Featured Singapore

Embracing technology and innovation in Compliance and Risk Management – A Perspective from MAS

T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in… Read More

US charges Swiss finance firm and six people with tax evasion

They are accused of setting up an elaborate scheme, known as the “Singapore Solution”, to funnel money out of Switzerland, through structures in Hong Kong and Singapore, and back into Swiss bank accounts. Read more at SWI RiskScreen: Eliminating Financial Crime with Smart Technology… Read More

Binance will end all crypto trading in Singapore dollars after a clampdown by the local regulator

Cryptocurrency exchange Binance will not offer products in Singapore dollars and will stop all online communication operations in the country by Friday, after a warning from the local regulator, according to an announcement on the company’s website on Sunday. The company outlined it will stop trading cryptocurrency pairs and… Read More
6th September 2021
Central banks in Australia, Singapore, Malaysia and South Africa will conduct a cross border payments trial using different central bank digital currencies (CBDC) to assess if this allows transactions to be settled more cheaply and easily, the banks said on Thursday. Many governments and central banks around the world are… Read More
3rd September 2021
A British man has been charged in Singapore with involvement in alleged fraud by a company linked to the collapsed German payments firm Wirecard, according to police. James Henry O’Sullivan is accused of colluding with R Shanmugaratnam, a director of accounting firm Citadelle Corporate Services, to send a false document… Read More
26th August 2021
Retired Olympic speed skating champion Apolo Ohno and companies in Cyprus, Hong Kong, Malta, and Singapore are being sued in California for an alleged $50 million crypto fraud. Apolo Anton Ohno is an American retired short track speed skating competitor and an eight-time medallist in the Winter Olympics. Ohno… Read More
24th August 2021
A Swiss appeals court has rejected a banker’s bid to lift his three-year regulatory ban from working in the industry over failures to properly fight money-laundering linked to scandal-hit Malaysian sovereign wealth fund 1MDB. In a ruling released on Monday, the Federal Administrative Court turned down the appeal by the… Read More
10th August 2021
Cryptocurrencies like Bitcoin and Monero have been the subject of much debate and consternation in international security and financial crime circles. These digital payment systems enable illicit financing through their uneven regulation, transaction speed and anonymity. To date, the development and implementation of cryptocurrencies has largely been the purview of… Read More
8th August 2021
The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion. The funds, which were repatriated to Malaysia, had been laundered through major financial… Read More
2nd August 2021
A Vancouver lawyer has been suspended after letting a client use her firm’s trust accounts to move more than $14 million from other countries without providing any legal services or asking where the money came from. In a disciplinary decision on the professional misconduct of Florence Esther Louie Yen, a hearing… Read More
25th July 2021
A 35-year-old man allegedly assisted his company in evading a total of about $1.8 million in goods and services tax (GST) over a period of four years. Lau Zhen Zhou, who is the sole shareholder and director of Safety Marine Management, was charged on Friday (July 23) with 20 counts… Read More
15th July 2021
Hong Kong customs has shut down a local money-laundering syndicate that used cryptocurrency to process illegal funds totalling HK$1.2 billion (US$155 million), arresting the suspected ringleader and other members in the first operation of its kind in the city. An investigation revealed more than 60 per cent of the funds… Read More
28th June 2021
Singapore prosecutors on Monday filed 13 additional charges against a local businessman in relation to a scheme that allegedly raised more than S$1 billion ($746 million) from investors to fund bogus nickel trades. Authorities in the city state have implicated Ng Yu Zhi, a former managing director of trading companies… Read More