Tag: Anti-Money Laundering

Regulatory Watch News

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  U.S. Law Enforcement Takes Action Against More Than 3,000 Money Mules in Initiative to Disrupt Transnational Fraud Schemes

  US Department of Justice

  May 11, 2024

  The Justice Department, FBI, U.S. Postal Inspection Service (USPIS), and other federal law enforcement agencies announced today the completion of the Money Mule Initiative, an annual campaign to identify, disrupt, and criminally prosecute networks of individuals who transmit funds from fraud victims to international fraudsters. Fraudsters rely on money mules to facilitate a range of fraud schemes, including those that predominantly impact older Americans, such as lottery fraud, romance scams and grandparent scams as well as those that target businesses or government pandemic funds.

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  SC CHARGES PIXELVEST AND FORMER INFINITY TRUSTEE DIRECTOR WITH UNLICENSED CAPITAL MARKET OFFENCES

  Securities Commission Malaysia

  May 10, 2024

  The Securities Commission Malaysia (SC) had charged two companies and one individual in the Kuala Lumpur Sessions Court with three offences relating to unlicensed capital market activities.

  Pixelvest Sdn Bhd (Pixelvest) was charged today with one count under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for carrying on a fund management business without a licence. Pixelvest, represented by its director Ang Jen Chuen (Dexter Ang), claimed trial to the charge before Sessions Court judge Puan Norina binti Zainol Abidin. This follows the charges filed by the SC against Infinity Trustee Berhad (ITB) on 30 April 2024, with two counts under section 58(1) read together with section 370(b) of the CMSA.The offence is in relation to ITB transferring funds amounting to RM116,292,904.15 to Pixelvest through two accounts in furtherance of the offence committed by Pixelvest.

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  The HKMA alerts the public to frauds purportedly associated with Wealth Management Connect Scheme

  HKMA

  May 10, 2024

  The Hong Kong Monetary Authority (HKMA) has received public enquiries recently on suspected frauds associated with the Cross-boundary Wealth Management Connect Scheme (Scheme):

  1. Victims incurring investment losses were approached by fraudsters who claimed that the Government could intervene to recoup their losses but only if they open so-called accounts under the Northbound Scheme and pay a fee; and
  2. A bogus advertisement was disseminated on social media about a time deposit product with high interest rate purportedly offered by the HKMA. The fraudster then posed as an account manager and tried to lure members of the public into depositing money into a so-called account under the Northbound Scheme.