Anti-Money Laundering

Fraud, Scams & Cybercrime

US Charges Exiled Chinese Businessman with $1b Fraud Scheme

By Editors | 16/03/2023

Guo Wengui and his financial adviser allegedly cheated thousands of investors since 2018 by promising outsized returns on various offerings.

Anti-Money Laundering

US, German Authorities Coordinate on Takedown of Crypto Mixer

By Editors | 16/03/2023

Authorities dismantled ChipMixer’s infrastructure and seized four servers, about USD 46 million worth of bitcoin, 7 TB of data, two domains, and a Github account.

Fraud, Scams & Cybercrime

FATF Publishes First Comprehensive Report on Ransomware

By Manesh Samtani | 16/03/2023

The report says the payment and subsequent laundering of ransomware proceeds is “almost exclusively conducted through virtual assets”.

Anti-Money Laundering

Crypto-related Crime in Australia: What Court Records Tell Us, and What Lies Ahead

By Angela Ang | 16/03/2023

Angela Ang considers findings from the first empirical study of crypto-related court cases in Australia, and what this means the crypto crime and enforcement landscape.

Payments & Settlements

HKIMR Report Explores GBA Cross-border Payments Challenges

By Editors | 16/03/2023

A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

Anti-Money Laundering

UK to Start Collecting New Economic Crime Levy from July

By Editors | 15/03/2023

The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

Cryptocurrency

Digital Asset Developments in South Korea: Balancing Innovation and Risk

By Rahul Advani | 15/03/2023

South Korea’s thoughtful approach to regulating digital assets will foster growth and innovation and result in a more vibrant and inclusive digital economy, say Rahul Advani and Angela Ang.

Structural Regulation

LBMA to Probe Perth Mint ‘Gold Doping’ Allegations

By Editors | 14/03/2023

Adverse findings under LBMA’s incident review process can result in refiners being struck off the Good Delivery List.

Anti-Money Laundering

AUSTRAC Launches Specialist AML Unit for Gambling Sector

By Editors | 13/03/2023

AUSTRAC reportedly warned gambling industry officials it had “identified serious non-compliance in a number of businesses”.