Financial Crime

Anti-Money Laundering

Philippine NPO Sector Rated as Medium Risk for Terrorist Financing

By Sanday Chongo Kabange | 12/04/2022

The SEC warns that suspected or actual misuse of the NPO sector for terrorism financing can present serious ramifications for an NPO’s intended beneficiaries.

Anti-Money Laundering

AUSTRAC Issues Guidance on Engaging AML/CTF Advisers

By Editors | 11/04/2022

Without endorsing any AML/CTF adviser, AUSTRAC says it recognises the benefits and efficiencies that can be gained by firms from engaging third party consultants.

Anti-Bribery & Corruption

New York Court Convicts Ex-Goldman Exec in 1MDB Case

By Editors | 11/04/2022

Following an eight-week trial, former Goldman Sachs managing director Roger Ng was convicted on charges of bribery and money laundering. He faces up to 30 years in prison.

Supervision & Enforcement

ASIC Charges Firm for Offering Crypto Loans Without Credit Licence

By Sanday Chongo Kabange | 09/04/2022

ASIC has charged Helio Lending for falsely representing that it had a credit licence that allowed it to offer cryptocurrency-backed loans.

PEPs & Sanctions

FSC Australia Issues Guidance on Russian Asset Divestment

By Editors | 08/04/2022

The guidance is for superannuation trustees, asset managers investing superannuation capital, and asset managers operating managed schemes with super funds as investors.

Anti-Money Laundering

Singapore Court Upholds Convictions of Russian, Singapore Nationals

By Editors | 08/04/2022

The two men served as resident directors for companies, declaring themselves rather than their Russian clients as the beneficial owners.

Conduct, Culture & Accountability

Westpac Penalised in Consumer Credit Insurance Mis-selling Case

By Editors | 08/04/2022

Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.

PEPs & Sanctions

EU Approves Russian Coal Ban, Australia Adds Sanctions

By Manesh Samtani | 08/04/2022

The EU approved bans on Russian coal imports, high-tech exports, port access, and more banks. Australia has sanctioned 67 more individuals.

Conduct, Culture & Accountability

Taiwan FSC Directs FIs to Protect Elderly Consumers

By Darien Choong | 08/04/2022

FIs have been selling unsuitable products to elderly customers without conducting a proper risk assessment and sometimes categorising them as professional investors.