Anti-Money Laundering

Anti-Money Laundering

BaFin Warns Deutsche Bank Over Transaction Monitoring Systems

By Mark Johnston | 19/02/2024

The mandate of a special monitor appointed in 2018 is being extended until end-October to oversee efforts to enhance the bank’s systems for processing transaction data.

Anti-Money Laundering

NatWest to Claw Back Bonuses from Ex-Staff Over 2021 AML Fine

By Editors | 18/02/2024

Malus, clawback or reduction notices will be applied to ten individuals who were in role when the failures occurred but have since left NatWest.

KYC & CDD

RBI Defers Effective Date of Paytm Payments Bank Restrictions

By Editors | 18/02/2024

The deferral is to allow customers more time to make alternative arrangements. RBI also released FAQs to clarify the impacts of the restrictions.

Fraud, Scams & Cybercrime

AFP Officer Charged with Stealing Bitcoin from Drug Bust

By Mark Johnston | 17/02/2024

The 2019 theft was discovered in 2021, when police implemented new tracing tools and tracked the crypto to Binance.

Anti-Money Laundering

US Court Charges Digitex CEO with BSA Violations

By Mark Johnston | 16/02/2024

Founder and CEO of Digitex Futures Exchange has been indicted for failing to establish and implement an AML program as required by the Bank Secrecy Act.

Fraud, Scams & Cybercrime

FCA Calls on Industry to Take Lead in Combatting Financial Crime

By Ranamita Chakraborty | 15/02/2024

The FCA is urging regulated firms to utilise technology advancements and upgrade their systems to match the sophistication of criminals.

Anti-Money Laundering

KoFIU Workplan for 2024 Has a Heavy Focus on Crypto

By Manesh Samtani | 15/02/2024

KoFIU will also block “unqualified operators” from entering the market and “expel unqualified operators that have already entered the market”.

Fraud, Scams & Cybercrime

India Arrests Three in Raids Against Cybercrime Syndicate

By Ajoy K Das | 14/02/2024

This is the first case where India’s Enforcement Directorate has used a complaint lodged overseas to register a PMLA case and seize proceeds of crime.

PEPs & Sanctions

US DOJ Secures Guilty Plea in Russia Sanctions Evasion Case

By Editors | 14/02/2024

A Canadian-Russian national helped ship US-origin electronic components that were later found in Russian weapons in Ukraine.