Anti-Money Laundering

PEPs & Sanctions

BSP Issues New Guidance on TFS Implementation

By Sanday Chongo Kabange | 09/09/2022

The guidance sets out the BSP’s regulatory expectations and identifies emerging typologies, including the use of virtual assets to finance terrorism.

Fraud, Scams & Cybercrime

China Passes Law to Combat Telecom and Online Fraud

By Darien Choong | 07/09/2022

The law imposes an obligation on telecom companies and banks to help hunt down fraudsters, and requires the establishment of a risk information sharing mechanism.

Anti-Money Laundering

Japan Regulator Orders Revolut to Improve AML Controls

By Editors | 06/09/2022

Revolut is required to submit a business improvement plan by 3 October and file quarterly progress reports until implementation is complete.

Fraud, Scams & Cybercrime

India Raids Payment Firms in Digital Lending App Probe

By Editors | 06/09/2022

The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.

Supervision & Enforcement

US Fed Ends HSBC 2012 Deferred Prosecution Agreement

By Editors | 06/09/2022

HSBC welcomed the decision, saying its employees have worked hard over the last decade to transform the bank’s financial crime risk management capabilities.

Anti-Money Laundering

SFC Suspends Rifa Futures Exec Over ‘Xinguanjia’ Trading Software

By Editors | 06/09/2022

In July, Rifa Futures became the fourth firm to be fined over the use of Xinguanjia. The firm’s managing director has now been suspended for 8 months.

Anti-Money Laundering

Korean Authorities Arrest 16 Over Illegal FX Transactions

By Editors | 05/09/2022

In some cases, funds were remitted overseas via commercial banks, disguised as payments for trade businesses to exploit the “Kimchi premium”.

Anti-Money Laundering

MAS Fines UOBKH for Business Conduct, AML Failures

By Editors | 31/08/2022

UOBKH failed to implement adequate controls for its corporate finance business and to ensure it was subject to internal audit.

Anti-Money Laundering

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.