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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
CFTC Charges California Firm for ‘Ponzi-like’ Crypto Fraud
By Editors | 17/02/2023
Vista Network Technologies and its CEO advertised to customers that it would trade their digital assets using “robot traders” which did not exist.
Fraud, Scams & Cybercrime
US SEC Files Securities Fraud Charges Over Terra Collapse
By Editors | 17/02/2023
The Terraform ecosystem was ‘simply a fraud propped up by a so-called algorithmic stablecoin’, says Gurbir Grewal.
Supervision & Enforcement
Enforcement ‘At the Heart’ of ASIC’s Work: Joe Longo
By Sanday Chongo Kabange | 16/02/2023
ASIC warns that it will target greenwashing, predatory lending and misleading insurance pricing promises.
Fraud, Scams & Cybercrime
North Korean Crypto Thefts Broke Records in 2022 – Report
By Mark Johnston | 14/02/2023
A UN report says North Korea stole more crypto in 2022 than in any previous year, using cyber techniques that have grown in sophistication.
Fraud, Scams & Cybercrime
Singapore Charges Former UOB Banker for Selling Fake Products
By Editors | 13/02/2023
The former personal banker induced a victim into transferring funds for investment in fixed deposits and financial products that were never made.
KYC & CDD
Wolfsberg Group Updates CBDDQ, FCCQ, and Related Documents
By Editors | 13/02/2023
The CBDDQ updates include a new section on fraud and additional questions related to whistleblower policy, virtual bank licence, the approval of sanctions policy, and other changes.
PEPs & Sanctions
South Korea Issues First Independent DPRK Sanctions
By Editors | 12/02/2023
The sanctions came hours after South Korea and the US released a joint cybersecurity advisory detailing the threat posed by North Korean ransomware actors.
Fraud, Scams & Cybercrime
US, UK Jointly Sanction Russian Ransomware Actors
By Editors | 12/02/2023
The first-of-its-kind joint action marks the first time suspected ransomware operators have been designated under the UK sanctions regime.
Anti-Money Laundering
Russian National Pleads Guilty to Money Laundering Conspiracy
By Editors | 11/02/2023
The Russian national and unnamed co-conspirators allegedly laundered at least USD 70 million in ransom proceeds using cryptocurrency.
Anti-Money Laundering
HKMA Updates Guidance on Transaction Monitoring, Screening, Reporting
By Manesh Samtani | 10/02/2023
A key objective of the update is to support greater use of technology to generate targeted alerts and more actionable intelligence, the HKMA said.
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