The Latest FinCrime News from North-East Asia
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US Sanctions Target Chinese Money Laundering Networks for Billions
US authorities are targeting Chinese money laundering networks with new sanctions to disrupt the multi-billion dollar illicit financial pipelines supporting transnational crime.
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Taipei Authorities Indict Thirty Five For $970M Money Laundering
Taipei prosecutors indict 35 people for a massive 970M$ money laundering scheme using custom gateways HeroPay and MatchPay to hide profits through Money Laundering via Third Party Payment Platforms and restaurant fronts.
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KoFIU Sanctions Korbit With 1.9M$ Penalty for Significant AML Violations
The Korea Financial Intelligence Unit imposed a KRW 2.73 billion fine on Korbit after an inspection revealed 22,000 AML breaches and failures in the Korbit Financial Intelligence Unit compliance framework.
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Mainland China Hong Kong and Macao Improve Fight Against Dirty Money
The Financial Intelligence Office of Macao met with partners from Mainland China and Hong Kong to refine the process of Enhancing Financial Intelligence Exchange Protocols and combat cross border money laundering within the Greater Bay Area.
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Korea Financial Intelligence Unit (KoFIU) Revamps Regulatory Compliance Standards
The Korea Financial Intelligence Unit has launched a task force to overhaul the national AML framework and eliminate reporting loopholes for virtual asset service providers before the upcoming 2028 global evaluation.
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Hong Kong Regulators Introduce a HK$5 Million Fine for Unlicensed Virtual Asset Dealing
Hong Kong regulators confirm a HK$5 million fine for unlicensed virtual asset dealers as part of the new Virtual Asset Licensing Framework to combat money laundering and enhance digital asset security.
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Dunamu Battles Harsh AML Ruling in Korean Courts
Dunamu is considering an appeal after receiving a major enforcement action from the Financial Intelligence Unit, placing the company at the center of South Korea’s escalating scrutiny of crypto-exchange compliance. The penalty stems from alleged gaps in customer verification and monitoring at Upbit, and the firm’s challenge could become a pivotal moment for how AML standards are applied across the sector.
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Major Blow to Crypto Market as Korea’s FIU (KOFIU) Imposes Heavy Penalties on Exchanges
South Korea’s FIU issued strong actions against top exchanges after uncovering crypto enforcement failures that exposed significant laundering risks.
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Major Shift in South Korea’s KoFIU AML Response to Transborder Crime Tactics
Stronger oversight under the new Korea's KoFIU AML response framework targets rising transborder crime risks and forces banks to elevate controls.
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US DOJ Indictment Exposes a Costly Network of Sham Adviser Firms
A US DOJ indictment describes how Guanhua Su allegedly created and controlled a network of sham investment adviser entities, using false filings and concealed ownership to promote a NASDAQ-listed stock while foreign accounts sold large positions before its price collapsed.
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Dinosaur Bones and London Penthouses Exposed in a $2.3B Laundering Case
A massive money laundering investigation exposed how criminals used London luxury property companies and rare dinosaur fossils to hide illicit funds across borders.
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South Korea’s Non-Bank Credit Firms Face New AML Pressure
South Korea’s new CDD requirement for credit-loan providers tackles consumer-credit money laundering by closing a vishing-fraud hygiene gap.
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New North Korea’s Global Laundering Network Exposed by U.S. Sanctions
The U.S. Treasury uncovered a $3 billion laundering network run by North Korea, exposing how cyber theft, remote IT-worker fraud, and proxy banking across China and Russia financed the regime’s weapons programs through an intricate web of cryptocurrency and shell accounts.
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Financial Controller Jailed after HK$5 Billion Laundering Scandal
Hua Han Health Industry Holdings became the focus of a HK$5 billion laundering scandal that exposed deep flaws in corporate governance, fund-raising controls, and Hong Kong’s approach to internal financial crime.
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Hong Kong’s ASPIRe Roadmap Raises the AML Bar for Digital Funds
Hong Kong’s SFC is transforming digital asset fund compliance through its ASPIRe roadmap, merging blockchain innovation with robust AML oversight to build a trusted market ecosystem.
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Alipay Malaysia fined for sanctions screening lapse
Alipay Malaysia fined after failing to promptly update its sanctions database, exposing systems to money laundering risk.
Other News From North-East Asia
US Sanctions Target Chinese Money Laundering Networks for Billions
US authorities are targeting Chinese money laundering networks with new sanctions to disrupt the multi-billion dollar illicit financial pipelines supporting transnational crime.
Taipei Authorities Indict Thirty Five For $970M Money Laundering
Taipei prosecutors indict 35 people for a massive 970M$ money laundering scheme using custom gateways HeroPay and MatchPay to hide profits through Money Laundering via Third Party Payment Platforms and restaurant fronts.
KoFIU Sanctions Korbit With 1.9M$ Penalty for Significant AML Violations
The Korea Financial Intelligence Unit imposed a KRW 2.73 billion fine on Korbit after an inspection revealed 22,000 AML breaches and failures in the Korbit Financial Intelligence Unit compliance framework.