Reported by Ebrima Santos Sanneh (Summary shared below. To read full report, go to: https://www.americanbanker.com/news/fincen-moves-to-rewrite-banks-due-diligence-requirements) The Financial Crimes Enforcement Network, or FinCEN, is preparing to rewrite banks’ customer due diligence requirements under the 2021 Corporate Transparency Act. The proposed rule was submitted to the Office of Management and Budget’s Office of Information and Regulatory Affairs […]

Reported by South China Morning Post (Summary shared below. To read full report, go to: https://amp.scmp.com/news/asia/southeast-asia/article/3368197/singapore-nets-us862000-first-auction-money-laundering-case) Singapore has raised approximately US$862,000 from the first auction of luxury goods seized in its landmark money-laundering investigation, with a rare Louis Vuitton handbag generating the most attention. The limited-edition yellow monogram pumpkin bag, created through the fashion house’s […]