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Issue #6 in the News Issue #6 We are pleased to share with you our latest updates on Anti-Money Laundering / Counter Financing of Terrorism ("AML/CFT") and sanctions. In the News Global FATF and regulators issue statements on AML/CFT measures amid COVID-19 In response to the COVID-19 pandemic, the global AML watchdog, the Financial Action Task Force ("FATF"), has recently issued a guidance to encourage governments to work with financial institutions and other businesses on addressing the challenges posed by COVID-19. Following FATF's statement, regulators across the globe including Malaysia, the United States ("US") and Hong Kong have also issued further guidance to financial institutions on AML/CFT measures amid COVID-19. More here, here, here, and here KPMG Insights: AML/CFT in times of COVID-19 As the public scrambles to adapt to the impact of COVID-19 to their businesses and livelihoods, criminals have been quick to exploit the fear and uncertainties in these unprecedented times. We have seen a major shift in financial crime trends and techniques, including an increase of money mule scams, medical product scams, telephone and SMS message frauds, fake websites selling medical products, mobile apps used to obtain personal and sensitive information and fundraising for fake charities, just to name a few. During the restrictive movement period, most institutions did not have access to adequate solutions to effectively screen and monitor the client activity as was needed during this turbulent time while customers who are stuck at home may opt to perform their transactions through online channels, resulting in a double whammy of increase in online banking activities and a decrease in resources to monitor such transactions and patterns in a timely manner. In times like this, institutions need to assess their level of exposure to the changes caused by the COVID-19 pandemic, as well as their level of readiness to combat any financial crime that arise from the chaos, by asking themselves some key probing questions: • Do you have adequate measures in place to ensure active governance and oversight on AML/CFT matters such as obtaining special approvals from Senior Management remotely during the restrictive movement period including for the interim measures that have been put in place ? • Do you have the capability to screen and monitor transactions based on certain keywords mentioned in the transaction remarks e.g. "face masks, protective equipment" or detect multiple transactions involving the same parties? • Does your Transaction Monitoring system have the capability to monitor online transactions, detect changes in customers' behaviour, analyse transaction patterns and trends while avoiding false positive alerts? • Do you perform adequate due diligence on customers and counterparties and are able to identify fake invoices, forged documents, compromised emails and counterfeit products? • Have you provided role-based / advanced training for employees to ensure their awareness of AML/CFT measures and expertise on countering the latest ML/TF and fraud trends and techniques? Malaysia Cash Transaction Limit to be introduced by BNM The National Coordination Committee to Counter Money Laundering ("NCC") will be consulting the public on imposing a limit of RM50,000 on the usage of physical cash for transactions, which will be overseen by Bank Negara Malaysia under the proposed Currency Act 2020 in an effort to prevent abuse of cash to support illicit activities. The Act also imposes a legal tender limit for coins at 25 pieces per transaction. More here and here Malaysia BNM publishes its 2019 Annual Report Bank Negara Malaysia ("BNM") has published its 2019 Annual Report and which stated that they have tightened their supervisory and enforcement actions and provided figures on the actions taken against financial crime including money laundering and terrorism financing ("ML/TF"). More here Malaysia Malaysia recovers RM1.4 billion of 1MDB funds Malaysia has recovered RM 1.4 billion (USD 322 million) allegedly taken from the sovereign wealth fund 1MDB, a fraction of the more than RM 19 billion (USD 4.5 billion) US prosecutors say was looted. Another RM 6.9 billion (USD 1.6 billion) allegedly plundered from 1MDB has been identified and steps are being taken to recover the money. More here and here Malaysia Politician's account raised millions but did not raise bank?s ML red-flags Cash deposits and subsequent proceeds raised from Datuk Seri Ahmad Zahid Hamidi's account amounting more than RM 99 million did not trigger a Malaysian bank's red flag as the transactions involved the account of his appointed law firm Messrs Lewis & Co. The actual amount raised could not be accurately ascertained as many transactions were highlighted in court. It was previously reported that Zahid was charged with receiving over RM 71 million of proceeds from ML, over RM 20 million for criminal breach of trust and over RM 