

Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

Anti-Money Laundering

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

By Editors | 01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

PEPs & Sanctions

OFAC Sanctions Egypt, Turkey Nationals for Supporting ISIS

By Editors | 31/01/2024

Two Egyptian nationals created an online platform that provided instructions on donating funds to ISIS-affiliated entities.

Anti-Money Laundering

Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

By Mark Johnston | 30/01/2024

Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.

PEPs & Sanctions

US Sanctions Iraqi Bank for Enabling Iran-backed Terrorist Activity

By Editors | 29/01/2024

US Treasury cut off Al-Huda Bank from the US financial system and sanctioned its owner for serving as a conduit for terrorist financing.

Anti-Money Laundering

Samlit Moneychanger Sued After China Police Freezes Funds: Report

By Nithya Subramanian | 29/01/2024

While three Chinese nationals working in Singapore alleged breach of agreements and sought compensation. Samlit said it fulfilled all its obligations.

PEPs & Sanctions

UK Warns of Sanctions Evasion Through Art Storage Sector

By Editors | 29/01/2024

Art market participants should have the ability to conduct regular due diligence checks and identify any change in a client’s circumstances or suspicious activity.