Financial Crime

Fraud, Scams & Cybercrime

Australia: CBA Users Critical of Limits on Crypto-related Transfers

By Sanday Chongo Kabange | 05/03/2024

The A$10,000 monthly limit is intended to keep customers safe from fraud and scams, the bank said.

Fraud, Scams & Cybercrime

SFC Issues More Warnings About Suspected Crypto Frauds

By Sanday Chongo Kabange | 05/03/2024

BitForex, which disappeared with users’ funds last month, was added to the alert list, along with suspicious websites impersonating HashKey and OSL.

Fraud, Scams & Cybercrime

ASIC Shuts Down 3,500 Investment Scam Websites

By Nithya Subramanian | 05/03/2024

ASIC has broadened its focus to ensure that banks and superannuation trustees protect members from scammers, said Joe Longo.

KYC & CDD

Wolfsberg Group Publishes Updated Country Risk FAQs

By Manesh Samtani | 04/03/2024

FIs must strike a balance in how they assess country risk and apply their consideration in customer and other risk frameworks.

Anti-Bribery & Corruption

US Secures $661m Settlement from Swiss Oil Trader for FCPA Violations

By Manesh Samtani | 04/03/2024

Over a nearly a decade, Gunvor Group paid more than $97mn to secure business from Ecuador, generating $384mn in illicit profits.

Fraud, Scams & Cybercrime

Singapore Police Warns Against Fund Recovery Services Scams

By Nithya Subramanian | 04/03/2024

Since January 2024, at least 29 cases have been reported with losses amounting to at least S$1.2mn, the SPF said.

Anti-Bribery & Corruption

China: Amended Law Strengthening Bribery Penalties Takes Effect

By Editors | 04/03/2024

The amended law defines seven “severe” offences related to bribery, specifies higher penalties for such offences, and now also covers private enterprises.

Fraud, Scams & Cybercrime

1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar

By Editors | 04/03/2024

Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.

PEPs & Sanctions

Boeing Fined $51m for Arms Export Control Violations

By Editors | 04/03/2024

Boeing is also required to engage a special compliance officer for at least two years and spend a further $24mn on strengthening its compliance programme.