Anti-Money Laundering

Anti-Money Laundering

MAS Revokes Capital Markets Licence for AML Breaches

By Editors | 28/07/2020

Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.

Anti-Bribery & Corruption

Court Convicts Former Malaysian PM in 1MDB-linked Corruption Trial

By Editors | 28/07/2020

Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.

Anti-Money Laundering

Westpac Issues Update on Threshold Transaction Reporting Issues

By Editors | 28/07/2020

Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.

Anti-Money Laundering

US Hedge Funds Being Used for Money Laundering: FBI

By Manesh Samtani | 27/07/2020

A leaked FBI bulletin says US hedge funds and private equity firms are being used to facilitate money laundering, organised crime, and sanctions evasion.

Anti-Money Laundering

New Report Highlights Ineffectiveness of Global AML/CTF Systems

By Manesh Samtani | 25/07/2020

A lot of countries may have strong AML/CTF systems in place, but in practice they are not working, says a new report from the Basel Institute on Governance.

Fraud, Scams & Cybercrime

Australian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’

By Editors | 24/07/2020

The syndicate’s ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.

Supervision & Enforcement

UPDATED – Malaysia, Goldman Agree to Settle 1MDB Charges

By Editors | 24/07/2020

Malaysia will drop all criminal charges against Goldman Sachs in exchange for a $2.5bn cash payment and help recovering an additional $1.4bn from 1MDB-related assets seized globally.

Fraud, Scams & Cybercrime

Korea: Optimus Asset Management Accused of Fraud, Embezzlement

By Editors | 23/07/2020

Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.

Anti-Money Laundering

MAS Penalises Asiaciti Trust for AML/CFT Failures

By Editors | 22/07/2020

Asiaciti Trust failed to put in place adequate procedures to establish source of wealth, and did not inquire into unusually large transactions by customers who were PEPs.