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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Singapore Police Charge Ex-Remisier with Criminal Breach of Trust
By Sanday Chongo Kabange | 26/10/2020
Over six years, an 86-year-old client entrusted money to the remisier for the purposes of buying shares but no shares were ever purchased.
Fraud, Scams & Cybercrime
Australian Police Arrest NAB Employee on Fraud Charges
By Editors | 25/10/2020
The former employee faces charges for conspiring to cheat and defraud and attempting to launder A$21.6mn in illicit proceeds through NAB.
Fraud, Scams & Cybercrime
Hong Kong ICAC Charges Two Former AIA Agents With Fraud
By Sanday Chongo Kabange | 25/10/2020
A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.
Anti-Money Laundering
MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’
By Editors | 23/10/2020
The former banker received about $5mn in fund management fees in an entity he beneficially owned, at the expense of and without the knowledge of BSI Bank.
Fraud, Scams & Cybercrime
ICAC Charges Two With Conspiracy To Defraud Lender
By Sanday Chongo Kabange | 22/10/2020
The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.
Fraud, Scams & Cybercrime
Singapore Lawyer Faces Life in Prison for Cheating, Breach of Trust
By Editors | 22/10/2020
The JLC Advisors managing partner absconded with S$33.8mn in client money last year but was arrested in Malaysia. 19 new charges relate to his misappropriation of S$17.5 from another client.
Fraud, Scams & Cybercrime
Korean Regulators to Revoke Lime Asset Management Licence
By Editors | 20/10/2020
Subject to FSC approval, the FSS will revoke Lime’s business registration and order the company to dismiss its CEO, who was arrested in July.
Fraud, Scams & Cybercrime
Japan FSA to Mandate Stricter ID Checks for E-payments
By Editors | 20/10/2020
The FSA plans to revise its guidelines for bank transfers to e-payment service providers in response to a series of fraudulent withdrawals.
Anti-Money Laundering
Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico
By Manesh Samtani | 18/10/2020
Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.
Anti-Money Laundering
G7 Calls for Global Adoption of FATF Standards on VASPs
By Editors | 16/10/2020
Effective implementation of the FATF Standards, including the ‘travel rule’, is needed to combat a recent surge in ransomware attacks.
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