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A spam-scam, phishing exercise is circulating and it is unusual in that the purported outgoing e-mail address appears genuine.

BIScom Subsection: 

In the past few hours, a high-volume phishing scam, purporting to be from Bank Negara Malaysia, has hit inboxes. That is it a scam is without doubt: the outgoing addresses are all, in common with many such scams, .edu addresses. They contain a PDF file, BNM.pdf, as an attachment which does not trigger anti-virus warnings when it is delivered to inboxes.

BIScom Subsection: 

The decision by US messaging service WhatsApp to allow its parent company, Facebook, access to user's data raises enormous questions for compliance and ethics teams in financial institutions, law firms and many other businesses. Should Compliance Officers now ban the use of WhatsApp for both transactional messaging and communications with clients? And should data protection registrars now issue warnings as to the release of client-related data? In fact, should the app now be banned entirely from all mobile devices used in any way for work purposes?

BIScom Subsection: 

In July 2010, Euromoney reported "regulators in Gibraltar say they shut [Reincarnation Bank] down, it subsequently re-emerged six months later." It's had a checkered history, but today, you can still visit a website with that name.

BIScom Subsection: 

The announcement by the US Treasury that it was implementing financial sanctions against North Korea should make no difference to most properly advised financial organisations.

BIScom Subsection: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

BIScom Subsection: 

A former director and in-house counsel of Australia's Provident Capital Limited, promoters of the Provident Capital Monthly Income Fund, a defunct investment company, is the latest to be subject to sanctions arising out of the collapse of the company.

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

It's supposed to be one of the primary alternatives to using banks for money transfer but an experience in trying to send and receive money using global remittance companies Western Union and MoneyGram has shown that the services does not live up to the hype.

For too long, those who have a narrow view of how money laundering related matters should be policed and enforced have made ill-informed criticism of Singapore. Primarily originating from the USA's complaint that Singapore does not prosecute enough money laundering offences, the criticism was amplified by the influx of money relocated from, first, Switzerland and then Dubai. Nigel Morris-Cotterill says that the USA should take notice of how Singapore has dealt with BSI Bank.

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