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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
HK Police Arrest 38 Individuals for Covid Loan Fraud
By Editors | 23/03/2022
The individuals set up 53 shell companies and submitted false documents to banks to obtain loans under the government support scheme for Covid hit businesses.
Anti-Money Laundering
SG Police Charge Two for Disclosing Singpass Login Details
By Editors | 23/03/2022
The Singpass login details were used by scam syndicates to open new bank accounts to launder the proceeds of crime.
Conduct, Culture & Accountability
IOSCO to Develop Regulatory Toolkit on Retail Investor Protection
By Manesh Samtani | 21/03/2022
IOSCO consultation asks whether certain gamification should be regulated or prohibited, and whether regulators should be monitoring crypto-asset trading by retail investors.
Fraud, Scams & Cybercrime
MAS Bars Former DBS Wealth Planner for Cheating Clients
By Editors | 20/03/2022
The former DBS Bank wealth planning manager fraudulently deceived clients into transferring SGD 490,000 into his personal bank account.
Reporting & Disclosures
China Identifies Data Fraud Occurring in Carbon Market
By Darien Choong | 20/03/2022
Data verification firms were found to have tampered with emissions reports, published fake testing data, and fabricated coal samples sent for testing.
Anti-Money Laundering
INTERPOL Launches Financial Crime and Anti-Corruption Centre
By Editors | 16/03/2022
The new centre will adopt a multi-agency approach to drive a coordinated global response to transnational financial crime and corruption.
Cybersecurity
FS-ISAC Warns of Cyber Risk ‘Trifecta’ in 2022 and Beyond
By Editors | 15/03/2022
Boards, auditors, and regulators will demand that firms level up their incident response playbooks, tools, and platforms.
Fraud, Scams & Cybercrime
Singapore Court Imposes 9 Year Jail Sentence for IRAS Fraud
By Editors | 10/03/2022
230 companies, mostly dormant and shell companies, were used to submit 400 fraudulent applications claiming tax breaks.
Fraud, Scams & Cybercrime
IMDA Starts Onboarding Banks to New SMS SenderID Registry
By Editors | 08/03/2022
IMDA has begun onboarding banks and other organisations on the new system, which will prevent spoofed SMS text messages from being sent upfront.
Fraud, Scams & Cybercrime
Korean Broker and Bank Penalised Over Optimus Mis-selling
By Editors | 04/03/2022
NH Investment & Securities cannot sell new private equity funds for three months. Hana Bank cannot be appointed as a fund trustee for three months.
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