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Financial Crime
Fraud, Scams & Cybercrime
HKMA Directs Banks to Implement More Anti-Scam Measures
By Manesh Samtani | 28/12/2024
HKMA says banks should seek Police assistance and consider holding the transaction if they believe a customer is being scammed.
Anti-Money Laundering
OCC Issues Order Requiring BofA to Fix AML Deficiencies
By Editors | 28/12/2024
The order requires BofA to obtain OCC approval to launch new products or services that present high money laundering or sanctions risk.
Anti-Money Laundering
1MDB Files Suit Against Corporate Service Provider Amicorp
By Editors | 28/12/2024
1MDB alleges HK-headquartered Amicorp used shell companies and fraudulent financial structures to facilitate the misappropriation of assets.
Anti-Money Laundering
AUSTRAC Publishes Unofficial “Future” Version of AML Act
By Editors | 28/12/2024
The document does not have legal effect but aims to help reporting entities understand the effect of the amendments passed in November.
Supervision & Enforcement
SFC Imposes Fine and Lifetime Ban Against Fund Manager
By Editors | 28/12/2024
The SFC said the former fund manager’s removal from the industry is “necessary to protect the investing public”.
Anti-Money Laundering
FATF Publishes Six Mutual Evaluation, Four Follow-up Reports
By Editors | 28/12/2024
New reports available for Marshall Islands, Nauru, Timor Leste, PNG, Oman, Argentina, Georgia, Monaco, Croatia, Poland
PEPs & Sanctions
US Extends Sanctions on HK Officials for Five More Years
By Editors | 27/12/2024
The Hong Kong government said the sanctions will ultimately harm the interests of the US and its companies.
Anti-Money Laundering
Japan FSA Orders AEON Bank to Improve AML/CFT Systems
By Manesh Samtani | 27/12/2024
The FSA said AEON Bank neglected at least 14,639 transactions detected by its surveillance system and takes too long to report suspicious transactions
Fraud, Scams & Cybercrime
UN General Assembly Adopts New Cybercrime Convention
By Manesh Samtani | 26/12/2024
The Convention will help to address online child sexual abuse, sophisticated online scams and money laundering
KYC & CDD
Court Reinstates FinCEN’s Beneficial Ownership Reporting Rule
By Manesh Samtani | 25/12/2024
The Court lifted an injunction that reinstates a 1 January 2025 reporting deadline. FinCEN has extended the deadline to 13 January 2025.
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