Financial Crime

Fraud, Scams & Cybercrime

Tokyo Police Arrest 31 Individuals Over 2018 Coincheck Heist

By Editors | 25/01/2021

The suspects were found to have traded stolen cryptocurrency on an underground exchange that emerged on the dark web following the Coincheck heist.

Anti-Money Laundering

BSP Highlights AML Risks of Cash, Cross-Border Payments

By Editors | 24/01/2021

Suspected criminal proceeds mostly came from Australia, Germany, Singapore, the UK and the US. The top destinations of suspected illicit funds were Hong Kong, Singapore and the US.

Anti-Money Laundering

Anti-Money Laundering a Priority for Incoming Treasury Secretary Yellen

By Manesh Samtani | 24/01/2021

Incoming Treasury Secretary Janet Yellen thanked Congress for passing the AMLA, widely considered to be the most significant overhaul of AML legislation in the US since 2001.

Market Abuse

CSRC Revises Rules for Banning Access to Securities Market

By Editors | 24/01/2021

The draft rules will allow regulators to restrict an individual or entity from trading in all securities and securities investment funds nationwide for up to 5 years.

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges Another in DBS L/C Fraud Case

By Editors | 23/01/2021

The construction company director conspired with other individuals to defraud DBS into issuing $75.3mn in L/Cs that had no genuine underlying transactions.

PEPs & Sanctions

China Sanctions 28 Trump Officials as Biden Takes Office

By Editors | 21/01/2021

The 28 officials and their immediate family members will be barred from entering China, Hong Kong and Macao, and restricted from doing business with China.

Anti-Money Laundering

HKMA Publishes Cases Studies on AML/CFT Regtech Adoption

By Manesh Samtani | 21/01/2021

New report details case studies and insights from banks that have implemented technologies to enhance the efficiency and effectiveness of their AML/CFT efforts.

Payments & Settlements

PBOC Proposes to Tighten Oversight of Non-bank Payments Firms

By Manesh Samtani | 21/01/2021

If the PBOC identifies a non-bank payment institution as a monopoly, it can advise the State Council’s antitrust committee to take action to break up the firm.

KYC & CDD

Financial Crime 2021: Digital ID, Due Diligence, Sanctions

By Editors | 21/01/2021

Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.