Financial Crime

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges MPF Intermediary with Fraud

By Sanday Chongo Kabange | 02/05/2024

A former insurance agent of FWD Life allegedly conspired with four clients to apply for early withdrawal of their MPF using false documents.

Fraud, Scams & Cybercrime

Taiwan FSC Calls for Enhanced Controls to Prevent Card Fraud

By Mark Johnston | 02/05/2024

FIs are asked to lower the notification threshold for online credit card transactions and to improve their OTP practices.

Structural Regulation

Redomiciling VCC Funds to Singapore Can Be ‘Daunting’

By Nithya Subramanian | 02/05/2024

Besides navigating a complex maze of regulatory, tax and operational hurdles, the spectre of asset illiquidity during transition looms large.

Anti-Money Laundering

Australia Opens 2nd Consultation on ‘Tranche 2’ AML Reforms

By Manesh Samtani | 02/05/2024

The proposed reforms will extend the AML/CTF regime to cover Tranche 2 entities and a broader range of digital currency-related services.

PEPs & Sanctions

US Sanctions Over 280 Targets for Supporting Russia

By Editors | 01/05/2024

The targets include companies in Azerbaijan, Belgium, China, Hong Kong, Russia, Slovakia, Turkey, the UAE, and Russia.

Anti-Money Laundering

India Collaborates with US FBI on Crypto Scam Case

By Ajoy K Das | 01/05/2024

The joint operation uncovered a $360mn scam involving drug trafficking, crypto payments and the dark web.

Anti-Money Laundering

Wolfsberg Group Responds to FATF Payment Transparency Consultation

By Manesh Samtani | 01/05/2024

Operators of payment market infrastructures should be brought into the scope of R.16 and ISO 20022 terminology should be adopted.

Anti-Money Laundering

US Court Sentences Binance Founder to Four Months Jail

By Editors | 01/05/2024

The sentence was below the three years requested by prosecutors and the 18 month maximum recommended under federal guidelines.

Anti-Money Laundering

Korea FSS Issues “Model” Standards for Credit Finance Companies

By Editors | 01/05/2024

The standards call for better management of executives and employees to prevent money laundering, conflicts of interest, and misuse or embezzlement of loan funds.