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Risk and Regtech Roundup | 16th October - 22th October 6 Key Highlights – South Korea, Fraud, Indian Bank, Cryptocurrency, Metropolitan Commercial Bank, Community First Bank Welcome to our weekly newsletter that provides you with the most recent updates and insights regarding AML, financial crime compliance, and emerging risks. For This week we have the following news: 1. South Korea to Fine Two Hong Kong Banks for Naked Short-Selling 2. US SEC to impose measures to halt $130 mn fraud targeting Indian Americans 3. RBI Slaps Record INR 120 Mn Fine On ICICI Bank Over Lapses 4. New York Attorney General Sues Crypto Firms in USD 1 Billion Fraud Case 5. Metropolitan Commercial Bank fined $30M for third-party oversight failings 6. Former Bank VP Sentenced to 12 Years in Prison on Bank Fraud, Arson Charges To read more: https://tinyurl.com/2jhzexwm Subscribe to our newsletter: https://tinyurl.com/536ff89v #SouthKorea #HongKongBanks #MarketManipulation #SEC #FinancialFraud #InvestorProtection #ICICIBank #RBIFine #BankingCompliance #WinklevossTwins #CryptocurrencyRegulation #MetropolitanCommercialBank #ComplianceMeasures #BankFraud #Arson #LegalJustice
Weekly Bulletin Powered By - AML Penalties Vol. 177 | October 23, 2023 This week we have 08 anti-money laundering (AML) events involving 56 individuals and 02 entities, resulting in a total of USD 16 Mn in penalties with incarcerations of 530 months. Notable events of the week include a USD 15 Mn fine imposed on an American Bank, Metropolitan Commercial Bank (MCB), by the New York State Department of Financial Services (NYSDFS), United States of America, for failure to maintain an effective Anti-Money Laundering (AML) program. Next is a German Bank, Deutsche Bank AG, which was fined USD 0.1 Mn by the Federal Financial Supervisory Authority (BaFin), Germany, for AML compliance failures. Finally, An American politician, Joseph Harding, was sentenced to 04 months imprisonment and a 24 months supervised release by the U.S. District Court of Northern District of Florida, United States of America, for wire fraud, money laundering, and making false statements. The prominent AML news for the week includes MYAirline Founder Arrested Amid Money Laundering Probe; U.S. Department Treasury Seeks To Name Crypto Mixers As 'Money Laundering Concern'; CBL, Morgan Stanley Review Efforts To Combat Money Laundering. Finally, regarding regulatory updates, The Reserve Bank of India (RBI) has amended its Master Direction - Know Your Customer (KYC) Direction, 2016. Also, The Federal Ministry of Finance, Germany has implemented a new strategy to tackle money laundering and effectively enforce sa
Regulatory Capsule | Amendment to the KYC Master Direction (MD) - RBI Powered by: Transact Comply The Reserve Bank of India (RBI) amended the Master Direction - Know Your Customer (KYC) Direction, 2016. The amendments are related to the Prevention of Money Laundering Rules, Unlawful Activities (Prevention) Act, and Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act. The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for the regulation of the Indian banking system. To read more: https://tinyurl.com/4fzvxw4f Read about the product: https://www.transactcomply.com/ #RBI #KYC #PreventionOfMoneyLaundering #UnlawfulActivitiesPreventionAct #AML #BankingRegulation #FinancialCompliance #IndianBanking
Spotlight Powered By- AML Penalties Metropolitan Commercial Bank (MCB), a subsidiary of Metropolitan Bank Holding Corp, headquartered in the United States of America, offers a broad range of business, commercial and personal banking products and services to small and middle-market businesses, public entities and to affluent individuals. MCB reached a USD 15,000,000 settlement agreement with the New York State Department of Financial Services (NYSDFS) for Anti-Money Laundering (AML) failure, failure to maintain an effective and compliant anti-money laundering program and conducting its banking business in an unsafe and unsound manner, failure to properly oversee the program, resulting in fraud actors diverting critical pandemic unemployment benefits. The bank failed to prevent massive, ongoing fraud in the MovoCash prepaid card program, allowing scammers to exploit the system. The fraud worsened in March 2020 with the passage of the CARES Act, which expanded unemployment insurance for millions of Americans. To read more, please click: https://bit.ly/3QyRloZ Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/ #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #amlcompliancefailure #compliancefailure #metropolitanbank #unitedstates #amlcft #usa #nysdfs
Case Files Powered By DueDiliger This week, we highlight the case of Dr. Qing McGaha, a Doctor and Owner of MD Care Clinic in, the United States of America, who was sentenced for drug trafficking, filing false tax returns, and money laundering. To read more: https://tinyurl.com/24bc9272 Know about the product: www.duediliger.com #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #fraud #doctor #owner #drugtrafficking #taxreturns #laundering
Sanctions Watch | Weekly Vol. 18 | 09 Oct – 15 Oct 2023 Powered By- PreScreening.io Introducing the 18th edition of the Sanctions Watch weekly digest, we present significant updates on sanction watchlists and regulatory developments. Major Headlines • United States: OFSI Amends UK General License permitting payments to energy companies for DPs • Europe: EU establishes new Sudan sanctions framework • International: UN still does not label, sanction Hamas as terror group despite murderous attacks • United States: US issues first sanctions over Russia oil price cap To read more: https://tinyurl.com/56wt8fce Know about the product: www.prescreening.io #OFSI #GeneralLicence #EnergyCompanies #EU #Sudan #HumanRights #AssetFreezes #German #FederalOfficetoCombatFinancialCrime #BBF #AML #UN #UnilateralSanctions #GlobalSanctions #SanctionsWatch #TradeCompliance #Israel #Hamas #Russia
Case Files by AML Penalties | Angin Prayitno Aji Click to know more: bit.ly/3ELg42s Subscribe @ amlpenalties.com Visit us: zigram.tech #casefiles #amlpenalties #aml #indonesia #bribery #illicitenrichment #embezzlement #corruption #jakarta
Case Files by AML Penalties This week, we highlight the case of the former Director of Audit and Collection at the Directorate General of Taxation of the Ministry of Finance, Indonesia, Angin Prayitno Aji, who was sentenced for graft, corruption, and money laundering. Prayitno Aji abused his position and power while serving as the Director of Tax Inspection and Collection at the Ministry of Finance, conspired with others to receive gratuities and bribes, and committed the crime of money laundering. The defendant accepted gratuities and bribes totalling USD 1.92 million and engaged in money laundering activities amounting to USD 2.88 million. Click to know more: https://bit.ly/3ELg42s Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates. Visit our website: https://www.zigram.tech/ #casefiles #antimoneylaundering #amlpenalties #aml #financialcrimes #moneylaundering #fraud #indonesia #gratification #bribery #ministryoffinance #illicitenrichment #embezzlement #corruption #jakarta
This week's OSIN showcases the report of Singapore Police Force Annual Scams and Cybercrime Report, 2022 #ScamAwareness #Cybercrime #SingaporeScams #FinancialLoss #PhishingScams #ScamPrevention #EconomicImpact #PublicAwareness #EnforcementMeasures #FraudPrevention #ProtectYourself #ScamReports #ScamVictims #SingaporePolice #FinancialSafety
It's never a dull day here....the ZIGRAM Cricket League was a roaring success! 🙌 ⚡ ️ Thanks to all the participants and supporters who made this event a grand success. 👏 👏 #CompanyCricketTournament #Teamwork #Success #WorkHardPlayHard #CelebrationTime 🏏 🎉
