Financial Crime

KYC & CDD

Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB

By Mark Johnston | 22/12/2023

At least eight foreign banks neglected KYC verification procedures, resulting in misdirection of 1MDB funds into unintended accounts.

Anti-Money Laundering

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.

Fraud, Scams & Cybercrime

ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors

By Sanday Chongo Kabange | 21/12/2023

Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.

Fraud, Scams & Cybercrime

NZBA Issues Update on Anti-Scam Initiatives

By Editors | 21/12/2023

The first phase of the new national Anti-Scam Centre is “now live”, focusing on sharing information on money mules.

AI Risk & Governance

Singaporeans Open to GenAI, but Concerned About Data Security

By Nithya Subramanian | 21/12/2023

A robust and effective data governance strategy will be crucial for banks to ensure responsible use of AI, said Kanv Pandit of FIS.

Fraud, Scams & Cybercrime

HK SFC Issues Warning About More Suspicious VATPs

By Sanday Chongo Kabange | 21/12/2023

The SFC said the police have blocked the two platforms in Hong Kong over suspected fraudulent activities related to virtual assets.

Credit Risk

HKMA Addresses Rumours that Banks are Calling in Loans

By Mark Johnston | 21/12/2023

Rumours have emerged that banks are demanding early repayments from borrowers whose collateral values have fallen. The HKMA says this is not the case.

Market Abuse

Japan FTC Probes Insurers for Alleged Cartel Conduct

By Mark Johnston | 21/12/2023

Japan’s FTC raided 22 locations of four major insurers and two insurance agencies over their alleged collusion on premium-setting.

PEPs & Sanctions

OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades

By Editors | 20/12/2023

US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.