The Australian Transaction Reports and Analysis Centre (AUSTRAC) has started civil proceedings against Australia’s largest casino operator, Crown Resorts, alleging “serious and systemic non-compliance” with the country’s anti-money laundering and combatting the financing of terrorism (AML/CTF) laws. The action relates […]
The Australian Transaction Reports and Analysis Center (AUSTRAC) has issued new guidance aimed at helping firms identify and verify sources of funds and wealth, as part of their know your customer (KYC) processes. The draft guidance follows the regulator’s recent […]
South Korea’s largest telecom provider is to pay $6.3m to settle a US Securities and Exchange Commission (SEC) action over alleged bribes. KT Corp, which is publicly traded and listed on the New York Stock Exchange, engaged in multiple schemes […]
The Monetary Authority of Singapore (MAS) is set to be granted enhanced powers to regulate virtual asset service providers (VASPs) as part of a significant new bill consolidating its supervisory powers.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued new guidance designed to help firms identify suspicious behavior related to forced sexual servitude. While sex work is largely legal or decriminalized across Australia and subject to regulation, forced sexual […]
Defense think tank RUSI is warning that a lack of guidance around proliferation finance (PF) and designated non-financial businesses and professions (DNFBPs) is increasing the risk of North Korea evading targeted sanctions. In a new report, it recommends organizations and […]
Banks in Australia have been praised by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for improving their compliance programs to more effectively tackle money laundering, organized crime, tax evasion, and welfare fraud. AUSTRAC said that it is now better […]
Financial Action Task Force (FATF) President Dr. Marcus Pleyer has called for a global move against illicit profits generated from environmental crimes. Speaking at a high-level conference attended for the first time by heads of international organizations including the UN’s […]
Increasing pressure from the US could result in additional sanctions being imposed on Myanmar, a US diplomat has confirmed. “All options are on the table, and I think it is our responsibility not just as the US, but as the […]
A top executive at Malaysia’s central bank has warned that increasingly sophisticated financial tools and products are creating new and growing challenges for the country’s anti-money laundering, combatting the financing of terrorism and proliferation financing (AML/CFT/PF) measures. Bank Negara Malaysia […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has released a new guide aimed at tackling the increasing misuse of transaction payment text fields by criminals. The guide, Preventing misuse and criminal communication through payment text fields, aims to raise […]
Japan is an influential regional and global power and participates in a range of trading relationships with partners across the world. Japan uses that status to achieve political and economic goals, often issuing economic sanctions against other countries in response […]
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