Anti-Money Laundering

Anti-Money Laundering

FSC Korea to Establish Virtual Asset Division Within KoFIU

By Sanday Chongo Kabange | 17/08/2021

The new division will oversee the adoption and implementation of the FATF recommendations on digital assets and VASPs.

Anti-Money Laundering

US Real Estate the ‘Preferred’ Money Laundering Destination: GFI

By Ranamita Chakraborty | 13/08/2021

Lawyers, real estate agents, investment advisers, and bank employees have repeatedly facilitated money laundering through US real estate by HNWIs and PEPs.

Anti-Money Laundering

ICAC Charges Company Director for Fraud, Money Laundering

By Sanday Chongo Kabange | 13/08/2021

The director faces charges for defrauding BOCHK into making L/C payments to a supplier and then laundering the proceeds back to his own company.

Anti-Money Laundering

BitMEX to Pay $100m in Civil Penalties for US Regulatory Breaches

By Editors | 12/08/2021

BitMEX unlawfully accepted orders and funds from US customers to trade cryptocurrencies and failed to have in place an AML and user verification programme.

Anti-Money Laundering

HKMA Issues “Mandate” for Innovation in AML/CFT

By Manesh Samtani | 12/08/2021

The HKMA will launch interactive lab sessions to experiment with new technologies and emerging data analytics techniques, with an initial focus on network analytics and NLP.

DeFi & Web3

DeFi Accounts for Majority of Crypto Hacks, Frauds in 2021

By Sanday Chongo Kabange | 11/08/2021

In H1 2021, DeFi accounted for 76% of major crypto hack volume and 54% of major crypto fraud volume, according to CipherTrace.

Anti-Money Laundering

Chinese Nationals Face US Jail For Laundering Drug Money

By Editors | 11/08/2021

Six Chinese nationals face jail for conspiracy to launder money for El Chapo-linked drug cartels, using casinos, front companies, and false passports.

Anti-Money Laundering

RBNZ Issues Formal Warning to Westpac for AML Failures

By Editors | 11/08/2021

Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.

PEPs & Sanctions

North Korea Continues to Evade Sanctions – Report

By Editors | 10/08/2021

A draft report by a UN panel of experts says North Korea has continued to evade sanctions through open sea ship-to-ship transfers and other means.