Financial Crime

Fraud, Scams & Cybercrime

Australian Court Fines ME Bank for Misleading Home Loan Customers

By Editors | 19/01/2024

ME Bank sent inaccurate home loan information to its customers and failed to provide written notice about annual interest rate and repayment amount changes.

Market Abuse

Korea Strengthens Mechanism for Punishing Unfair Trading

By Editors | 19/01/2024

The revisions introduce a new penalty surcharge system for unfair trading activities and establish a clear legal ground for calculating unfairly gained profits.

Anti-Money Laundering

Global Crypto Crime Gains Fall; Stablecoins Rise: Report

By Nithya Subramanian | 19/01/2024

The global amount received by illicit cryptocurrency addresses in 2023 fell 39 per cent, while stablecoins accounted for 60 per cent of illicit transactions, revealed Chainalysis.

PEPs & Sanctions

OFAC Sanctions 18 Tankers for Russian Oil Price Cap Violations

By Editors | 19/01/2024

UAE based shipping company Hennesea and 18 of its vessels are subject to restrictions for transporting Russian crude at prices higher than the price cap.

Anti-Money Laundering

EU Council, Parliament Reach Provisional Agreement on AMLD6

By Manesh Samtani | 18/01/2024

The scope of the AML rules is broadened to include cryptoassets, luxury goods, football clubs and golden visas. There is also an EU-wide cash payment limit of EUR 10,000.

Anti-Money Laundering

Former VP of US Bank Pleads Guilty to AML Violations

By Mark Johnston | 18/01/2024

Peter McVey helped high-risk customers evade the bank’s AML controls, violating the Bank Secrecy Act.

PEPs & Sanctions

US Sanctions Prompt China Banks to Review Russia Business

By Editors | 18/01/2024

The threat of secondary sanctions has prompted Chinese state-owned banks to review their Russian business and sever ties with clients on the sanctions list.

Market Abuse

Korea FSS Says Naked Short Selling Has ‘Significant Impact’

By Mark Johnston | 18/01/2024

Illegal short selling has a “significant impact” on certain stocks, the FSS said in response to concerns that its short-selling ban may not have been justified.

Anti-Money Laundering

Cryptos Popular Among Money Launderers in SE Asia: UN Report

By Nithya Subramanian | 18/01/2024

Tether has emerged as a preferred choice for regional cyberfraud operations due to its stability and the ease, anonymity, and low fees of its transactions.