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Fraud, Scams & Cybercrime
Australian Court Orders Super Trustee to Pay A$20m
By Editors | 22/02/2022
Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.
PEPs & Sanctions
US, EU, UK, Japan Announce Sanctions Against Russia
By Manesh Samtani | 22/02/2022
Sanctions are being imposed against Russian state-owned banks, officials, oligarchs, and new debt issued by the central bank, sovereign wealth fund or government.
PEPs & Sanctions
US Imposes Sanctions Against ‘Breakaway’ Regions in Ukraine
By Editors | 22/02/2022
The sanctions come after Russian President Vladimir Putin signed a decree recognising two regions in eastern Ukraine as independent.
KYC & CDD
China: Regulators Suspend Implementation of New CDD Rules
By Editors | 22/02/2022
The new rules were meant to take effect on 1 March, but implementation has been suspended “due to technical reasons”.
KYC & CDD
AUSTRAC Proposes New Guidance on Performing SoF, SoW Checks
By Editors | 22/02/2022
The draft guidance explains source of funds and source of wealth checks, and when reporting entities should perform such checks using a risk-based approach.
Anti-Money Laundering
Philippine AMLC Asks FIs to Guard Against Digital Vote-Buying
By Editors | 21/02/2022
The advisory comes in anticipation of an influx of financial activities that usually occur during elections. The Philippines has a general election on 8 May.
KYC & CDD
Tax Justice Network: Measures to Address Complex Ownership
By Manesh Samtani | 21/02/2022
Countries should ‘name and shame’ companies with highly complex ownership structures and consider forcing ‘too complex to fail’ companies to simplify.
Anti-Bribery & Corruption
Korea’s KT Corp to Pay $6.3m for FCPA Violations
By Editors | 21/02/2022
KT Corp maintained slush funds for nearly a decade which were used by executives and employees to bribe Korean and Vietnamese officials.
Anti-Money Laundering
Suisse Secrets: Data Leak Reveals Criminals Clients at Swiss Bank
By Manesh Samtani | 21/02/2022
The data unearthed evidence that Credit Suisse accounts were used by clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.
Anti-Money Laundering
US DOJ Appoints First Director of National Crypto Enforcement Team
By Editors | 20/02/2022
The FBI has meanwhile created a new “Virtual Asset Exploitation Unit”, which will provide analysis, support, training and new tools to stay ahead of future crypto-related threats.
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