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Fraud, Scams & Cybercrime
Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
US DOJ Arrests Two Chinese Nationals Involved In $73m Crypto Scam
By Mark Johnston | 18/05/2024
Both individuals face accusations of conspiracy to commit money laundering and six counts of international money laundering.
Anti-Money Laundering
Malaysia Taking Steps to Enhance AML/CFT Regime
By Editors | 16/05/2024
Malaysian laws are being reviewed to address “gaps and implementation issues” and “elevate beneficial ownership reporting”.
Fraud, Scams & Cybercrime
Taiwan’s Yuanta Bank Fined for Embezzlement by Employee
By Nithya Subramanian | 16/05/2024
An employee privately negotiated repayment plans with customers and provided them a personal account for their debt repayments.
Anti-Money Laundering
Chinese Authorities Arrest Six in Crypto Money Laundering Scheme
By Nithya Subramanian | 16/05/2024
The suspects were involved in laundering CNY 2.14 billion through crypto transactions to South Korea.
Fraud, Scams & Cybercrime
CSRC Opens Investigation Into Hedge Fund Firm
By Editors | 16/05/2024
The investigation was prompted by reports that the firm’s controlling shareholder “ran away”.
Anti-Money Laundering
Singapore Makes Sixth Conviction in Money Laundering Case
By Nithya Subramanian | 15/05/2024
Turkish national Vang Shuiming was sentenced to “13 months and six weeks” imprisonment and required to forfeit S$179mn in assets.
KYC & CDD
Singapore Jeweller Charged for Not Performing CDD Checks
By Nithya Subramanian | 13/05/2024
The jeweller failed to undertake customer due diligence checks when there was reason to suspect money laundering.
Fraud, Scams & Cybercrime
Singapore Court Convicts Hin Leong Founder for Cheating HSBC
By Nithya Subramanian | 13/05/2024
Lim Oon Kuin was convicted of cheating HSBC and abetting forgery. He will be sentenced in October.
Fraud, Scams & Cybercrime
Taiwan Progresses New Anti-Fraud Legislative Package
By Editors | 12/05/2024
The legislative extends fraud prevention obligations to VASPs, telecom companies, and internet advertising platforms, among others.
Supervision & Enforcement
Advice Fee Deducted from Super Funds are Too High: ASIC
By Sanday Chongo Kabange | 09/05/2024
ASIC says trustees need to improve their oversight of advice fee deductions from super fund accounts.
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