Anti-Money Laundering

Fraud, Scams & Cybercrime

Two Singaporeans Charged for Cheating Eight Banks

By Editors | 15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Anti-Money Laundering

HKMA Spotlights RegTech Use to Implement AML/CFT Measures

By Manesh Samtani | 15/06/2020

The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.

Anti-Money Laundering

PBOC to Regulate Large Cash Transactions in 2yr Pilot Programme

By Editors | 15/06/2020

Hebei, Zhejiang and Shenzhen will participate in a two-year pilot programme where large cash transactions beyond a fixed threshold will have to be registered.

Anti-Money Laundering

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Anti-Money Laundering

Shanghai Police Detain Anxin Trust Controller Over Illegal Loans

By Editors | 12/06/2020

Police have detained Anxin Trust’s biggest shareholder for lending assets under management in trust products to friends and other associates.

Anti-Money Laundering

Chinese Police Freeze 4,000 Bank Accounts in Crypto Probe

By Editors | 11/06/2020

Guangdong police have reportedly frozen about 4,000 bank accounts belonging to cryptocurrency traders in a crackdown on illicit activities.

Supervision & Enforcement

Indian Court Halts Franklin Templeton Fund Liquidation

By Editors | 10/06/2020

Franklin Templeton had planned to allow unitholders to vote on whether to allow six shuttered funds to be liquidated, but the Court says it must first release a forensic audit report on the funds in question.

Anti-Money Laundering

Singapore to Tighten AML Rules for Casinos – Report

By Editors | 08/06/2020

Singapore’s legislated threshold for cash transactions that are subject to due diligence is higher than the $3,000 threshold set by the FATF.

Anti-Money Laundering

Europol Establishes New Financial and Economic Crime Unit

By Editors | 08/06/2020

The new unit will seek to support cooperation among EU law enforcement authorities, step up financial investigations, and cut off organised crime groups from their funding.