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Financial Crime
Fraud, Scams & Cybercrime
Singapore Raises Concerns Over Surge in Scams on Telegram
By Nithya Subramanian | 23/10/2024
During the first half of 2024, the number of scam cases reported on Telegram spiked by 137%, said Singapore minister Sun Xueling.
Supervision & Enforcement
RBI Halts Loan Activities of Four NBFCs Over Compliance Issues
By Nithya Subramanian | 23/10/2024
The RBI ordered four NBFCs to stop disbursing new loans due to excessively high rates which are non-compliant with regulatory guidelines.
Anti-Money Laundering
MAS, ABS Issue Guidance on Conducting AML/CFT Audits
By Nithya Subramanian | 22/10/2024
MAS issued a circular offering guidance for AML/CFT audits at FIs, while the ABS released a best practice paper to enhance audit standards.
Anti-Money Laundering
MAS Updates AML/CFT Guidelines to Support COSMIC Initiative
By Editors | 22/10/2024
The Guidelines to Notice 626 and Notice FSM-N02 were revised to align with requirements related to the COSMIC information sharing platform.
Payments & Settlements
FSB Reports on Progress to Enhance Cross-border Payments
By Manesh Samtani | 22/10/2024
Adoption of the LEI in cross-border payments remains a challenge. Progress toward achieving targets has been limited across wholesale, retail, and remittances.
Fraud, Scams & Cybercrime
US Authorities Arrest Man Over False SEC Tweet on Bitcoin ETFs
By Editors | 22/10/2024
The arrestee had used a SIM swap attack in January to obtain access to the SEC’s X account, while his co-conspirators issued the fraudulent tweet.
Conduct, Culture & Accountability
SFC Suspends Former Private Banker for Regulatory Breaches
By Editors | 22/10/2024
The former Julius Baer private banker lied about meeting a client face-to-face for account opening and about 14 transactions being unsolicited.
PEPs & Sanctions
Chinese Drone-maker Files Suit Seeking Removal from US Blacklist
By Editors | 21/10/2024
DJI says its designation as a “Chinese military company” is wrong and has caused the company significant financial harm.
PEPs & Sanctions
Switzerland Adopts More Measures from EU’s 14th Russia Package
By Editors | 21/10/2024
Switzerland will not adopt the EU text that requires companies to prevent circumvention via their subsidiaries “to the best of their ability”.
PEPs & Sanctions
FATF Due to Consider Adding Russia to Blacklist – Reports
By Editors | 21/10/2024
Ukraine is calling on the FATF to blacklist Russia, citing its close financial and military cooperation with UN-sanctioned North Korea and Iran.
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