Westpac’s ‘accountable persons’ face disqualification after AML scandal

The Australian financial regulator has warned Westpac it could face fines and disqualification of its senior management as it considers whether to launch action against the scandal-hit bank. Under questioning during a parliamentary hearing, Australian Prudential Regulation Authority (APRA) chair Wayne Byres said the regulator would confirm by the end…

Trio imprisoned for computer crimes and money laundering

Three fraudsters who used malware to steal tens of thousands of pounds from victims across the country have been sent to prison. Usman Khan, 32, from Birmingham, was jailed for four years and six months; Abhay Singh, 33, from Abingdon, was sent to prison for three years and four months;…

Swiss updating anti money laundering systems

Switzerland is revamping its mechanism to report suspected money laundering or terrorism financing, the Swiss government has announced. This means abandoning a 21-year-old system that requires suspicious transactions to be reported by fax or mail, Reuters is reporting. Switzerland, the world’s largest repository for offshore wealth, last year logged 6,126…

Nine arrested in multi-million-pound money laundering probe

Nine suspects have been arrested as part of a National Crime Agency investigation into an organised crime group smuggling money out of the UK to Dubai hidden in suitcases. Eight were arrested on 27 November at houses in Cleckheaton, Bradford and Dewsbury, all in West Yorkshire, with one was arrested…

Eight years’ jail for Leicester man who laundered £8.5m

A businessman who operated a multi-million-pound money laundering racket has been jailed. Chauhan Yogendrasinh operated a legitimate business, Rushi Investments Ltd, from a terraced house in Canon Street, Leicester – a front for his money laundering activities. The “sophisticated operation” had so much criminal cash pouring in that Post Office…

EU mulls new anti-money laundering body following scandals

The EU is set to explore the creation of a new central authority to tackle money laundering after a series of high-profile scandals highlighted the bloc’s weakness in preventing dirty cash flowing through its banks. Finance ministers from EU countries are expected to mandate the European Commission to recommend a…

US money laundering expert arrested – for money laundering

A university professor who is as an expert on organised crime and the drugs trade has been arrested for allegedly laundering millions of dollars. Bruce Bagley, Professor of International Relations at the University of Miami, is accused of helping to launder $3m (£2.3m) in dirty money from Venezuela, while keeping…

Surveyors’ organisation reassures members that AML guidance is compliant

Members of RICS (the Royal Institution of Chartered Surveyors) who follow its anti-money laundering code have been reassured that it does not breach HMRC requirements. It was suggested in some recent media reports that the RICS code on ‘dirty money’ was in breach. However, the RICS told EYE has denied…

AUSTRAC applies for civil penalty orders against Aussie bank

AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac). The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF…

Video game used to launder ‘micro’ amounts of currency

The US publisher of a video game has modified it stop money laundering via its micro-transaction system. Valve Corporation has remodelled its Counter strike: Global Offensive (CS:GO) game after it discovered money-laundering activity. The Washington-based games giant acknowledged in a statement that criminals had been “liquidating gains” through the trading…
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