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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Market Abuse
Singapore Sees Resurgence of ‘Pump and Dump’ Scams
By Editors | 11/08/2021
Seven victims recently bought more than 49,000 shares in a US-listed company based on the recommendation of an “expert” and lost over $1mn within two days.
DeFi & Web3
DeFi Accounts for Majority of Crypto Hacks, Frauds in 2021
By Sanday Chongo Kabange | 11/08/2021
In H1 2021, DeFi accounted for 76% of major crypto hack volume and 54% of major crypto fraud volume, according to CipherTrace.
PEPs & Sanctions
North Korea Continues to Evade Sanctions – Report
By Editors | 10/08/2021
A draft report by a UN panel of experts says North Korea has continued to evade sanctions through open sea ship-to-ship transfers and other means.
Fraud, Scams & Cybercrime
CSRC Penalises Yongcheng Coal, Executives for Fraud
By Sanday Chongo Kabange | 05/08/2021
Yongcheng Coal and its executives were fined for fraudulent disclosures and for inflating its books. The company defaulted on a CNY 1 billion bond last year.
Cryptocurrency
China’s Opposition to Cryptocurrency is Ideological – Report
By Manesh Samtani | 05/08/2021
A new Chainalysis report explains China’s crackdown on cryptocurrency, the country’s role in crypto-related crime, and the implications of a digital yuan.
Anti-Money Laundering
Singapore: Woman Jailed for Helping to Launder Scam Proceeds
By Sanday Chongo Kabange | 05/08/2021
Rohaiza Alap provided 25 bank accounts to scammers to launder S$2mn out of Singapore. She also recruited others to act as money mules.
Fraud, Scams & Cybercrime
Singapore Police Charge Daughter of Hin Leong Founder
By Editors | 04/08/2021
Lim Huey Ching instructed a Hin Leong employee to ensure deleted items could not be recovered and to permanently dispose of server backups.
Cryptocurrency
Korean Crypto Exchanges Start to Close Amid Regulatory Pressure
By Editors | 04/08/2021
Up to 11 cryptocurrency exchanges in Korea are planning to shut down after their deposit accounts were linked to fraudulent activities.
Fraud, Scams & Cybercrime
Crypto Crime Reaches Record Levels in Hong Kong
By Editors | 04/08/2021
Victims lost HK$214m in cryptocurrency crimes in the first half of 2021, compared to HK$114.4mn across all of 2020.
Anti-Money Laundering
Australian Mining Magnate Charged Over A$38.5m Tax Evasion
By Sanday Chongo Kabange | 03/08/2021
The founder of a mining software and equipment company did not disclose overseas trust assets and evaded income tax over 15 years.
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