Financial Crime

Anti-Money Laundering

New York Regulator Fines Deutsche Bank for AML Failures

By Editors | 08/07/2020

Deutsche Bank has been fined $150mn for its dealings with known sex trafficker Jeffrey Epstein and its correspondent banking relationships with Danske Bank Estonia and FBME Bank.

Anti-Money Laundering

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

Supervision & Enforcement

Indonesia’s Planned Bank Regulation Reshuffle Will Take Time

By Duruthu E Chandrasekera | 08/07/2020

President Joko Widodo’s plan to return bank oversight functions to Bank Indonesia is unlikely to be an immediate fix for the ongoing Covid-19 related challenges.

Anti-Bribery & Corruption

Ex-ICBC Shanghai Boss Pleads Guilty to Bribery

By Editors | 08/07/2020

Prosecutors said Gu Guoming took advantage of his position to help others obtain loans and project contracts, and illegally received bribes worth over 136 million yuan.

PEPs & Sanctions

UK Imposes First Sanctions Over Human Rights Abuses

By Editors | 07/07/2020

The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.

Fraud, Scams & Cybercrime

FSS Korea Considers Legal Action Against HK Hedge Fund

By Editors | 07/07/2020

Large losses on leveraged positions at Hong Kong-based Gen2 Partners earlier this year prompted a liquidity squeeze and a freeze on early redemptions.

Anti-Money Laundering

S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

By Editors | 07/07/2020

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

KYC & CDD

Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

By Duruthu E Chandrasekera | 07/07/2020

The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

Anti-Money Laundering

Using Privacy Preserving Analysis to Tackle Financial Crime

By Manesh Samtani | 07/07/2020

Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.