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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
Interpol Concludes APAC Operation Targeting Online Financial Crime
By Manesh Samtani | 02/06/2021
The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.
Anti-Money Laundering
Why Asia Needs to Know About a German Supply Chain Law
By Elke Biechele. RisikoTek | 01/06/2021
A more evidence-driven approach to supply chain due diligence is needed as human rights and environmental risk come into focus, writes Elke Biechele.
Cryptocurrency
Leveraged Crypto Trading Threatens Financial System: BOK
By Sanday Chongo Kabange | 31/05/2021
High leverage, price volatility and increased trading in crypto assets puts households at risk of financial damages, which could impact the financial system.
Anti-Money Laundering
DOJ Settles Julius Baer Money Laundering Probe for $80m
By Sanday Chongo Kabange | 28/05/2021
Julius Baer admitted it conspired to launder over $36mn in bribes through the US to soccer officials with FIFA and other soccer federations.
KYC & CDD
Taiwan FSC Fines HK Company for Faulty Beneficiary Disclosure
By Editors | 28/05/2021
HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.
Anti-Money Laundering
AFP, AUSTRAC Probe Payments via Adult Content Site – Report
By Editors | 28/05/2021
Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
Cryptocurrency
Korean Crypto Exchanges Face “Existential Crisis” – Report
By Sanday Chongo Kabange | 27/05/2021
Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.
Anti-Money Laundering
RBNZ Takes Court Action Against TSB Bank for AML Failures
By Editors | 27/05/2021
The court action and pecuniary penalties sought are a result of TSB Bank not responding sufficiently to the RBNZ’s initial formal warning in 2016.
Structural Regulation
G7 Close to Deal on Global Minimum Corporate Tax Rate
By Sanday Chongo Kabange | 24/05/2021
A US Treasury’s proposal to accept a global minimum corporate tax rate of 15% has reportedly been met with enthusiasm in Europe.
Anti-Money Laundering
US Treasury Paper Outlines Proposal for New Tax Reporting Regime
By Sanday Chongo Kabange | 24/05/2021
The paper proposes that transfers involving crypto assets worth more than USD 10,000 be reported to the IRS under the new reporting regime.
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