Financial Crime

Anti-Money Laundering

Myanmar Junta Targets Privately Owned Yoma Bank and CEO

By Editors | 22/06/2024

Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.

Fraud, Scams & Cybercrime

Singapore Sets Anti-Scam Obligations for E-Commerce, Messaging Platforms

By Editors | 21/06/2024

Failure to comply with the new codes of practice will be considered a criminal offence under the Online Criminal Harms Act, which took effect in February.

Anti-Money Laundering

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

By Editors | 21/06/2024

The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.

Market Abuse

ASIC Fines Ascot Securities for Failure to Detect Suspicious Trades 

By Editors | 21/06/2024

Ascot Securities should have suspected a client’s orders were manipulative, ASIC’s Markets Disciplinary Panel said.

Anti-Money Laundering

India FIU Imposes $2.25m Penalty on Crypto Exchange Binance

By Editors | 21/06/2024

Binance will pay the penalty as part of a push to re-enter the Indian market after its website and app were blocked in the country around six months ago.

Fraud, Scams & Cybercrime

Japan Announces New Measures to Combat Fraud and Scams

By Manesh Samtani | 21/06/2024

The measures include obligations for social media companies, internet service providers, telecoms companies and financial institutions.

Supervision & Enforcement

UK FCA Opens First Climate-related Enforcement Investigation

By ESG Investor | 21/06/2024

The FCA revealed the existence of the enforcement investigation to environmental law charity ClientEarth in response to a Freedom of Information request.

Operational Risk

Super Funds Have More Work to Do on Valuation Governance: APRA

By Editors | 21/06/2024

APRA wrote to super fund trustees asking them to improve their valuation governance practices for unlisted assets, as required by SPS 530.

Anti-Money Laundering

Singapore Publishes Money Laundering Risk Assessment

By Manesh Samtani | 21/06/2024

Banking is Singapore’s highest risk sector. A key ML threat is cyber-enabled fraud, typically orchestrated by criminal syndicates located overseas.