Anti-Financial Crime & Financial Crime Compliance
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Tag: South Africa

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    • Regulatory Watch News

    • Response to Letter “Hold vendors to same high standards, or they may become weakest link” – The Straits Times, 14 April 2025

      MAS

      The Monetary Authority of Singapore (MAS) expects all financial institutions (FIs) to put in place stringent controls to protect any customer information that they disclose to their third-party vendors. These vendors would include printing agencies like Toppan Next Tech (TNT). FIs are expected to regularly review and affirm that the controls of their vendors are adequate to safeguard the confidentiality of customer information. Even with the appropriate controls, occasional breaches may still occur. Where there is an unauthorised disclosure of customer information by a vendor, the FI must act quickly to mitigate the impact to its customers. This means preventing further loss of customer information and communicating with customers promptly to advise them on what they need to do to prevent the information from being exploited.

    • Unicorn job scams: Criminals target vulnerable Aussies looking for work

      Australia Federal Police

      “Earn $1000 a month from home! No experience needed. Work just 1-3 hours a day. Apply now!” Does this job ad look familiar? Maybe it popped up on your social media feed or magically landed in your email inbox. Either way, it’s not the once-in-a-lifetime unicorn job offer it purports to be. Rather, it’s a flat-out con job – and one that can have criminal consequences. Criminals are targeting Australians looking for flexible, remote or part-time work by posting fake job ads online. They’re called employment or job scams and are designed to exploit job seekers by offering what seems like quick and easy money for little work required.

    • Executive Vice President of Insurance Brokerage Pleads Guilty in $133M Affordable Care Act Fraud Scheme

      US Department of Justice

      A Florida executive pleaded guilty today for his role in a scheme to submit fraudulent applications to enroll consumers in Affordable Care Act insurance plans (ACA plans) that were fully subsidized by the government. The purpose of the scheme was to obtain millions of dollars in commission payments from the insurance company that operated the ACA plans. The federal government paid at least $133,900,000 in subsidies for fraudulently enrolled individuals.

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