Anti-Money Laundering

Anti-Money Laundering

India Accuses Xiaomi and Global Banks of Breaking FX Rules

By Karen Ng | 13/06/2023

Xiaomi India, Deutsche Bank, HSBC and Citibank are accused of illegally remitting $673mn to foreign entities.

Anti-Money Laundering

Russian Nationals Charged With Hacking Mt Gox and Operating BTC-e

By Editors | 12/06/2023

The DOJ unsealed charges against two Russian nationals for the 2011 hack of the Mt Gox crypto exchange and for laundering the proceeds.

PEPs & Sanctions

Sanctions Enforcement Not a ‘Credible Threat’: RUSI Roundtable

By Manesh Samtani | 12/06/2023

Roundtable participants said lessons should be learnt from the significant penalties that drove banks to observe the Iran sanctions regimes.

Cryptocurrency

MiCA Text Published in EU Official Journal

By Karen Ng | 10/06/2023

The provisions on stablecoins will be enforced from 30 June 2024. The provisions for crypto asset service providers will be enforced starting 30 December 2024.

Anti-Money Laundering

NZ DIA Warns Real Estate Firm for AML Non-compliance

By Sanday Chongo Kabange | 09/06/2023

The warning is the second the DIA has issued to a real estate agent since the AML/CFT Act began applying to real estate agents in 2019.

PEPs & Sanctions

Ukraine Calls on FATF to Add Russia to Blacklist

By Manesh Samtani | 09/06/2023

Ukraine says Russia has engaged in money laundering, sanctions evasion, terrorism financing, human trafficking, proliferation financing, and cyber-attacks.

Anti-Money Laundering

HKMA, Cyberport Concludes Fourth AML Regtech Lab

By Karen Ng | 08/06/2023

The HKMA said it aims to have all retail banks taking a “consistent, coordinated approach to real-time fraud monitoring” by September 2023.

Fraud, Scams & Cybercrime

INTERPOL Issues Global Alert on Human Trafficking-Fueled Online Fraud

By Mark Johnston | 07/06/2023

INTERPOL warns of a “double-edged crime threat” that exploits victims of human trafficking as well as those forced to perpetrate online fraud.

Fraud, Scams & Cybercrime

Consumers Still First Line of Defence Against Fraud

By Karen Ng | 07/06/2023

Fraudulent websites are causing chaos. Banks and regulators have taken on a parenting role to stop consumers from falling prey to scammers.