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Financial Crime
Fraud, Scams & Cybercrime
Singapore Court Sentences Money Mule to 10 Years Jail
By Nithya Subramanian | 25/04/2024
Muhammad Zahir Johana allowed his Singpass credentials to be used to open bank accounts that were used to receive scam proceeds.
PEPs & Sanctions
Russian Court Orders Seizure of JPMorgan Assets
By Editors | 25/04/2024
State-owned VTB Bank filed the lawsuit in an attempt to recover USD 439.5 million in funds that were frozen by JPMorgan due to sanctions.
PEPs & Sanctions
Pakistan, Iran Agree to ‘Expeditiously’ Finalise Trade Agreement
By Editors | 25/04/2024
Pakistan and Iran aim to increase bilateral trade, cooperate on energy, and complete a gas pipeline project. The US has warned Pakistan of the risk of sanctions.
Anti-Money Laundering
EU Parliament Adopts AMLD6 and Related Regulations
By Mark Johnston | 25/04/2024
The legislation now awaits formal adoption by the European Council before being published in the EU’s Official Journal.
Capital Adequacy
RBI Raises Net Owned Funds Requirement for ARCs
By Ajoy K Das | 25/04/2024
Existing asset reconstruction companies will have until 31 March 2026 to meet the $36mn net owned funds requirement.
Fraud, Scams & Cybercrime
Global Operation Takes Down ‘LabHost’ Cybercrime Service
By Mark Johnston | 25/04/2024
LabHost offered a service since 2021 that enabled over 10,000 cybercriminals to create fake websites and conduct phishing campaigns.
Fraud, Scams & Cybercrime
US Hedge Fund Sues Over Credit Suisse AT1 Bond Losses
By Mark Johnston | 25/04/2024
The lawsuit accuses Credit Suisse’s CEO and former Chairman of misrepresenting the bank’s liquidity position while it was facing a deposit run.
Sustainable Finance
AVPN Launches Social Investing Platform in Singapore
By Nithya Subramanian | 25/04/2024
ImpactCollab launched with MAS support, offering due diligence resources to facilitate impact investing and philanthropic giving.
Anti-Money Laundering
US DOJ Proposes 36-Month Prison Sentence for Binance Founder
By Mark Johnston | 25/04/2024
The DOJ said the sentence must be significant to effectively punish Changpeng Zhao and to deter others who are tempted to break US laws.
Capital Adequacy
Taiwan FSC Penalises Shin Kong Financial Holding and Subsidiary
By Mark Johnston | 25/04/2024
Shin Kong Life Insurance’s capital adequacy ratios fell below the required minimum. Its capital increase plan lacked specificity and timelines.
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