Anti-Money Laundering

Anti-Money Laundering

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.

Anti-Money Laundering

Japan Banks to Join JPM Blockchain Initative to Boost AML Measures

By Editors | 11/12/2019

Japanese banks are looking to use JP Morgan’s Interbank Information Network to bolster AML measures because it makes screening of cash recipients faster and more efficient.

Emerging Prudential Risks

IMF Commends Hong Kong’s Financial System Resilience

By Garima Chitkara | 05/12/2019

The IMF also came out in support of the government’s policies to boost the economy, safeguard financial stability, and combat money laundering and terrorism financing.

Fraud, Scams & Cybercrime

ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators

By Editors | 05/12/2019

Investors were encouraged to roll superannuation monies into a self-managed super fund to invest – by way of a loan – in an unregistered scheme operated a former AMP adviser.

Anti-Money Laundering

New Zealand Police Releases AML/CTF Assessment

By Editors | 04/12/2019

NZ Police assessment identified trusts as attractive money laundering vehicles given government plans to exclude them from strengthened beneficial ownership disclosure regime

Anti-Money Laundering

Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements

By Editors | 04/12/2019

Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.

KYC & CDD

OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’

By Editors | 02/12/2019

Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.

Anti-Money Laundering

SAFE Penalises JD.com Unit for Illegal Overseas Transfers

By Editors | 28/11/2019

The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.

Anti-Money Laundering

Mizuho Ordered to Pay Caymans-related Back Taxes and Penalty

By Editors | 28/11/2019

The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.