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Cayman Islands court dismisses claims in $126 billion Mideast ‘Ponzi scheme’

A Cayman Islands court has dismissed rival claims made by a Saudi Arabian family and the Cayman companies of a Kuwaiti-born businessman, finding both the family and the businessman to have defrauded scores of banks out of about $126 billion (£94.4 billion) over more than two decades. The ruling follows… Read More

Laundering: Singapore proposes screening changes for forex, remittance businesses

Singapore’s financial regulator has proposed new customer checks for forex, money changing and remittance businesses in order to curb financial crime risks. The Monetary Authority of Singapore (MAS) on Tuesday published a consultation seeking industry views on its planned new rules that will require remittance firms to perform customer… Read More

Hong Kong-listed firm linked to UK fraud, laundering inquiry

By Richard Cook, Asia Times Two directors from a China-based company that recently listed on the Hong Kong Stock Exchange have been linked to a US$45 million tax fraud and money laundering inquiry in the UK. The pair, James Liang Jian-heng and Andy Chan Kit-lung, are both executive directors and… Read More

24th November 2017

Singapore consults on money laundering risks to payment services

KYC360 News Singapore’s central banking authority is seeking views on plans to regulate risks to payment services such as money laundering and terrorism financing. The Monetary Authority of Singapore (MAS) has published its second consultation on the Payment Services Bill which also aims to empower it to set… Read More

23rd November 2017

RAKBANK allows money remittance to India using blockchain

By Samburaj Das, Cryptocoin News RAKBANK has announced that it has partnered with Ripple to leverage its global BlockChain network (RippleNet) to power cross-border payments. Recognising the rising power of blockchain in today’s markets, the bank’s tie up with Ripple has enabled the launch of instant, frictionless, and secure money… Read More

8th November 2017

Bank transfer fraud compensation as 20,000 victims lose £100m in six months

Victims of bank transfer fraud will in the future be able to apply to a formal compensation scheme under plans set out by the Payment Systems Regulator. The financial watchdog has responded to a super-complaint… Read More

George Pearmain, lead policy adviser on financial crime for Jersey, on his concerns and priorities for the Island

George Pearmain, lead policy adviser on financial crime for Jersey, on the past successes and future challenges for the island's financial crime prevention regime. Read More

12th October 2017

Sudan banking: Foreign currency transfers start as sanctions end

Sudan has for the first time in 20 years begun receiving foreign currency inflows, the central bank said on Wednesday, days after the US government lifted decades-old trade sanctions on the northern African country. A statement by the bank confirmed the receipt of international transfers in U.S. dollars to two… Read More

Dan Tannebaum of PwC’s Financial Crimes Unit on the compliance challenges faced by money service businesses

KYC360's Tom Devlin speaks to Dan Tannebaum, Partner of the Financial Crimes Unit and Global Financial Services Sanctions Leader at PwC. Read More

9th August 2017

Time to act: EU Funds Transfer Regulation 2015

The EU Funds Transfer Regulation 2015 (FTR 2015), which has been in effect since 26 June 2017, aims to deliver full traceability of payments. A lack of regulatory clarity is, however, leading to significant implementation hurdles that require urgent action from all stakeholders, says Christian Westerhaus, head of product and… Read More

8th August 2017

Russian Laundromat Investigation Targets Royal Bank of Scotland

The Royal Bank of Scotland (RBS) disclosed Friday that it is under investigation by the UK’s Financial Conduct Authority for suspicions of money laundering “in relation to certain customers.” The announcement follows The Guardian’s analysis earlier this year of banking records obtained by OCCRP and Novaya Gazeta, which found that RBS handled US$ 113.1… Read More

3rd August 2017

The unusual money laundering method of ‘cuckoo smurfing’

Commonwealth Bank Australia was accused of 53,700 breaches of money laundering laws by Australia’s financial intelligence and regulatory agency, AUSTRAC, on Thursday — that much you’ve probably already heard. AUSTRAC alleges Commbank seriously and systematically breached compliance of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws using a technique known… Read More

25th July 2017

Computer scientists reveal the hidden architecture of untaxed financial flows

We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More

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