ACIP – Financial Treason & Crime

AUSTRAC issues know-your-customer, cuckoo smurfing warning

James Frost, 28 June 2021

The financial intelligence regulator has warned reporting entities to stay on top of their obligations, following recent changes to the AML-CTF Act that added clarity on know-your-customer requirements and banned certain types of correspondent banking.

AUSTRAC CEO Nicole Rose spoke of the growing awareness of the damage money laundering was doing to the community in a newsletter that reminded entities they needed to verify a customer before letting them make transactions and contained a guide on how to spot a form of money laundering known as “cuckoo smurfing”, which facilitates the transfer of funds overseas without alerting the authorities. Continue reading “Article: AUSTRAC issues know-your-customer, cuckoo smurfing warning”

$69 million in suspicious transactions in S’pore intercepted by authorities since 2019

David Sun, 27 April 2021

SINGAPORE – About $69 million transferred through suspicious accounts here has been intercepted by the authorities since 2019.

The figure was revealed in a keynote speech on Tuesday (April 27) by Ms Loo Siew Yee, the assistant managing director for Policy, Payments and Financial Crime at the Monetary Authority of Singapore (MAS).

Speaking at the 12th Annual Anti-Money Laundering and Anti Financial Crime Conference, organised by the Association of Certified Anti-Money Laundering Specialists, Ms Loo said the successful interceptions were a result of collaborative efforts by the Commercial Affairs Department (CAD), MAS, and the key banks here. Continue reading “Article: $69 million in suspicious transactions in S’pore intercepted by authorities since 2019”