Financial Crime

Anti-Money Laundering

Korean Officials Seize Cryptocurrency from Tax Evaders

By Editors | 23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.

Cybersecurity

Enterprise Ireland, Kapronasia Publish APAC Regtech Study

By Manesh Samtani | 23/06/2021

Lengthy procurement processes, cumbersome IT and security approvals, and implementation complexity are hindering APAC regtech adoption.

Cryptocurrency

PBOC Directs Banks & Alipay to Stamp Out Crypto Activity

By Manesh Samtani | 22/06/2021

Financial institutions are asked to identify the capital accounts of crypto exchanges and OTC dealers, and cut off their payment channels.

Fraud, Scams & Cybercrime

Australian Police to Establish Ransomware Taskforce

By Ranamita Chakraborty | 22/06/2021

The new taskforce will enable the Australian police to have a more unified approach to pursue ransomware attackers.

Anti-Bribery & Corruption

Basel Institute on Governance Takes Stock of Illicit Enrichment Laws

By Sanday Chongo Kabange | 21/06/2021

While some intricacies regarding illicit enrichment laws are yet to be properly tested in courts, they have “remarkable potential” in the field of asset recovery.

Anti-Money Laundering

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Anti-Money Laundering

‘Tranche 1.5’ AML Reforms Take Effect in Australia

By Editors | 20/06/2021

AUSTRAC has issued rules to support the introduction of the reforms, which include measures to streamline customer verification and correspondent banking.

Anti-Money Laundering

Korea Extends AML Compliance Deadline for Crypto Sector

By Sanday Chongo Kabange | 20/06/2021

The extension is primarily being allowed to ensure regulators can process applications received before the 24 September deadline.

Anti-Bribery & Corruption

Former CBIRC Official Expelled from CCP for Corruption

By Sanday Chongo Kabange | 17/06/2021

Liu Wenyi’s case is said to be linked to the failure of Bank of Jinzhou as well as a corruption investigation involving a former head of Bank of Huludao.