Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

Taiwan’s Shin Kong Bank Fined Over Misappropriated Client Funds

By Editors | 04/01/2024

The FSC said the bank failed to establish internal controls and prevent the misappropriation of client funds by a former wealth manager.

Fraud, Scams & Cybercrime

Korea Issues Standards for Evaluating Accounting Management Systems

By Editors | 04/01/2024

The FSS issued evaluation and reporting standards and new guidelines for listed companies’ internal accounting management systems.

Fraud, Scams & Cybercrime

US Prosecutors Will Not Pursue Second Trial for FTX Founder

By Nithya Subramanian | 02/01/2024

The DOJ said a second trial to address additional charges against Sam Bankman-Fried would delay sentencing and provide no benefit to victims.

Cryptocurrency

Indonesia Requires Crypto Exchanges to Register with National Bourse

By Mark Johnston | 02/01/2024

Crypto exchanges operating in Indonesia will have to register with the country’s new national exchange for digital assets.

Fraud, Scams & Cybercrime

FSS Korea Fines BNK Kyongnam Bank for Employee Misconduct

By Sanday Chongo Kabange | 02/01/2024

Former branch manager opened a securities account using his mother-in-law’s name and forged signature, and used it to place 193 stock trades.

PEPs & Sanctions

S. Korea Imposes Sanctions Against Eight North Koreans

By Editors | 28/12/2023

South Korea said the eight individuals generated income to support North Korea’s nuclear and missile programmes, including through illegal cyber activities.

Fraud, Scams & Cybercrime

Korean Banks Set to Start Compensating Customers for Fraud Losses

By Manesh Samtani | 28/12/2023

From 1 January 2024, customers who suffer losses from unauthorised electronic financial transactions will be able to seek compensation from banks.

Fraud, Scams & Cybercrime

Wirecard Investors File Lawsuit Against EY in Munich

By Nithya Subramanian | 27/12/2023

The group of investors alleged that EY did not ensure accuracy of accounts and claimed EURO 700 million as damages.

Fraud, Scams & Cybercrime

Hong Kong MPFA Calls for Action to Guard Against Fraud

By Sanday Chongo Kabange | 23/12/2023

The MPFA issued two circulars offering guidance to MPF intermediaries and MPF trustees on guarding against fraudlent activities.