Anti-Money Laundering

Market Abuse

S. Korean Prosecutors Seek Arrest of Samsung Execs for Illegal Trading

By Editors | 07/06/2020

Samsung’s de facto head, Lee Jae-yong, and two of his senior lieutenants could face charges of illegal trading and stock price manipulation, among other charges.

Anti-Money Laundering

US Seeks Extradition of Money Launderer Jailed in S. Korea

By Editors | 07/06/2020

A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.

KYC & CDD

Addressing Heightened KYC Risk with Data and Automation

By Editors | 07/06/2020

Managing KYC risk assessment in a sea of increasingly complex data sets calls for smart automated solutions to manage alerts.

Anti-Money Laundering

Westpac Concludes Internal Probe into AML/CTF Failures

By Manesh Samtani | 04/06/2020

Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.

Anti-Money Laundering

Philippine Lawmakers Approve Strict New Anti-Terrorism Law

By Editors | 04/06/2020

Wiretaps and arrests can be carried out without a warrant. Bank records can be inspected without a court order. Life imprisonment without parole can be imposed for facilitating terrorist acts.

Anti-Money Laundering

ACAMS, FAST Collaborate to Fight Modern Slavery, Human Trafficking

By Editors | 04/06/2020

A new ‘Fighting Modern Slavery and Human Trafficking’ certificate is being provided free-of-charge to financial sector actors.

KYC & CDD

HKMA Offers Guidance on AML Controls for Remote Onboarding

By Manesh Samtani | 03/06/2020

The HKMA has published its observations of good practices used by authorised institutions to mitigate the potential risks of new technology adopted for remote onboarding.

Fraud, Scams & Cybercrime

Bangladesh Bank Files New Civil Suit Over 2016 Cyber Theft

By Editors | 03/06/2020

Bangladesh Bank has filed a new civil suit against RCBC and other Philippine entities in New York State Court over the 2016 bank heist, after its Federal Court case was dismissed in March.

Anti-Money Laundering

US DOJ Unseals Indictment Against North Korea Money Launderers

By Editors | 03/06/2020

The indictment names 28 North Korean and 5 Chinese nationals who were charged for operating a network of over 250 shell companies around the world to procure goods for North Korea.