Anti-Money Laundering

Anti-Money Laundering

MAS Consults on Scope of Customers Relevant to COSMIC

By Manesh Samtani | 07/12/2023

Any person who requests the bank in Singapore to carry out a transaction would be in scope, whether or not an account has been opened or the transaction is carried out.

PEPs & Sanctions

US Targets President’s “Wallets” in Latest Belarus Sanctions

By Editors | 07/12/2023

OFAC sanctions 11 entities and seven individuals accused of supporting Belarusian President Alyaksandr Lukashenka and Russia’s war effort.

Anti-Money Laundering

Canada’s FINTRAC Fines RBC for STR Filing Failures

By Editors | 06/12/2023

RBC failed to submit STRs in some cases, submitted some STRs incorrectly, and did not keep written policies and procedures up-to-date.

Cryptocurrency

KoFIU, DAXA Target Unlicensed Crypto Firms With New Initiative

By Editors | 06/12/2023

The public can report unlicensed crypto exchanges to DAXA, which will review the reports and then pass them to KoFIU for further action.

Supervision & Enforcement

India: NFRA Has Overriding Powers Over ICAI, Tribunal Rules

By Ajoy K Das | 06/12/2023

The NCLAT also clarified that NFRA has retrospective jurisdiction to investigate and take necessary action if required even for periods prior to its creation in 2018.

Anti-Money Laundering

FSC Korea Sanctions NH Futures Over Illegal FX Transactions

By Sanday Chongo Kabange | 06/12/2023

The FSC has suspended NH Futures’ foreign exchange operations from 4 December 2023 to 9 May 2024.

Anti-Money Laundering

Banque Pictet to Pay $123m to Settle US Tax Evasion Case

By Editors | 06/12/2023

Banque Pictet helped US taxpayers to use coded accounts, foreign trusts and entities, nominee beneficiaries and other “deceits” to conceal their income and assets abroad.

PEPs & Sanctions

US Government Offers Bounty for Russian National Accused of Sanctions Busting

By Editors | 06/12/2023

US government offers USD 7 million reward for individual accused of smuggling sensitive technology to Russia and money laundering via a German trading company.

Anti-Money Laundering

OCBC Files Suit Against Money Laundering Suspect – Report

By Editors | 04/12/2023

The suspect was among the ten Chinese-born individuals arrested in August for offences including money laundering and forgery.