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Financial Crime
PEPs & Sanctions
US Authorities Accused of Ignoring Evidence Against StanChart
By Editors | 06/06/2024
A whistleblower says US officials falsely denied that he had provided useful information in order to have his claim for a whistleblower reward dismissed.
Supervision & Enforcement
US to Establish Registry of Law-Breaking Nonbank Financial Firms
By Editors | 06/06/2024
The registry will help authorities monitor and track repeat offenders in order to better hold them accountable if they break the law again.
Anti-Money Laundering
US Authorities Arrest Epoch Times CFO for Money Laundering
By Editors | 06/06/2024
The DOJ alleges Weidong Guian participated in a “sprawling, transnational scheme” to launder $67mn million of crime proceeds.
Cybersecurity
Hackers Put Stolen Santander Data Up for Sale – Reports
By Editors | 05/06/2024
The hacking group reportedly stole 30 million customers’ bank account details and 28 million credit card numbers, among other information.
Operational Risk
APRA Fines Superannuation Trustee for Late Reporting
By Sanday Chongo Kabange | 05/06/2024
APRA said Equity Trustees Superannuation lodged 15 reporting forms late for two funds under its trusteeship.
Fraud, Scams & Cybercrime
Fraud Constitutes 37pc of All Financial Crimes – Report
By Mark Johnston | 05/06/2024
Fraud accounted for 37% of financial crime records reviewed by LSEG Risk Intelligence for its inaugural fraud analysis.
Anti-Money Laundering
AUSTRAC Issues New Guidance on Money Mule Detection
By Sanday Chongo Kabange | 04/06/2024
The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.
Fraud, Scams & Cybercrime
SGX Imposes Three Year Ban on Ex-CEO of Listed Company
By Nithya Subramanian | 04/06/2024
The three-year ban is the most severe sanction SGX’s Listings Disciplinary Committee can impose.
Fraud, Scams & Cybercrime
APAC Regulators Form New Anti-Scam Working Group
By Sanday Chongo Kabange | 04/06/2024
ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.
Anti-Money Laundering
Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine
By Sanday Chongo Kabange | 04/06/2024
The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.
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