All posts tagged "Money Laundering"
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94AML / KYCMalaysia Jails Eight Over Illegal Deposit-taking Scheme
Eight individuals were sentenced to between three and nine years' jail. Total fines issued, including against three companies, amount to $310mn.
August 6, 2020 -
457AML / KYCEx Coutts Banker Fined Over $700m 1MDB Transfer
The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.
August 3, 2020 -
724AML / KYCMAS Revokes Capital Markets Licence for AML Breaches
Apical Asset Management lacked basic AML/CFT controls despite complex ownership structures used by some of its clients. Its two directors were reprimanded.
July 29, 2020 -
423AML / KYCCourt Convicts Former Malaysian PM in 1MDB-linked Corruption Trial
Najib Razak was found guilty of three counts of criminal breach of trust, three counts of money laundering and one count of abuse of power.
July 29, 2020 -
899AML / KYCAustralian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’
The syndicate's ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.
July 24, 2020 -
1.3KAML / KYCRevised FATF Standards ‘Clearly Apply’ to Stablecoins
Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.
July 9, 2020 -
731AML / KYCNew York Regulator Fines Deutsche Bank for AML Failures
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.
July 8, 2020 -
1.7KAML / KYCSpanish Court Penalises Four ICBC Employees for AML Violations
Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.
July 6, 2020 -
1.1KAML / KYCNew FATF President Presents Objectives For Two-Year Term
FATF President Marcus Pleyer will prioritise work on digital transformation, racially motivated terrorism, migrant smuggling, environmental crime, and illicit arms trafficking.
July 2, 2020 -
415AML / KYCFATF Progresses Key Initiatives at June 2020 Plenary
The Plenary discussed progress on virtual assets, stablecoins, illegal wildlife trade, and work on an enhanced framework for mutual evaluations and follow-up.
July 1, 2020
