AML / KYC

Enforcement

1MDB Files Suit Against Corporate Service Provider Amicorp

By Editors | 28/12/2024

1MDB alleges HK-headquartered Amicorp used shell companies and fraudulent financial structures to facilitate the misappropriation of assets.

AML / KYC

AUSTRAC Publishes Unofficial “Future” Version of AML Act

By Editors | 28/12/2024

The document does not have legal effect but aims to help reporting entities understand the effect of the amendments passed in November.

AML / KYC

FATF Publishes Six Mutual Evaluation, Four Follow-up Reports

By Editors | 28/12/2024

New reports available for Marshall Islands, Nauru, Timor Leste, PNG, Oman, Argentina, Georgia, Monaco, Croatia, Poland

AML / KYC

Japan FSA Orders AEON Bank to Improve AML/CFT Systems

By Manesh Samtani | 27/12/2024

The FSA said AEON Bank neglected at least 14,639 transactions detected by its surveillance system and takes too long to report suspicious transactions

AML / KYC

UN General Assembly Adopts New Cybercrime Convention

By Manesh Samtani | 26/12/2024

The Convention will help to address online child sexual abuse, sophisticated online scams and money laundering

AML / KYC

Court Reinstates FinCEN’s Beneficial Ownership Reporting Rule

By Manesh Samtani | 25/12/2024

The Court lifted an injunction that reinstates a 1 January 2025 reporting deadline. FinCEN has extended the deadline to 13 January 2025.

Enforcement

US SEC Fines Deutsche Bank Securities for Late SAR Filings

By Editors | 24/12/2024

The SEC said the firm took months or years to conduct or complete investigations prompted by law enforcement or regulatory requests.

Big Picture

Europol Examines Criminal Abuse of Legal Business Structures

By Manesh Samtani | 24/12/2024

New Europol report details how legal business structures are used to enable and disguise organised crime and launder criminal proceeds.

AML / KYC

Australia Reviews Tax Regulator Secrecy Exceptions

By Editors | 24/12/2024

Feedback is sought on allowing the ATO or TPB to share protected tax information for purposes such as fraud prevention.