21 million of purported bribe. More here and here Global Wolfsberg Group released new version of the its Correspondent Banking Due Diligence Questionnaire The Wolfsberg Group released a new version of the Correspondent Banking Due Diligence Questionnaire on 17 April 2020 which includes changes of terms in certain questions, removal of a question under the sanctions section and an update to the response column of various questions. More here European Union Four African countries blacklisted by EU As a result of the risk posed from ML/TF, the European Union ("EU") added Botswana, Ghana, Mauritius, and Zimbabwe into its ML blacklist which will take effect from October 2020 and intends to create an arm to fight financial crime and monitor banks. More here and here India India has 3rd highest illicit trade flow globally, says GFI Global Financial Integrity ("GFI") has stated that India has the third highest trade-related illicit financial flow among 135 countries with MYR 358 billion (USD 83.5 billion) or 3.1 per cent of gross domestic product ("GDP") escaping the tax net during 2008-2017. The GFI classifies illicit flow funds as funds that are illegally earned, transferred or utilised across an international border. The primary sources of illicit flows include grand ML, corruption, commercial tax evasion and transnational crime. More here United States Increase in seizures of dirty money in the US as COVID-19 impacts International ML Schemes Throughout three weeks in April, federal authorities in Los Angeles seized more than MYR 12.8 million (USD 3 million) in three separate seizures of suspected drug proceeds as the coronavirus slows down trade-based money laundering schemes normally used to move such funds. More here Fines and Enforcement Actions Malaysia Malaysia drops 1MDB ML case against stepson of former prime minister Malaysian prosecutors dropped five ML charges involving MYR 1.1 billion (USD 248 million) against the stepson of former prime minister Datuk Seri Najib Razak upon reaching a deal which the Deputy Public Prosecutor say would see the government receiving "a substantial sum running into several million ringgit." More here Malaysia Asia Media founder wanted by SC for ML AMLATFUPUAA offences The Securities Commission Malaysia ("SC") is seeking information or assistance from the public and Interpol on the whereabouts of the founder of Asia Media Group Bhd, Wong Shee Kai @ Ricky Wong, following an arrest warrant against Wong for failing to appear before the SC?s Investigating Officer under the AML/CFT act. More here and here Singapore Man arrested for ML offences linked to SGD 10.2 million COVID-19 scam for surgical masks, hand sanitisers The Singapore Police Force announced that they had arrested a man for suspected ML offences in relation to a COVID-19-linked scam which saw an overseas pharmaceutical company defrauded to the tune of MYR 31 million (SGD 10.2 million) over the purchase of surgical masks and hand sanitisers. More here and here Australia Westpac faces USD589 million fine for potential ML breaches Westpac Banking Corporation estimated that it might receive an MYR 2.6 billion (AUD 900 million) fine for failing to prevent up to 23 million breaches of AML/CFT laws. Westpac's system failed to raise any red flags on transactions sent to the Philippines allegedly to pay for child abuse material. This scandal brought down Westpac's leadership, forcing the resignation of its chief executive and the early retirement of its chairman. It also reported that Westpac has created a role to oversee financial crime and compliance amidst breaches in Australian AML laws. More here and here Australia HSBC reports potential ML breaches in Australia HSBC has reported itself to Australia?s financial regulator for possible breaches of AML rules in a regulatory filing by its Australian subsidiary. The breaches are related to small amounts of cross-border foreign currency transactions involving non-banking financial institutions that the Bank was unable to properly report for technical reasons. More here and here United States US charges two individuals for aiding North Korea in laundering stolen cryptocurrency The US Department of Justice charged two individuals with laundering more than MYR 429 million (USD 100 million) in cryptocurrency on behalf of North Korea in court filings that detail Pyongyang's use of hackers to circumvent sanctions. According to an indictment filed in federal court in Washington, D.C., the two individuals allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019, helping to hide the stolen currency from police. More here and here United States Pharmacy owner convicted for fraud and ML conspiracies The owner and operator of Physician Specialty Pharmacy was convicted of conspiracy to commit health care fraud and wire fraud and conspiracy to commit ML by conspiring to defraud a federal health care programme of more than MYR 20.6 million (USD 4.8 million).
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