by Jyotsna Bucktowar | Jul 4, 2025
MAS penalised 6 banks—Credit Suisse (S$5.8 million), UOB, UBS, UOB Kay Hian, Citibank, and LGT Bank—along with asset and trust firms Julius Baer, Blue Ocean Invest, and Trident Trust. Investigations began in early 2023 and concluded in early 2025, uncovering...
by Jyotsna Bucktowar | Jul 3, 2025
Despite self-reporting and efforts to improve, AUSTRAC remains unconvinced that Western Union’s AML/CTF program is effective. CEO Brendan Thomas highlighted the high ML risks in the remittance sector and stressed the importance of strong internal controls. The...
by Jyotsna Bucktowar | Jul 3, 2025
Taichi Tech Limited breached the fair and open licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. Such terms lack transparency and may lead to unfair outcomes for...
by Jyotsna Bucktowar | Jul 2, 2025
The penalty was issued under Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The sanction followed a regulatory examination which found that the bank had failed to comply...
by Jyotsna Bucktowar | Jun 30, 2025
Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and...
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