AML-CFT

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Blatant and rampant crimes around the world have increased scrutiny on the efforts against money laundering and terrorism financing. From banks and insurance to law firms and money changers, the prevention of money laundering and terrorist financing plays a critical role in the society. As a specialised media outlet for anti-money laundering and countering the financing of terrorism (AML/CFT), we

have been providing latest trends, intelligence and news to financial crime analysts around the world. AML-CFT gathers critical information and provides you with the justification and context in participating in efforts against money laundering and terrorist financing.

22/07/2024

United States - Money Laundering - FinCEN Proposes Rule Reinforcing Financial Institutions' Duty To Design And Maintain Risk-Based AML/CFT Programs

On June 28, 2024, the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking ("June 2024 NPRM") to crystalize its long-held expectation that financial...

FinCEN Proposes Rule Reinforcing Financial Institutions’ Duty to Design and Maintain Risk-Based AML/CFT Programs | Mayer...
17/07/2024

FinCEN Proposes Rule Reinforcing Financial Institutions’ Duty to Design and Maintain Risk-Based AML/CFT Programs | Mayer Brown - JDSupra

On June 28, 2024, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (“June 2024...

FATF President warns that greater use of cash increases the risk of money laundering | AméricaEconomía
16/07/2024

FATF President warns that greater use of cash increases the risk of money laundering | AméricaEconomía

According to the FATF, it is essential to combat the financing of terrorism and the proliferation of weapons of mass destruction.

Ex-employee exposes boss’ excesses | S$3 billion money laundering case
16/07/2024

Ex-employee exposes boss’ excesses | S$3 billion money laundering case

Su Binghai, a businessman linked to the $3 billion money laundering case, is now a person of interest to the police and a fugitive. One of his ex-employees s...

Australia’s professional services sector is being used to launder money. It’s time for tougher laws - CSU News
16/07/2024

Australia’s professional services sector is being used to launder money. It’s time for tougher laws - CSU News

Australia’s political and economic stability create a positive business environment, but also space for money laundering if not properly regulated.

Talent crunch, patchy compliance at banks chinks in Singapore’s money laundering armour
15/07/2024

Talent crunch, patchy compliance at banks chinks in Singapore’s money laundering armour

A talent shortage and inconsistent treatment among financial institutions in enforcing the rules are the main gaps that Singapore has to address to boost its standards of compliance with anti-money laundering (AML) standards, industry watchers have said. Read more at The Business Times.

How Mexican Cartels Launder $70 million a day
10/07/2024

How Mexican Cartels Launder $70 million a day

drug game is bigger and faster than you imagine.For more than a decade, Mexican cartels have become drug managers, and tod...

09/07/2024

Money laundering in Australia national risk assessment 2024 | AUSTRAC

The current and emerging challenges, threats and risks that Australia faces in combating money laundering. Download: Money laundering in Australia national risk assessment (PDF, 2.38MB)

Revealed: Banks shut 1,000 accounts a day
08/07/2024

Revealed: Banks shut 1,000 accounts a day

The number of accounts being closed has ballooned in recent years from under 50,000 in 2016 to almost 350,000 last year, The Mail on Sunday can reveal.

Jail for man who took $330k after encashing cheques pre-signed by pair in $3b money laundering case | The Straits Times
08/07/2024

Jail for man who took $330k after encashing cheques pre-signed by pair in $3b money laundering case | The Straits Times

Tan Yong Ren also took a debit card and unlawfully withdrew $107,300. Read more at straitstimes.com.

6 single family office funds linked to $3b money laundering case were given tax benefits: DPM Gan | The Straits Times
05/07/2024

6 single family office funds linked to $3b money laundering case were given tax benefits: DPM Gan | The Straits Times

DPM Gan said the benefits will not be clawed back as the forfeited assets of those involved exceed any benefits given. Read more at straitstimes.com.

Effective STR/SAR Reporting by Wolfsberg Group | AML-CFT
01/07/2024

Effective STR/SAR Reporting by Wolfsberg Group | AML-CFT

The Wolfsberg Group emphasizes a risk-based, comprehensive approach to monitoring suspicious activities, integrating customer behaviors and attributes.

Panama Papers: Court acquits all 28 charged with money laundering
01/07/2024

Panama Papers: Court acquits all 28 charged with money laundering

Judges rule evidence was "not sufficient" in the trial that took testimony from 27 witnesses.

Fugitive financier Jho Low, US Justice Department reach fresh pact to try to wind down 1MDB forfeiture case - CNA
28/06/2024

Fugitive financier Jho Low, US Justice Department reach fresh pact to try to wind down 1MDB forfeiture case - CNA

The Department of Justice, Jho Low’s family and the family’s trustee are seeking “to reach a global, comprehensive agreement that forever resolves the United States’ civil, criminal and administrative asset forfeiture actions” of monies and assets traceable to 1MDB, according to documents ...

Family of 1MDB Fugitive Jho Low to Turn Over Monet Painting, Paris Apartment to U.S. - WSJ
27/06/2024

Family of 1MDB Fugitive Jho Low to Turn Over Monet Painting, Paris Apartment to U.S. - WSJ

The recovery is the latest in a string of settlements to resolve allegations that Low was the mastermind of the multibillion-dollar 1MDB fraud.

