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Coverage of global AML regulations, compliance standards, enforcement actions, and innovations in detecting and preventing money laundering activities.
Fraud, Scams & Cybercrime
HK Police Arrest 38 Individuals for Covid Loan Fraud
By Editors | 23/03/2022
The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.
Anti-Money Laundering
SG Police Charge Two for Disclosing Singpass Login Details
By Editors | 23/03/2022
The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.
KYC & CDD
GLEIF Welcomes LEI System’s First India Validation Agent
By Editors | 22/03/2022
Rubix Data Sciences has become the first India-based Validation Agent within the Global LEI System, and the sixth globally.
Cryptocurrency
Australia Opens Consultation on Regulatory Regime for Crypto
By Manesh Samtani | 22/03/2022
The consultation proposes minimum standards of conduct, AML compliance obligations, and fit and proper requirements for directors and key persons.
Anti-Money Laundering
US Omnibus Bill Grants FinCEN 27pc Budget Increase
By Mark Johnston | 18/03/2022
The additional budget is to allow FinCEN to respond to the situation in Ukraine, including expenses foreign government personnel to attend meetings and training.
Anti-Money Laundering
SFC Fines Emperor Securities, Emperor Futures for AML Breaches
By Editors | 17/03/2022
Emperor processed third party fund transfers without validating the relationships between the clients and the third parties, or the reason for the transfers.
Anti-Money Laundering
NZ FIU Calls for Help to Combat Transnational Organised Crime
By Sanday Chongo Kabange | 16/03/2022
Reporting entities are “uniquely positioned” to detect TNOC activity through the implementation of preventive measures and reporting to the FIU.
Anti-Money Laundering
AUSTRAC Proposes Amendments to AML/CTF Rules
By Sanday Chongo Kabange | 16/03/2022
A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
Anti-Money Laundering
Tencent Faces Record Penalty Over AML Breaches – Report
By Sanday Chongo Kabange | 16/03/2022
The breaches involved failures to verify the identities of users and merchants transacting on WeChat Pay, as well as the source of funds for those transactions.
Anti-Money Laundering
INTERPOL Launches Financial Crime and Anti-Corruption Centre
By Editors | 16/03/2022
The new centre will adopt a multi-agency approach to drive a coordinated global response to transnational financial crime and corruption.
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