Anti-Money Laundering

Anti-Money Laundering

Taiwan FSC Fines KGI Bank Over Misappropriated Client Assets

By Editors | 11/05/2022

KGI Bank was fined after one employee misappropriated customer funds and another improperly executed customer transactions.

Fraud, Scams & Cybercrime

US SEC, DOJ File Fraud Charges Over $62mn Crypto Fraud

By Editors | 10/05/2022

MCC International Corp and its founders were charged for selling fraudulent investment plans that promised daily returns from crypto mining and robotic trading.

PEPs & Sanctions

OFAC Sanctions Crypto Mixer, 49 More Wallet Addresses

By Editors | 09/05/2022

Crypto mixer Blender.io was used to process over $20.5mn of the crypto stolen from the Axie Infinity hack in March, OFAC said.

PEPs & Sanctions

US, UK Include Professional Services in New Russia Sanctions

By Manesh Samtani | 09/05/2022

New OFAC designations; US and UK bans on Russian access to professional services; New trade restrictions, vessel designations

Anti-Money Laundering

US Court Orders BitMEX Co-Founders to Pay $30m in Fines

By Editors | 08/05/2022

The orders follow the CFTC’s $100mn settlement with five BitMEX entities last year over violations of US derivatives and AML regulations.

Cryptocurrency

Central African Republic Adopts Bitcoin as Legal Tender

By Editors | 06/05/2022

The adoption of Bitcoin as legal tender is expected to make transactions in CAR easier, but the move is seen as part of a power struggle between Russia and France.

Anti-Money Laundering

J5 Publishes Red Flag Indicators to Address NFT Risks

By Editors | 05/05/2022

Tax enforcement agencies provide a list of account and transaction attributes from NFT marketplaces that may indicate fraud or other illicit activity.

Fraud, Scams & Cybercrime

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

By Editors | 04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

Anti-Money Laundering

NAB Enters Undertaking to Uplift AML/CTF Compliance

By Editors | 04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.