Anti-Money Laundering

Fraud, Scams & Cybercrime

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Anti-Money Laundering

FATF Report Addresses ‘Global Threat’ of Illegal Wildlife Trade

By Manesh Samtani | 25/06/2020

The FATF calls for a coordinated response from public authorities, the private sector and civil society to identify and disrupt financial flows from illegal wildlife trade.

Anti-Money Laundering

NZ Police Seize $90m Allegedly Laundered with Bitcoin

By Editors | 25/06/2020

The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.

Anti-Money Laundering

FMA Sues CLSA New Zealand for AML Breaches

By Editors | 24/06/2020

CLSA Premium NZ failed to adequately conduct customer due diligence, terminate certain business relationships, report suspicious transactions, and maintain records.

Anti-Money Laundering

SFC Bans Former Guosen Head of Dealing for 12 months

By Editors | 23/06/2020

The head of dealing “turned a blind eye” to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.

Anti-Money Laundering

SFC Fines Guotai Junan Securities for AML and Other Breaches

By Editors | 22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.

KYC & CDD

Sri Lanka’s ‘Special Deposit Account’, a Recipe for Disaster

By Duruthu E Chandrasekera | 22/06/2020

A CBSL scheme announced in April to drive inward remittances and investment may risk Sri Lanka falling back into the FATF’s grey list, says Duruthu Chandrasekera.

PEPs & Sanctions

Singapore Court Charges Two for North Korea Linked Bank Fraud

By Editors | 21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Anti-Money Laundering

European Fintechs Launch New Industry Association

By Editors | 19/06/2020

The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.