Financial Crime

Anti-Money Laundering

Interpol Concludes Global Operation Targeting Wildlife & Timber Crime

By Editors | 05/12/2021

Customs, police, FIUs and wildlife and forestry enforcement agencies in 118 countries participated in the operation, which has led to hundreds of arrests and over 1,000 seizures.

Anti-Money Laundering

Billionaire’s Arrest Signals China’s Intent to End Cross-Border Gambling

By Darien Choong | 05/12/2021

Suncity Group’s Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal “live web betting platform” in the Philippines, targetting customers in mainland China.

Conduct, Culture & Accountability

SFC Bans Former Private Banker Over False Academic Qualifications

By Editors | 01/12/2021

The SFC considers the former relationship manager to not be fit and proper as her conduct was “plainly dishonest”.

Anti-Money Laundering

Environmental Crime, A Global Security Issue

By Manesh Samtani | 01/12/2021

Interpol’s Rory Corcoran says environmental crime is funding global terrorism and organised crime, while also impacting the sustainability agenda.

Fraud, Scams & Cybercrime

Police Arrest 1,000 in Interpol Operation Targeting Online Fraud

By Ranamita Chakraborty | 01/12/2021

The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.

Payments & Settlements

SAFE Fines Tenpay for Breaching Foreign Exchange Rules

By Editors | 30/11/2021

Tenpay failed to submit relevant materials and handle foreign exchange sales services in accordance with regulations.

Anti-Money Laundering

AUSTRAC to Update Guidance on Reporting Cash Transactions

By Editors | 30/11/2021

A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.

Anti-Bribery & Corruption

HK ICAC Arrests Nine in Corruption Probe Involving Macau Firm

By Editors | 30/11/2021

CPAs and audit staff are suspected of accepting bribes to compile a false accountants’ report that was submitted to HKEX for a main board listing.

Conduct, Culture & Accountability

ASIC Files Multiple Court Proceedings Against Westpac

By Editors | 30/11/2021

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.