MAS imposes S$27.45M in penalties on 9 FIs for breaches linked to a major 2023 ML case involving over S$3Bn in illicit assets – marking its 2nd-largest AML/CFT enforcement action after the 1MDB case

by | 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...

AUSTRAC orders an external audit of Western Union over serious AML/CTF compliance concerns, citing weak due diligence, reporting failures, issues with fund transfers, and ineffective internal controls

by | 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...

GC fines Taichi Tech Ltd £170K for regulatory breaches including the use of unfair terms and conditions, and orders a third-party audit to assess the effectiveness of its AML and safer gambling controls

by | 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...