Financial Crime

Market Abuse

Hong Kong Tribunal Penalises Former China Forestry Execs

By Nithya Subramanian | 01/12/2024

Five-year disqualification and cold shoulder orders were issued against two former executives. One was ordered one to disgorge HK$353mn.

Anti-Money Laundering

Morgan Stanley Internal Documents Show Scale of AML Deficiencies

By Nithya Subramanian | 30/11/2024

Nearly a quarter of the bank’s international wealth accounts were reportedly flagged in 2023 for elevated money laundering risks.

KYC & CDD

Wise Tightens AML Compliance Following Regulatory Review in Europe

By Thisanka Siripala | 30/11/2024

The National Bank of Belgiumreportedly found in 2022 that Wise lacked proof of address for hundreds of thousands of customers.

Supervision & Enforcement

AUSTRAC Fines 16 Firms for Failure to Submit Compliance Reports

By Editors | 30/11/2024

The infringement notices were issued for failure to submit 2023 annual compliance reports. The firms had a history of non-compliance.

Anti-Money Laundering

Australian Parliament Passes Historic AML/CTF Amendment Bill

By Thisanka Siripala | 29/11/2024

The bill extends AML/CTF obligations to lawyers, accountants, TCSPs, real estate professionals, and dealers in precious metals and stones.

PEPs & Sanctions

Russian Central Bank Intervenes to Support Crashing Ruble

By Manesh Samtani | 29/11/2024

The ruble’s sharp fall to levels not seen since March 2022 is attributed to sanctions imposed by the US on Gazprombank.

Anti-Money Laundering

FCA Unveils New 5-year Strategy to Boost Trust in UK Market

By Editors | 29/11/2024

FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.

Fraud, Scams & Cybercrime

FinCEN Joins Task Force on Preventing Fraud and Scams

By Nithya Subramanian | 29/11/2024

The task force. convened by the Aspen Institute, will seek to develop a national strategy for combating fraud and scams.

PEPs & Sanctions

New Zealand Targets Russian, Iranian Actors With New Sanctions

By Editors | 29/11/2024

The sanctions target those involved in the deployment of chemical weapons against Ukraine and the provision of Iranian weapons to Russia.