Syndicate that conned 139 women in love scams busted in joint operation by police from Hong Kong, Macau, Malaysia and Singapore
29th November 2019
Syndicate that conned 139 women in love scams busted in joint operation by police from Hong Kong, Macau, Malaysia and Singapore
Police from Hong Kong, Macau, Malaysia and Singapore mounted a joint operation and busted a transnational syndicate that swindled 139 women out of HK$34 million (US$4.34 million) in online romance scams, local police said on Thursday. The three-day transnational police operation, code-named “Soarblaze”, led to the arrests of 39 people,… Read More
Swiss bankers fined over 1MDB dealings
26th November 2019
Swiss bankers fined over 1MDB dealings
Two bankers who worked at Coutts private bank in Zurich were fined by the Swiss authorities for failing to report suspicious transactions linked to the sovereign wealth fund 1MDB scandal, it was reported on Sunday. The Sonntag Zeitung and Le Matin Dimanche newspapers reported on Sunday that two Coutts bankers who… Read More
Swedbank’s High-Risk Secrets
21st November 2019
Swedbank’s High-Risk Secrets
Russian oligarch Mikhail Abyzov built a complex network of offshore companies that were used to move a fortune out of Russia, according to a Swedbank internal draft report obtained by OCCRP and its Swedish partner, national public TV channel Sveriges Television (SVT). Today he’s charged with defrauding the Russian government… Read More
London ballroom hosts showcase event for ‘golden passports’
18th November 2019
London ballroom hosts showcase event for ‘golden passports’
Three prime ministers took to a stage in the ballroom of a five-star London hotel this week offering the world’s wealthiest people “golden passports” and citizenship of their countries in return for hundreds of thousands of pounds of investment or flat “contributions”. Allen Chastanet, the prime minister… Read More
Singapore’s MAS to reboot e-KYC project
14th November 2019
Singapore’s MAS to reboot e-KYC project
The Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your-customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday. The centralised KYC utility idea was first proposed in 2017, and was meant to allow financial institutions to identify and verify potential customers’ details… Read More
Malaysia aims to locate further $4.3 billion in 1MDB-linked assets
6th November 2019
Malaysia aims to locate further $4.3 billion in 1MDB-linked assets
Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More
No precious stone left unturned: the burden of AML compliance in Singapore
28th October 2019
No precious stone left unturned: the burden of AML compliance in Singapore
Marilyn Monroe may have sung that diamonds are a girl’s best friend, but when it comes to sparklers, regulators here are keeping their friends close – and their enemies closer. Precious stones and metals dealers (PSMDs) must register with the Ministry of Law (MinLaw)to keep plying their trade, under legislation… Read More
Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges
17th October 2019
Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges
Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More
Standard Chartered Taps New Southeast Asia Private Bank Head Amid Review
4th October 2019
Standard Chartered Taps New Southeast Asia Private Bank Head Amid Review
Standard Chartered Plc hired Cedric Lizin to head private banking for southeast and south Asia after executive Srinivas Siripurapu resigned. The change in management comes at a sensitive time for the unit. Bloomberg News reported last month the private bank is in the process of reviewing all of its… Read More
Global remittance startups rush into Asia counting on deregulation
10th September 2019
Global remittance startups rush into Asia counting on deregulation
Cross-border payment startups are rushing into Asia as deregulation of the sector has enabled online services to operate in the region, in a major threat to existing banks. Among them, TransferWise, a U.K.-based online remittance company, will launch a debit card in Singapore in the next couple of months and in… Read More
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