Anti-Money Laundering

Trade Based Money Laundering

Four Arrested in HK for Diamond-based Money Laundering Scheme

By Manesh Samtani | 28/12/2023

Hong Kong companies traded synthetic diamonds with a company in India but declared them as natural diamonds as a way to launder money.

Anti-Money Laundering

UK Proposes Measures to Improve Transparency of Land Trusts

By Mark Johnston | 28/12/2023

The UK government seeks feedback on options for improving transparency of land ownership involving trusts.

Anti-Money Laundering

Chinese Authorities Dismantle $2.2b Underground Banking Operation

By Editors | 27/12/2023

The operation involved the use of overseas crypto platforms to exchange foreign currency. 74 suspects were arrested and their electronic devices and bank cards seized.

Fraud, Scams & Cybercrime

Wirecard Investors File Lawsuit Against EY in Munich

By Nithya Subramanian | 27/12/2023

The group of investors alleged that EY did not ensure accuracy of accounts and claimed EURO 700 million as damages.

KYC & CDD

“No Threshold” Approach Way Forward for Beneficial Ownership Frameworks

By Ranamita Chakraborty | 27/12/2023

Experts recommend proper legal frameworks, comprehensive verification processes, and international cooperation, to improve the effectiveness of beneficial ownership systems.

Fraud, Scams & Cybercrime

Singapore Authorities Warn of Scammers Posing as MAS Officers

By Mark Johnston | 22/12/2023

The scammers accuse victims of being involved in criminal activities before asking them to transfer money to designated “security accounts”.

KYC & CDD

FinCEN Issues Final Rule on Access to Beneficial Ownership Information

By Manesh Samtani | 22/12/2023

The final rule prescribes the circumstances under which BOI may be disclosed, including to FIs and foreign governments, and how it must be protected.

KYC & CDD

Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB

By Mark Johnston | 22/12/2023

At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.

Anti-Money Laundering

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.