Financial Crime

Supervision & Enforcement

China Refines Ratings Framework for Consumer Finance Companies

By Editors | 24/12/2024

Two rating dimensions have been added to the framework and the NFRA has optimised the classification levels.

Anti-Money Laundering

US SEC Fines Deutsche Bank Securities for Late SAR Filings

By Editors | 24/12/2024

The SEC said the firm took months or years to conduct or complete investigations prompted by law enforcement or regulatory requests.

PEPs & Sanctions

EU Already Preparing Next Package of Russia Sanctions

By Editors | 24/12/2024

The EU intends to adopt the 16th package in February to mark the third anniversary of Russia’s invasion of Ukraine.

PEPs & Sanctions

Calls Grow for Sanctions Against Syria to be Lifted

By Editors | 24/12/2024

The UN special envoy to Syria, as well as Turkiye and Qatar, have called for international sanctions on Syria to be quickly lifted.

Anti-Money Laundering

Europol Examines Criminal Abuse of Legal Business Structures

By Manesh Samtani | 24/12/2024

New Europol report details how legal business structures are used to enable and disguise organised crime and launder criminal proceeds.

Fraud, Scams & Cybercrime

Australia Reviews Tax Regulator Secrecy Exceptions

By Editors | 24/12/2024

Feedback is sought on allowing the ATO or TPB to share protected tax information for purposes such as fraud prevention.

Fraud, Scams & Cybercrime

US Regulator Files Lawsuit Targeting Zelle and Three Major Banks

By Editors | 24/12/2024

The CFPB says JPMorgan, BofA and Wells Fargo failed to implement anti-fraud safeguards on Zelle, resulting in $870mn in losses to customers over 7 years.

Conduct, Culture & Accountability

FMA Says Westpac NZ Admitted to Overcharging 24,000 Customers

By Editors | 24/12/2024

The bank self-reported the issue, fully cooperated with the FMA’s investigation, and provided remediation to impacted customers.

Fraud, Scams & Cybercrime

JBA Directs Banks to Conduct Inspections on Safe Deposit Boxes

By Editors | 23/12/2024

The notice to banks, which lists specific examples of inspection items, is a response to the theft of over JPY 1 billion from customers’ safe deposit boxes.