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Financial Crime
Anti-Money Laundering
Thai Regulators Ask Banks to “Strictly” Adhere to AML Law
By Nithya Subramanian | 03/07/2024
The Bank of Thailand and AMLO have asked financial institutions to follow enhanced due diligence procedures for both customers and their transactions.
Cryptocurrency
SEC Lawsuit Against Binance May Proceed, Court Rules
By Manesh Samtani | 03/07/2024
Binance already settled DOJ, Treasury and CFTC charges for $4.3bn, but the SEC’s case was not included in the settlement.
Anti-Money Laundering
Singapore Withdraws Tax Incentives for SFOs in Money Laundering Case
By Nithya Subramanian | 03/07/2024
The total value of assets forfeited from convicted individuals with links to SFO funds far exceeds any tax benefits, said Gan Kim Yong.
Fraud, Scams & Cybercrime
Nearly 4,000 Arrests Made in Global Anti-Scam Operation: INTERPOL
By Editors | 03/07/2024
The operation spanned 61 countries and resulted in 6,745 bank accounts being frozen and assets worth $257mn being seized.
PEPs & Sanctions
Chinese Banks Reducing CNY Trades on Moscow Exchange
By Editors | 03/07/2024
Yuan flows into Russia for oil sales to China are reportedly shifting from the exchange market to the OTC market.
Anti-Money Laundering
Panama Papers: Court Acquits All 28 Accused of Money Laundering
By Nithya Subramanian | 02/07/2024
According to media reports, the evidence presented was “not sufficient” to establish the defendants’ criminal responsibility.
Anti-Money Laundering
Singapore Releases Two Reports Tackling Terrorism Financing
By Nithya Subramanian | 02/07/2024
The updated TF National Risk Assessment found that money remittances remain High-Risk, while the refreshed strategy for CFT calls for robust regulatory regimes.
PEPs & Sanctions
UniCredit Seeking Clarity on ECB’s Russia Exit Orders
By Editors | 02/07/2024
The ECB ordered UniCredit in May to further speed up its withdrawal from Russia. The bank is seeking legal clarity on its obligations.
Fraud, Scams & Cybercrime
FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds
By Sanday Chongo Kabange | 02/07/2024
The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.
Fraud, Scams & Cybercrime
China: New Law Strengthens Penalties for Accounting Fraud
By Editors | 02/07/2024
The new Accounting Law significantly increases penalties for financial fraud and for the first time includes the phrase “internal control”.
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