Financial Crime

Anti-Money Laundering

UK Launches Data Sharing Project to Tackle Organised Crime

By Editors | 29/07/2024

Seven UK banks will share information on customers with the NCA if certain markers of potential criminal behaviour are met.

PEPs & Sanctions

RUSI Publishes Findings from 1st Meeting of New Sanctions Taskforce

By Manesh Samtani | 29/07/2024

The taskforce participants identified several deficiencies that undermine the effectiveness of UK sanctions and “require government attention”.

Anti-Money Laundering

Singapore Deports Last Convict in Billion Dollar ML Case

By Nithya Subramanian | 29/07/2024

All ten individuals who were convicted and sentenced in the case have now been deported: eight to Cambodia, one to Japan, and one to the UK.

KYC & CDD

MAS Issues New ‘Source of Wealth’ Guidance for FIs

By Nithya Subramanian | 29/07/2024

MAS sets out key risk principles that FIs should follow when designing policies to establish SOW of customers.

Stablecoins

Swiss FINMA Publishes New Guidance on Stablecoins

By Editors | 29/07/2024

The guidance sets out new rules on deposit guarantees, which stablecoin issuers can obtain from banks instead of obtaining their own banking licences.

Fraud, Scams & Cybercrime

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

By Editors | 28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

Market Abuse

FMSB Publishes Spotlight Review on Pre-Hedging Practices

By Editors | 28/07/2024

The Spotlight Review offers case studies to provide practical guidance and highlight the nuanced application of pre-hedging principles across different context.

PEPs & Sanctions

EU Disburses First Funds Generated from Frozen Russian Assets

By Editors | 27/07/2024

The €1.5bn instalment will be used to support Ukraine, in line with an EU-wide agreement on how profits generated from frozen Russian central bank assets can be used.

PEPs & Sanctions

OFAC Fines State Street for Sanctions Violations by Subsidiary

By Editors | 27/07/2024

Charles River Systems, acquired by State Street in 2018, redated and reissued invoices for Sberbank and VTB Bank subsidiaries to circumvent sanctions restrictions.