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Financial Crime
Fraud, Scams & Cybercrime
Korean Securities Firms, Savings Banks to Start Compensating Fraud Victims
By Manesh Samtani | 16/12/2024
Korean banks already implemented a similar compensation system for non-face-to-face financial fraud from 1 January 2024.
PEPs & Sanctions
OFAC Fines Global Logistics Firm for Sanctions Violations
By Editors | 16/12/2024
The violations of Cuba and Iran sanctions were committed by subsidiaries based in China, Spain, Canada, Australia and Peru.
PEPs & Sanctions
US Considers New Sanctions Targeting Russian Oil Exports
By Editors | 15/12/2024
The new sanctions would potentially target foreign buyers of Russian crude oil and more of the vessels used for shipments.
Conduct, Culture & Accountability
Korea Implements New Guidelines for Punishing Executives of FIs
By Manesh Samtani | 15/12/2024
The guidelines set out the process for how CEOs and executives of FIs will be sanctioned for failures to fulfill their internal control duties.
Anti-Money Laundering
AUSTRAC Offers Guidance on Filing Suspicious Matter Reports
By Sanday Chongo Kabange | 13/12/2024
The guidance comes in the form of an e-learning module, to help regulated entities submit good-quality SMRs and avoid common mistakes.
PEPs & Sanctions
EU States Agree on 15th Russia Sanctions Package – Reports
By Editors | 13/12/2024
The sanctions target 52 vessels, over 50 individuals and around 30 entities. The package is expected to be formally adopted on Monday.
Anti-Money Laundering
US Authorities Arrest Former TD Bank Employee for Money Laundering
By Thisanka Siripala | 13/12/2024
The ex-employee allegedly issued debit cards from Florida that were used to withdraw narcotics proceeds through ATMs in Colombia.
Fraud, Scams & Cybercrime
Google and Swift Collaborate to Combat Payments Fraud
By Thisanka Siripala | 13/12/2024
The initiative follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East.
Payments & Settlements
FSB Finalises Recommendations on Cross-border Payments
By Manesh Samtani | 13/12/2024
The recommendations aim to promote global alignment in legal, regulatory and data frameworks relevant to cross-border payments.
AI Risk & Governance
FSS Korea Implements Broad Organisational Reforms
By Editors | 12/12/2024
The FSS has reappointed 74 out of 75 department heads to “promote innovative thinking and work innovation”.
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