Asset recovery a priority in Singapore’s anti-money laundering regime: PM Wong | The Straits Times
26/06/2024

Asset recovery a priority in Singapore’s anti-money laundering regime: PM Wong | The Straits Times

The authorities have seized $6 billion linked to criminal and money laundering activities since January 2019. Read more at straitstimes.com.

India financial watchdog imposes $2.25 million penalty on crypto exchange Binance | Reuters
21/06/2024

India financial watchdog imposes $2.25 million penalty on crypto exchange Binance | Reuters

India's Financial Intelligence Unit (FIU) has imposed a fine of 188.2 million rupees ($2.25 million) on the world's largest crypto exchange, Binance, for operating in the country in violation of local anti-money laundering regulations.

Singapore Publishes Updated Money Laundering National Risk Assessment
20/06/2024

Singapore Publishes Updated Money Laundering National Risk Assessment

Singapore published today its updated Money Laundering National Risk Assessment, as part of Singapore’s continuing efforts to maintain the effectiveness of its anti-money laundering regime amidst the evolving risk landscape.

Singapore-washing has hit a wall
18/06/2024

Singapore-washing has hit a wall

Can private wealth management hubs stay neutral and discreet in an increasingly polarised world? Read more at The Business Times.

Singapore ramps up scrutiny of family offices, hedge funds | The Straits Times
11/06/2024

Singapore ramps up scrutiny of family offices, hedge funds | The Straits Times

The Accounting and Corporate Regulatory Authority has also stepped up closures of dormant firms. Read more at straitstimes.com.

S$944 million in total forfeited to state as one of Singapore's largest money laundering cases concludes - CNA
11/06/2024

S$944 million in total forfeited to state as one of Singapore's largest money laundering cases concludes - CNA

The amount seized makes up the total of about S$1 billion taken from the 10 offenders - they had agreed to forfeit at least 90 per cent of their assets to the state as part of their plea deals.

Singapore banks probe rich clients, train staff to spot money laundering tricks
10/06/2024

Singapore banks probe rich clients, train staff to spot money laundering tricks

CITIGROUP, DBS and other banks caught up in Singapore’s biggest money laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to sources familiar with the matter. Read more at The Business Times.

Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering - Fintech Singapore
10/06/2024

Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering - Fintech Singapore

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment, highlighting primary threats and vulnerabilities.

Singapore Money-Laundering Scandal: What’s Next for $2 Billion of Seized Assets - Bloomberg
10/06/2024

Singapore Money-Laundering Scandal: What’s Next for $2 Billion of Seized Assets - Bloomberg

In a Singapore courtroom on Friday, the last of those arrested for their involvement in the island nation’s biggest laundering case pleaded guilty, paving the way for the next steps in the S$3 billion ($2.2 billion) scandal.

Standard Chartered: UK bank accused of helping to fund terrorists
04/06/2024

Standard Chartered: UK bank accused of helping to fund terrorists

Standard Chartered carried out billions of dollars of transactions for terrorist funders, US court papers claim.

Singapore wealth flows face new scrutiny in superhacker case
03/06/2024

Singapore wealth flows face new scrutiny in superhacker case

Before he was arrested this month for allegedly running what’s likely the world’s largest cybercrime computer network, Wang YunHe enjoyed a lavish lifestyle in Singapore.

Singapore Issues Environmental Crimes Money Laundering National Risk Assessment
29/05/2024

Singapore Issues Environmental Crimes Money Laundering National Risk Assessment

Singapore published today an Environmental Crimes Money Laundering (ML) National Risk Assessment which identifies the key threats and vulnerabilities in environmental crimes ML that Singapore is exposed to, and outlines mitigation measures which government agencies, financial institutions and Design...

Toronto-Dominion Bank Fired More Than a Dozen in Wake of Anti-Money-Laundering Failings, Source Says - WSJ
27/05/2024

Toronto-Dominion Bank Fired More Than a Dozen in Wake of Anti-Money-Laundering Failings, Source Says - WSJ

Chief Executive Bharat Masrani said the bank took action against responsible employees, including termination, but didn’t disclose specific numbers.

Hong Kong regulator directs Worldcoin to cease operations citing privacy concerns
23/05/2024

Hong Kong regulator directs Worldcoin to cease operations citing privacy concerns

A HONG Kong regulator on Wednesday (May 22) served an enforcement notice to Worldcoin Foundation directing it to cease all operations of the cryptocurrency project in the country, citing risk to privacy and personal data. Read more at The Business Times.

Transnational Crime in Southeast Asia: A Growing Threat to Global Peace and Security | United States Institute of Peace
23/05/2024

Transnational Crime in Southeast Asia: A Growing Threat to Global Peace and Security | United States Institute of Peace

Organized crime is a significant driver of conflict globally. It preys on weak governance, slack law enforcement, and inadequate regulation. It tears at the fabric of societies by empowering and enriching armed actors and fueling violent conflict. In Asia, criminal groups prop up corrupt and dangero...

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U.S. moves to seize DiCaprio's Picasso, 'stolen' funds in 1MDB...
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