AML / KYC

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    Enforcement

    AFP Seizes Over A$250m from Money Launderers

    By Editors | 18/03/2023

    A new taskforce has seized over AUD 250 million in cash and assets from money launderers since December 2022.

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    AML / KYC

    AUSTRAC Accepts Enforceable Undertaking from PayPal

    By Editors | 17/03/2023

    AUSTRAC says PayPal has cooperated with an enforcement investigation that commenced in December 2020, related to IFTI reporting.

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    AML / KYC

    China Fines Bohai Bank for Third Time This Year

    By Editors | 16/03/2023

    The PBOC fined China Bohai Bank for committing 12 regulatory violations. The bank was fined twice last month for different violations.

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    AML / KYC

    US, German Authorities Coordinate on Takedown of Crypto Mixer

    By Editors | 16/03/2023

    Authorities dismantled ChipMixer’s infrastructure and seized four servers, about USD 46 million worth of bitcoin, 7 TB of data, two domains, and a Github account.

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    AML / KYC

    FATF Publishes First Comprehensive Report on Ransomware

    By Manesh Samtani | 16/03/2023

    The report says the payment and subsequent laundering of ransomware proceeds is “almost exclusively conducted through virtual assets”.

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    Crypto / Digital Assets

    Crypto-related Crime in Australia: What Court Records Tell Us, and What Lies Ahead

    By Angela Ang | 16/03/2023

    Angela Ang considers findings from the first empirical study of crypto-related court cases in Australia, and what this means the crypto crime and enforcement landscape.

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    AML / KYC

    HKIMR Report Explores GBA Cross-border Payments Challenges

    By Editors | 16/03/2023

    A survey of FIs found that some GBA transactions are still processed manually. Other challenges relate to differing messaging formats, regulatory requirements and investment quotas.

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    AML / KYC

    UK to Start Collecting New Economic Crime Levy from July

    By Editors | 15/03/2023

    The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

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    AML / KYC

    AUSTRAC Launches Specialist AML Unit for Gambling Sector

    By Editors | 13/03/2023

    AUSTRAC reportedly warned gambling industry officials it had “identified serious non-compliance in a number of businesses”.

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    AML / KYC

    FATF Finalises Revisions to Recommendation 24 Guidance

    By Editors | 13/03/2023

    The guidance will assist policymakers and practitioners to prevent bad actors from using shell companies for illicit activity.

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