Singapore's Money Laundering Crackdown + MCB Amps Up It's Team

GM! This is The Risk Radar. Your frontline intelligence agent, bringing you the latest intel from the AML and cyber risk battlefront.

Here is the latest:

Big Bust in the Big City: Singapore's Record Money Laundering Crackdown

On June 10, 2024, Su Jianfeng, a globetrotter with roots in China now rocking a Vanuatu passport, wrapped up his courtroom drama with a 17-month stint behind bars. He's the finale of a gripping saga involving 10 foreigners snagged in a sweeping raid back in August 2023.

Su was into some serious shenanigans: one count of playing fast and loose with a forged document and another of money laundering. His trick? Passing off fake property sale contracts to banks to mask the shady origins of his stash.

The plot thickens with a whopping $187 million in assets seized from Su and his better half, with a jaw-dropping $179 million (that’s 95.5% for the math nerds) ordered to be handed over to the state. Overall, the gang of 10 had over a billion dollars in assets snagged, with about $944 million destined for forfeiture. Their sentences swung between 13 and a snug 17 months in the clink.

Dubbed Singapore’s most massive money laundering prosecution to date, this blockbuster case featured over $3 billion in dirty money from abroad getting a wash-and-rinse in Singapore’s financial laundromat. And the drama isn’t over—there are still 17 elusive characters on the run, with the cops hot on their heels.

Singapore’s finest have thrown down the gauntlet, showcasing their unwavering commitment to cleanse the city-state of transnational crime rings and shield its sterling financial reputation.

MCB Amps Up Its A-Team Following Regulatory Rumble

New York's own Metropolitan Commercial Bank (MCB) is making some strategic power moves! After a spicy $30 million tug-of-war with federal and state watchdogs last year, MCB is beefing up its squad with some key appointments to steer the ship towards brighter horizons.

Enter the new guardians of the galaxy: Gregory Gaare and Theodore George Andreades. Gaare steps up as the senior vice president and chief risk officer, ready to navigate the stormy seas of finance. Andreades takes the helm as the senior vice president and BSA/AML officer, armed with a hefty toolkit of compliance and anti-money laundering know-how.

Mark DeFazio, the big boss at MCB, couldn't hide his excitement. "We're thrilled to roll out the red carpet for Gaare, a veteran in risk management," he said. "And snagging Andreades? That’s our ace move for assembling a top-notch team ready to tackle the regulatory roller coaster of today and tomorrow."

XTransfer & Banking Circle: Powering Up Cross-Border Payments

XTransfer, the titan of B2B cross-border trade payments from China, and Banking Circle, the tech-savvy Payments Bank, are joining forces. This strategic partnership is all about making life easier and cheaper for folks dealing with cross-border payments, especially Chinese suppliers eyeing markets in Europe and the Middle East.

Here’s the scoop: XTransfer is on a mission to give SMEs a leg up in the global arena with secure, speedy, and wallet-friendly payment solutions. Banking Circle? They’re the wizards of quick, low-cost transactions with a hefty local clearing network covering major currencies and a slick FX engine that plays nice with 24 currencies.

With Banking Circle's tech magic, XTransfer is set to expand its menu of local payment options. Imagine getting payments in not just the big hitters like USD, Euro, and GBP, but also in six additional currencies peppered across Europe and the Middle East. And they're not stopping there—more currency options are on the horizon.

This is a game-changer for businesses working with Chinese suppliers. Buyers in Europe and the Middle East can now pay in a variety of local currencies, simplifying the whole process.

Bill Deng, the big boss at XTransfer, is excited about the partnership, seeing it as a major leap toward dominating the European and Middle Eastern markets. Meanwhile, Laust Bertelsen of Banking Circle is all in, ready to back XTransfer’s vision of reshaping global trade.

About XTransfer Founded in 2017 and based out of Shanghai, XTransfer holds the crown as China’s #1 B2B Cross-Border Trade Payment Platform. They’re all about empowering SMEs with top-notch, secure, and efficient payment solutions, making global expansion less of a financial headache. With branches sprawled across the globe and over 450,000 business clients, XTransfer is a beast in the industry.

They’re not just about spreading their wings; they’re about making sure SMEs can fly right alongside the big players, thanks to their robust, tech-driven anti-money laundering controls and partnerships with major global banks.

Oh, and did we mention? XTransfer hit unicorn status back in 2021 after a successful Series D funding round.