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Financial Crime
PEPs & Sanctions
US Sanctions Four Israelis for Violence on Palestinians
By Manesh Samtani | 01/02/2024
These are the first sanctions targeting Israeli citizens. FinCEN also issued an alert to help FIs identify activity that finances violence against Palestinians in the West Bank.
Supervision & Enforcement
RBI Issues Directive on Streamlining Internal Compliance Monitoring
By Ajoy K Das | 01/02/2024
A review found that internal compliance monitoring is still carried out with “significant manual intervention”.
Anti-Bribery & Corruption
Transparency International Releases 2023 Corruption Perceptions Index
By Editors | 01/02/2024
New Zealand and Singapore were the only two APAC countries in the top 10. China and Korea improved their scores over last year.
PEPs & Sanctions
US Marks 3rd Anniversary of Myanmar Coup With Sanctions
By Editors | 01/02/2024
A holding company and shipping company were targeted for supporting the military regime’s activities against civilians and its arms production.
Anti-Money Laundering
China to Amend AML Law to Address Virtual Asset Risks
By Manesh Samtani | 01/02/2024
Draft amendments bring virtual assets into scope. FIs would also be required to assess money laundering risks before adopting new technologies and launching new products.
Structural Regulation
New Zealand to Overhaul Financial Services Regulations
By Editors | 01/02/2024
NZ will restructure its twin peaks regulatory framework, simplify licensing requirements, and reform the Companies Act, CoFI, and CCCFA.
Anti-Money Laundering
UK Trial Commences in £5bn Bitcoin Money Laundering Case
By Editors | 01/02/2024
Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.
Anti-Money Laundering
US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years
By Editors | 01/02/2024
Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.
Data Privacy
Australia-US Agreement on Electronic Data Access Comes Into Force
By Editors | 01/02/2024
The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.
Fraud, Scams & Cybercrime
Korea Passes Bill Strengthening Penalties for Insurance Fraud
By Editors | 01/02/2024
The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.
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