Financial Crime

Fraud, Scams & Cybercrime

Australia Unveils First Quarterly Report from New Anti-Scam Centre

By Editors | 26/11/2023

The quarter ended with reported scam losses of A$29.8mn in September 2023, the lowest reported in a single month since October 2021.

Supervision & Enforcement

SFC Starts Legal Proceedings Against AMTD Global Markets Limited

By Sanday Chongo Kabange | 24/11/2023

The SFC has asked the city’s Court of First Instance to inquire into the circumstances of non-compliance by AMTD Global Markets Limited and its former executives.

Fraud, Scams & Cybercrime

Australian Banks Launch “New Offensive” Against Scams

By Manesh Samtani | 24/11/2023

Priority initiatives to make banking safer include a new confirmation of payee system and expanded intelligence sharing.

Anti-Money Laundering

Binance Founder Allowed to Return to UAE Until Sentencing

By Mark Johnston | 24/11/2023

The DOJ has appealed the decision to allow Changpeng Zhao to leave the US until sentencing on 23 February 2024.

Supervision & Enforcement

Australian Court Orders Mercer Advice Unit to Pay A$12m Penalty

By Mark Johnston | 23/11/2023

Mercer Financial Advice was fined for failing to provide compliant fee disclosure statements and charging fees for services never rendered.

Market Abuse

EU Commission Fines Rabobank for Participating in Bond Trading Cartel

By Editors | 23/11/2023

Deutsche Bank also participated in the cartel but was not fined because it revealed the cartel to the Commission under its leniency programme.

Anti-Money Laundering

Myanmar Tightens Restrictions on Cash Withdrawals from Banks

By Mark Johnston | 23/11/2023

Customers are told they need to show strong evidence of need to make large withdrawals.

Anti-Money Laundering

Basel Institute on Governance “Cautiously Optimistic” Regarding Crypto Risks

By Mark Johnston | 23/11/2023

Criminal funds flowing through blockchains are “decreasing constantly” as a proportion of total value. Regulations in the world’s financial centres are becoming stronger.

PEPs & Sanctions

US Jury Convicts Two Individuals for Attempting to Export Iranian Oil to China

By Editors | 23/11/2023

The individuals were accused of conspiring to violate US sanctions through a scheme to sell Iranian-origin petroleum to a Chinese buyer via shell companies.