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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Leaked Report Reveals Credit Suisse Culpability in Lescaudron Fraud
By Sanday Chongo Kabange | 09/02/2021
The case involved Patrice Lescaudron, a French banker who was jailed for defrauding clients in 2018 before committing suicide last year following his early release.
Fraud, Scams & Cybercrime
Luckin Coffee Files for Bankruptcy to Facilitate Restructuring
By Editors | 08/02/2021
Luckin said it will continue to pay suppliers, vendors and employees while it negotiates with its stakeholders regarding a restructuring of its financial obligations.
Capital Adequacy
Korea Raises Capital Requirements at Private Equity Funds
By Editors | 04/02/2021
The minimum required capital will be raised from 100mn to 300mn won. Private equity funds with high leverage will need 500mn won.
Fraud, Scams & Cybercrime
Singapore Authorities Probe Crowdfunding Platform for Misconduct
By Editors | 02/02/2021
The probe is looking into possible offences under the Penal Code and the Securities and Futures Act by group companies belonging to CoAssets Ltd.
Fraud, Scams & Cybercrime
Former NAB Executive Jailed Over Scheme to Defrauding Bank
By Editors | 01/02/2021
An events company was issuing and sending invoices to NAB and the former executive was receiving bribes to ensure they were paid.
Conduct, Culture & Accountability
HKMA Suspends Banker Over Photocopied Client Signature
By Editors | 28/01/2021
The banker photocopied a client’s signature onto an instruction form and used it to apply for the issuance of a bank reference letter.
Anti-Money Laundering
Australian Police Arrest Dutch National on Money Mule Charges
By Editors | 27/01/2021
The 22-year-old was used to receive funds stolen from Australian bank accounts by a cybercrime syndicate before he transferred it overseas with Bitcoin.
Supervision & Enforcement
Korea FSS to Order Banks to Compensate Lime Fund Investors
By Editors | 25/01/2021
Woori Bank, Busan Bank and Industrial Bank of Korea have reportedly agreed to pay restitution to investors based on estimated damages.
Cybersecurity
ASIC Data System Illegally Accessed by Malicious Attacker
By Editors | 25/01/2021
The affected server was being used to share documents associated with recent credit licence applications, though no forms or attachments are believed to have been accessed.
Fraud, Scams & Cybercrime
Tokyo Police Arrest 31 Individuals Over 2018 Coincheck Heist
By Editors | 25/01/2021
The suspects were found to have traded stolen cryptocurrency on an underground exchange that emerged on the dark web following the Coincheck heist.
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