Featured Asia-Pacific

Global bank HSBC owns up to potential anti-money laundering law breaches

Global banking giant HSBC has quietly outed itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The disclosure by HSBC’s Australian arm makes it the latest bank embroiled in money laundering scandals after Westpac was implicated… Read More

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More

Pakistan’s NAB seeks detail of Shahbaz’s ‘foreign assets, businesses’

The National Accountability Bureau (NAB) has asked PML-N President and Opposition Leader in the National Assembly Shahbaz Sharif to bring with him complete detail of his foreign assets and other businesses on his appearance before the NAB’s combined investigation team on April 17 in money laundering case. In a fresh… Read More
7th April 2020
Malaysia’s recent change of government has driven a whistle-blower from the Southeast Asian country to Switzerland, while Pascal Najadi, the son of murdered banker Hussain Najadi, has said he is too scared to return to Malaysia. Despite fleeing, whistle-blower Xavier Justo has vowed not to give up his… Read More
6th April 2020
An online shares and options broker has been formally warned for its lax anti-money laundering processes. The Financial Markets Authority (FMA) issued a formal warning to NZX-accredited broker Tiger Brokers (NZ) Limited for failing to have several adequate anti-money laundering protections in place. It was one of seven businesses reprimanded… Read More
6th April 2020
A 39-year-old man has been arrested for his suspected involvement in money laundering offences linked to a business email impersonation scam related to COVID-19. The police said in a news release on Saturday (Apr 4) that they were alerted in mid-March to a case of an overseas pharmaceutical company being defrauded of… Read More
3rd April 2020
U.S. lawmakers plan to unveil a bill this week to give the Trump administration the power to impose sanctions on foreign officials who distort information about the coronavirus, amid accusations that China misled the world over the scope of the deadly disease. Republican Senators Tom Cotton and Josh Hawley drafted… Read More
3rd April 2020
Westpac Banking Corp. career banker Peter King has just taken on one of the hardest jobs in Australian banking. As well as navigating Australia’s oldest bank through its first recession in a generation, King must restore the lender’s battered reputation after allegations of a massive breach of anti-money laundering… Read More
2nd April 2020
A businessman who received millions of dollars for his work on Tokyo’s successful campaign to host the 2020 Olympics, which was postponed last week due to the coronavirus, said he played a key role in securing the support of a former Olympics powerbroker suspected by French prosecutors of taking bribes… Read More
1st April 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More
1st April 2020
A sixth person has been charged in connection with a south-west Sydney security business that allegedly acted as a front to launder $100 million from organised crime groups in Australia and abroad. Assure Protection Services in Guildford was raided by the NSW Criminal Groups Squad in July last year, after… Read More
1st April 2020
Hong Kong police have broken up what they believe is a sophisticated gambling syndicate behind a network of underground casinos that used arcade machines for betting games and served those from the criminal underworld, force insiders said on Tuesday. Detectives believed the racket, run by a gang of mainland men… Read More
1st April 2020
Human rights abusers should be banned from entering Australia or have their assets frozen, federal politicians have been told. A parliamentary committee has heard evidence about whether Australia should enshrine a so-called Magnitsky Act. The laws are named after lawyer Sergei Magnitsky, who died in a Moscow jail after accusing… Read More