Financial Crime

Supervision & Enforcement

UK FCA Finalises Updates to Financial Crime Guide

By Editors | 04/12/2024

The financial crime guide is updated to provide additional guidance on sanctions, proliferation financing, transaction monitoring and cryptoassets.

Fraud, Scams & Cybercrime

Taiwan Executive Yuan Approves “Version 2.0” Anti-Fraud Action Plan

By Manesh Samtani | 03/12/2024

The FSC also issued new regulatory guidelines for FIs and VASPs on preventing the fraudulent use of financial services.

Anti-Bribery & Corruption

Swiss Court Commences Trial Against Trafigura Over Angola Bribes

By Nithya Subramanian | 03/12/2024

This is the first time Switzerland’s Federal Criminal Court will have to rule on a company’s liability for alleged bribery of a foreign official.

Cybersecurity

SEC Settles ICBC Recordkeeping Charges from 2023 Cyber Incident

By Editors | 03/12/2024

ICBC failed to keep its books and records current for almost four months following the November 2023 ransomware attack. No penalty was imposed.

PEPs & Sanctions

Former CEO Pleads Guilty to Violating US Export Controls

By Editors | 03/12/2024

The former CEO of a freight forwarding company made over 1,000 shipments to Chinese companies on the Entity List that were dealing with North Korea.

Anti-Money Laundering

Australian Police Dismantle Money Laundering Syndicate

By Sanday Chongo Kabange | 03/12/2024

The AFP has arrested four men and dismantled an organised crime syndicate that allegedly laundered A$10mn of criminal proceeds.

Anti-Money Laundering

Lombard Odier, Ex-Banker Indicted in Swiss Money Laundering Case

By Nithya Subramanian | 03/12/2024

Swiss prosecutors alleged that Lombard Odier and one of its former RMs concealed dirty funds and engaged in “aggravated money laundering”.

Fraud, Scams & Cybercrime

South Korea Cracks Down on Illegal Spam Messages

By Mark Johnston | 03/12/2024

The new measures include enhanced filtering services and the application of KISA’s blacklist system to prevent the mass transmission of illegal messages.

Fraud, Scams & Cybercrime

India: RBIH Wants Banks to Use AI to Detect Mule Accounts

By Editors | 03/12/2024

The Reserve Bank Innovation Hub is reportedly in talks with ten public and private banks about adopting its “Mulehunter.Ai” tool to identify mule accounts.