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Anti-Money Laundering
Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
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.
Fraud, Scams & Cybercrime
ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors
By Sanday Chongo Kabange | 21/12/2023
Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.
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