Fraud, Scams & Cybercrime

Supervision & Enforcement

ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases

By Sanday Chongo Kabange | 20/08/2020

ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.

Fraud, Scams & Cybercrime

MAS Bans Two Individuals for Fraud and Dishonest Conduct

By Editors | 19/08/2020

Prohibition orders were issued against former representatives of Prudential Assurance Company Singapore and Bank of Singapore in two unrelated cases.

Anti-Money Laundering

FFIS Charts Growth of Public-Private Partnerships in New Report

By Manesh Samtani | 19/08/2020

Public-private financial information sharing partnerships enhance the quality of regulatory reporting and improve law enforcement outcomes.

Fraud, Scams & Cybercrime

China’s P2P Crackdown Leaves Just 29 Operators in Business

By Manesh Samtani | 17/08/2020

Savers who invested in the thousands of now-defunct P2P platforms over the last several years have not yet managed to recover their funds.

Fraud, Scams & Cybercrime

SEC Opens Fraud Investigation Into Chinese Streaming Service iQiyi

By Sanday Chongo Kabange | 17/08/2020

The investigation into follows an April report from Wolfpack Research alleging Nasdaq-listed iQiyi inflated its revenue, user numbers and expenses.

Fraud, Scams & Cybercrime

Singapore Police Lay First Charge Against Hin Leong Founder

By Editors | 16/08/2020

While investigations into other offences are ongoing, the charge of abetment of forgery for the purpose of cheating carries a punishment of up to ten years’ imprisonment and a fine.

Fraud, Scams & Cybercrime

ICAC Charges Former Dah Sing Bank Manager with Fraud

By Editors | 12/08/2020

The former financial planning manager falsely represented to a client that taking out an insurance policy was a prerequisite for opening a corporate bank account.

Anti-Money Laundering

New Zealand FIU Boasts ‘Excellent Outcomes’ in June

By Editors | 12/08/2020

June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.

Fraud, Scams & Cybercrime

Singapore Authorities Issue First Charges in Wirecard Probe

By Editors | 08/08/2020

A director of Citadelle Corporate Services is said to have “wilfully and with intent to defraud” stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.