Fraud, Scams & Cybercrime

Conduct, Culture & Accountability

AIA New Zealand Faces Penalty for Misleading Customers

By Ranamita Chakraborty | 01/08/2021

AIA’s remediation process is complete and it has reviewed its systems and processes to make sure the breaches did not recur.

Fraud, Scams & Cybercrime

Family Offices Should Start Behaving Like Regulated Entities

By Marie Gervacio | 30/07/2021

Family offices should be reviewing their governance and risk management frameworks in light of the Archegos collapse, says Marie Gervacio.

Supervision & Enforcement

ASIC Files Suit Against AMP Over Superannuation Fees

By Editors | 30/07/2021

AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.

Fraud, Scams & Cybercrime

FSC Finds VASP Deposit Accounts Linked to Fraudulent Activity

By Editors | 29/07/2021

Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.

Fraud, Scams & Cybercrime

MAS to Review Liability Framework for Card Scams by Year-end

By Ranamita Chakraborty | 27/07/2021

The Singapore police received 89 reports of fraudulent card transactions performed with SMS OTPs between September 2020 and February 2021.

Market Abuse

SFC Calls on Industry to Report Suspected Ramp-and-dump Activity

By Manesh Samtani | 26/07/2021

Ramp-and-dump scams now account for about half of the market manipulation cases being investigated by the SFC. Overseas investors also being targeted.

Fraud, Scams & Cybercrime

Taiwan FSC Fines Taishin Int’l Bank for Oversight Failures

By Editors | 26/07/2021

A Taishin customer relationship manager stole TWD 347 million from nine customers over more than a decade by asking them to sign blank transfer forms.

Anti-Money Laundering

HKMA Targets Effectiveness in Addressing AML, Fraud risk

By Manesh Samtani | 22/07/2021

HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.

Anti-Money Laundering

Singapore Man Admits to Laundering Money in SkillsFuture Scam

By Ranamita Chakraborty | 20/07/2021

A former Grab and Uber driver has admitted to playing the role of a “dummy director” of several shell companies involved in the SkillsFuture scam.