AML / KYC

AML / KYC

US Authorities Accused of Ignoring Evidence Against StanChart

By Editors | 06/06/2024

A whistleblower says US officials falsely denied that he had provided useful information in order to have his claim for a whistleblower reward dismissed.

AML / KYC

US Authorities Arrest Epoch Times CFO for Money Laundering

By Editors | 06/06/2024

The DOJ alleges Weidong Guian participated in a “sprawling, transnational scheme” to launder $67mn million of crime proceeds.

Big Picture

Fraud Constitutes 37pc of All Financial Crimes – Report

By Mark Johnston | 05/06/2024

Fraud accounted for 37% of financial crime records reviewed by LSEG Risk Intelligence for its inaugural fraud analysis.

AML / KYC

AUSTRAC Issues New Guidance on Money Mule Detection

By Sanday Chongo Kabange | 04/06/2024

The new financial crime guide was developed in response to an increasing trend for foreign students to be used as money mules.

AML / KYC

APAC Regulators Form New Anti-Scam Working Group

By Sanday Chongo Kabange | 04/06/2024

ASIC will lead the working group, which also comprises MAS and the FMA. The regulators will share more scam-related information and build up capacity and cooperation.

AML / KYC

Westpac Sues Insurers to Recover Part of 2020 AUSTRAC Fine

By Sanday Chongo Kabange | 04/06/2024

The legal action is aimed at recovering A$400mn that Westpac believes should have been paid out to offset its 2020 AUSTRAC penalty.

AML / KYC

Korea to Develop AI Service to Counter Voice Phishing Scams

By Manesh Samtani | 04/06/2024

Authorities have agreed to share de-identified call data with private companies for use in developing AI services to prevent voice phishing scams.

Fintech / Regtech

CBA, JPM to Pilot Cross-border Bank Account Validation

By Nithya Subramanian | 04/06/2024

CBA’s pilot involves the sharing of limited payee account data through its NameCheck technology on JP Morgan’s Liink network.

AML / KYC

Hong Kong Court Jails Ex-BEA Manager for Bribery Offences

By Sanday Chongo Kabange | 04/06/2024

The former senior relationship manager accepted bribes to help intermediary companies open BEA accounts for their clients.