KYC360 Weekly Roundup - 14th June 2024

Published on Jun 14, 2024

Top stories this week: 

TD Bank Faces $4 billion AML Fine | 175 Individuals Arrested in Crackdown on Money Laundering in Hong Kong

Welcome to this week’s edition of the KYC Roundup - your gateway to the most impactful developments in the world of Anti-Money Laundering and financial crime. In the AML arena, the top stories feature TD Bank facing a $4 billion fine for AML failings, banks in Singapore increasing scrutiny of wealthy customers and 175 arrests in Hong Kong as part of a money laundering crackdown. 

In the fast-paced world of sanctions, the U.S. sanctions a Guyanese mining magnate and widens its sanctions against Russia.  

In the corruption space, South Korean opposition leader Lee faces bribery charges. 

We round off this week’s roundup with an opportunity to learn more about KYC360’s recent enhancements to its Screening solutions. 

Financial_ServicesKYC & AML

TD Bank faces $4 billion AML fine 
Fresh allegations of money laundering failures against the Canadian bank have led to analysts doubling their estimated fines to as much as $4 billion. The bank is reported to have set aside $450 million for possible regulatory fines. 

175 individuals arrested in crackdown on money laundering in Hong Kong 
The individuals were involved in various scams that led to the loss of HK$780 million (US$99.9 million) for 665 victims. Police have arrested 175 people linked to the scams in a 16-day operation. 

Moldova makes progress on FATF compliance but shortcomings remain  
MONEYVAL found significant improvements in measures to prevent terrorist financing. However, it reported limited progress from the country in addressing shortcomings impacting compliance with FATF standards on virtual assets.  

Singapore banks increase scrutiny of wealthy customers amid high-profile money laundering case  
A record S$3 billion ($2.23bn) money laundering case in the country has raised eyebrows, with banks involved in the scandal raising scrutiny on wealthy customers to prevent illicit flows. Bankers are also being trained to spot tricks used by customers to mask their identities and authorities are requesting more information from family offices and hedge funds.  



U.S. imposes sanctions on Guyanese mining magnate 
The U.S. Treasury Department applies sanctions on Nazar Mohamed and his son Azruddin for their alleged involvement in corruption in Guyana involving gold smuggling. Three companies owned by the men have also been sanctioned. 

U.S. widens sanctions against Russia 
The U.S. Treasury Department sanctioned over 300 entities including those based in China, Turkey and the UAE. This includes an expansion of existing sanctions aimed at foreign banks and financial institutions supporting Russia’s war machine.  



South Korean opposition leader Lee faces bribery charges 
Main opposition leader Lee Jae-myung is alleged to have facilitated a scheme involving the transfer of $8 million to North Korea. Lee has denied the allegations.  


KYC360 News

KYC360 announces enhancements to Screening Solution
KYC360 is delighted to announce the addition of user performance and matches dashboards to our modular screening solution, which makes up part of our award-winning Customer Lifecycle Management platform.  These enhancements will further streamline the screening process allowing users to comply and outperform.  

Read more


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