Fraud, Scams & Cybercrime

Anti-Money Laundering

China Shuts Down Cross-border Gambling, Payments Platforms

By Sanday Chongo Kabange | 20/01/2021

The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.

Credit Risk

Myanmar Launches First Credit Bureau Following Soft Launch

By Editors | 08/01/2021

The bureau is a joint venture between MB Investment, a company formed by Myanmar banks, and a subsidiary of Singapore-listed Credit Bureau Asia.

Supervision & Enforcement

Taiwan Raises Whistleblower Rewards for Serious Crime Tenfold

By Editors | 07/01/2021

Whistleblower rewards are increased tenfold for the reporting of serious illegal financial activities and fivefold for minor illegal financial activities.

Fraud, Scams & Cybercrime

Chinese Court Orders Ratings Firm to Compensate Bond Creditors

By Editors | 07/01/2021

The court held Dagong Global Credit Rating, its controller, underwriter, accounting firm, and law firm jointly responsible for defaults by a construction company three years ago.

AI Risk & Governance

MAS Announces Completion of Phase One of Veritas Initiative

By Editors | 06/01/2021

The first phase of Veritas resulted in the development of a fairness assessment methodology based on the FEAT principles for two use cases.

Fraud, Scams & Cybercrime

ATO Reviews Superannuation Withdrawals for Rule Breaches

By Editors | 06/01/2021

The ATO will consider applying penalties for wrongful superannuation withdrawal only in serious cases where an applicant has deliberately applied, knowing they were not eligible.

Fraud, Scams & Cybercrime

SFC Bans CCB Asia Branch Manager for Life

By Editors | 05/01/2021

The former manager used a cashier’s order application form pre-signed by a customer to misappropriate HK$3.6mn in April 2019.

Fraud, Scams & Cybercrime

Shanghai, Shenzhen Bourses Implement Revised Delisting Rules

By Editors | 05/01/2021

The exchange amended the rules in response to complaints that the delisting thresholds were too high to be effective in deterring fraud.

Fraud, Scams & Cybercrime

Korea FSS Identifies More Fraud, Bribery at Private Equity Firms

By Editors | 04/01/2021

The FSS said it will impose sanctions on companies identified as being engaged in such practices, including to refer cases for criminal prosecution as needed.