NEWS: Dynamic registry of all EU bank accounts will be accessible by AMLA to allow swifter freezing orders – top Commission official

Regulatory Watch News

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  AUSTRAC and Crown agree to proposed $450 million penalty

  Austrac

  May 30, 2023

  Crown Melbourne and Crown Perth (together Crown) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 10-11 July 2023, at which Justice Lee will consider the parties’ proposed settlement. While AUSTRAC and Crown agree that a $450 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty.

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  Lithuania: 27 arrested in probe into fraud involving up to €750 000 in funds for young farmers

  European Public Prosecutor's Office

  May 29, 2023

  Last week, on behalf of the European Public Prosecutor’s Office (EPPO), the Lithuanian Financial Crime Investigation Service (FCIS) carried out 46 searches and arrested 27 suspects for fraud involving up to €750 000 in funds for young farmers. Three of the suspects have been placed in detention. The searches, which involved almost 100 FCIS officers (Finansinių nusikaltimų tyrimo tarnyba), were carried out in the counties of Vilnius, Kaunas, Panevėžys, Šiauliai and Klaipėda. On the radar of the investigation, carried out by the EPPO’s European Delegated Prosecutors in Vilnius (Lithuania), in cooperation with the FCIS, are four business partners managing companies providing agricultural services.

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  Website Alert – Fraudulent website related to Hang Seng Bank, Limited

  HKMA

  May 29, 2023

  The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Hang Seng Bank, Limited relating to a fraudulent website, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.