Fraud, Scams & Cybercrime

Anti-Money Laundering

Korean Crypto Firms Face AML Inspections, Disclosure Rules

By Sanday Chongo Kabange | 06/02/2023

The inspections will prioritise high-volume crypto businesses with high money laundering risks. The disclosure system will cover issuance, listing and circulation.

Fraud, Scams & Cybercrime

Korea: Man Arrested for Allegedly Stealing Bithumb Funds

By Editors | 06/02/2023

Kang Jong-Hyun is suspected of conspiring to manipulate the stock price of Bithumb affiliates and steal KRW 60 billion in company funds.

Fraud, Scams & Cybercrime

CBA to Introduce New ‘NameCheck’ Scam Prevention Feature

By Editors | 06/02/2023

‘NameCheck’ will provide customers an indication of whether the name and account details they have entered in money transfers are correct.

Conduct, Culture & Accountability

UK FCA Blocked Over 8,500 Misleading Ads Last Year

By Editors | 06/02/2023

The FCA will continue to put pressure on those using social media to illegally promote investments. In July, it will also introduce the new ‘Consumer Duty’.

Fraud, Scams & Cybercrime

“My Big Coin” Crypto Founder Gets Eight Year Jail Sentence

By Sam Chen | 04/02/2023

In the first sentencing of a crypto founder for a marketing fraud, prosecutors said Randall Crater defrauded investors of more than $7.5mn.

Supervision & Enforcement

Singapore to Further Develop Financial Forensics Capabilities

By Editors | 03/02/2023

The Singapore Police Force and the Institute of Singapore Chartered Accountants will cooperate to advance the development of financial forensics in Singapore.

Anti-Money Laundering

China: Hainan to Increased Scrutiny of ‘Digital Collectibles’ Industry

By Editors | 03/02/2023

Hainan authorities issued a notice highlighting the risks of fraud, money laundering, and illegal fund-raising in relation to digital collectibles, the term used for NFTs in China.

Cybersecurity

Ransomware Attack Against ION Markets Hit Derivatives Traders

By Manesh Samtani | 03/02/2023

The incident has forced firms to manually process derivatives trades. Ransomware gang Lockbit has threatened to publish stolen data unless a ransom is paid.

Fraud, Scams & Cybercrime

Crypto Firm Celsius Operated as Ponzi Scheme, Report Says

By Editors | 01/02/2023

Celsius, now in bankruptcy, used customer funds to prop up the price of its own token for years, including to allow insiders to cash out.