Financial Crime

Anti-Money Laundering

APG Report Calls for Stronger AML/CFT Response to Illegal Fishing

By Manesh Samtani | 30/11/2023

Governments have “low levels of understanding” on the ML/TF risks posed by illegal fishing, leading to poor AML/CFT responses.

PEPs & Sanctions

OFAC Sanctions Hong Kong, Singapore Companies for Iran Trade

By Editors | 30/11/2023

Sanctions target more than 20 individuals and entities accused of facilitating Iranian defence sector through companies in Hong Kong, Singapore, and elsewhere.

Credit Risk

MAS Spotlights Interest Rate and Money Laundering Risks

By Editors | 29/11/2023

The latest Financial Stability Review discusses the impact of rising global interest rates on households and increased concerns over money laundering.

Cybersecurity

Indian Government Asks Banks to Ramp Up Cybersecurity Measures

By Ajoy K Das | 29/11/2023

A meeting with banks and payments firms was convened by federal authorities in the wake of recent disruptions at Uco Bank and Bank of Baroda

Fraud, Scams & Cybercrime

The Boiling Frog: Finfluencers in the Investment Management Industry

By Pankaj Sharma | 29/11/2023

Pankaj Sharma and Phoebe Chan discuss the complexities of regulating financial promotions online, finfluencers in particular, and offer recommendations.

Fraud, Scams & Cybercrime

HKMA Launches New Service to Alert FPS Users of Potential Fraud

By Sanday Chongo Kabange | 29/11/2023

The new alert mechanism will alert banking customers when an FPS proxy ID is flagged as “High Risk” on the Scameter search engine.

PEPs & Sanctions

OFSI Touts Success in UK Court over Russia Sanctions Licence

By Editors | 29/11/2023

OFSI blog post summarises an October 2023 decision upholding the agency’s power to deny licence requests under the UK Russia sanctions regulations.

Fraud, Scams & Cybercrime

Singapore Banks to Roll Out “Money-locking” Anti-Scam Measure

By Editors | 28/11/2023

‘Locked up’ funds will remain safe, even if the customer’s mobile devices or bank account login credentials fall into the wrong hands.

Fraud, Scams & Cybercrime

HK SFC Under Fresh Scrutiny Over Crypto Platform Hounax

By Sanday Chongo Kabange | 28/11/2023

The SFC is being accused of playing a “passive role” by not blocking suspicious crypto trading platform Hounax and preventing it from contacting the public.