Financial Crime

Fraud, Scams & Cybercrime

MAS Bans Former Prudential Representative for 8 Years

By Nithya Subramanian | 19/04/2024

The former insurance agent used client funds for personal expenses rather than to pay the client’s premiums.

PEPs & Sanctions

US, UK Unveil Initial Sanctions Response to Iran’s Airstrike

By Editors | 18/04/2024

The US sanctions target Iran’s drone production, steel industry and auto companies. The UK targeted those responsible for the weekend attack.

KYC & CDD

UK Launches Global Initiative to Enhance Corporate Transparency

By Mark Johnston | 18/04/2024

The UK government has announced a global call to action for increased transparency in company ownership.

Anti-Money Laundering

China Set to Consider Draft Revision to AML Law

By Editors | 18/04/2024

The revision will expand the scope of money laundering predicate crimes, raise the penalties for offences, and expand the scope of the law to cover more non-bank entities.

Anti-Bribery & Corruption

Former PBOC Deputy Governor Pleads Guilty for Accepting Bribes

By Editors | 18/04/2024

Fan Yifei abused his positions and took bribes from 1993 to 2022, while at China Construction Bank, China Investment Corp, Bank of Shanghai and the PBOC.

Conduct, Culture & Accountability

Australia: Misconduct Compensation Scheme Starts Processing Claims

By Editors | 18/04/2024

The Compensation Scheme of Last Resort provides compensation to eligible consumers who have an unpaid determination from AFCA.

Payments & Settlements

RBI Proposes New Regulations for Payment Aggregators

By Ajoy K Das | 18/04/2024

The proposed regulations stipulate new net worth requirements for payment aggregators facilitating face-to-face transactions.

PEPs & Sanctions

Japan, Korea, US Finance Ministers Hold First Trilateral Meeting

By Editors | 18/04/2024

The ministers agreed to “consult closely” on FX markets and to cooperate on financial stability and the use of sanctions.

PEPs & Sanctions

US Treasury Terminates Zimbabwe Sanctions Regulations

By Editors | 18/04/2024

The Zimbabwe sanctions programme is terminated and replaced with Magnitsky sanctions against 11 individuals and three entities.