Financial Crime

PEPs & Sanctions

OFAC Issues Sanctions Targeting Iran Oil Shipments to China

By Editors | 07/02/2025

The sanctions target several vessels along with individuals and entities in China, Hong Kong, India, Iran, Seychelles, and UAE.

Fraud, Scams & Cybercrime

Australian Super Advocacy Body Defends Anti-Scam Measures

By Thisanka Siripala | 06/02/2025

ASFA CEO Mary Delahunty says ASIC fails to acknowledge the proactive measures taken by the superannuation sector to tackle scams.

Credit Risk

FINMA Launches Enforcement Proceedings Against Julius Baer

By Nithya Subramanian | 06/02/2025

The action is related to control failures that forced the bank to write down significant exposures to a collapsed real estate conglomerate.

Operational Risk

China to Improve Regulatory System for Trust Companies

By Manesh Samtani | 06/02/2025

State Council guidelines call for stricter market entry regulations for trust companies as well as improved corporate governance and risk management

Anti-Money Laundering

Turkish Money Launderer Arrested in Montenegro After Singapore Deportation

By Nithya Subramanian | 06/02/2025

Vang Shuiming was arrested in Montenegro for orchestrating illegal online betting platforms targeting Chinese citizens

Fraud, Scams & Cybercrime

BSP Issues Draft Rules Authorising FIs to Freeze Suspicious Funds  

By Sanday Chongo Kabange | 06/02/2025

FIs will be able to temporarily hold “disputed funds” while they initiate a process to validate the legitimacy of the transaction.

Anti-Money Laundering

Casino Operator SkyCity Settles Australian Tax Probe for A$38m

By Thisanka Siripala | 06/02/2025

The dispute stemmed from uncertainty regarding how customer loyalty points used in gaming machines should be taxed.

Fraud, Scams & Cybercrime

Korea FSS Finds $268m of Improper Loans at Three Banks

By Mark Johnston | 05/02/2025

Woori had improper loans totalling KRW 233.4 billion. Staff at KB Kookmin and NH Nonghyup colluded with brokers to issue fraudulent loans.

CBDCs

MobiKwik, Cred Become First Non-Banks to Offer CBDCs in India

By Nithya Subramanian | 05/02/2025

The e-rupee wallets allow users to send funds to and receive funds from other e-rupee wallets as well as regular bank accounts using UPI.