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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Chinese Financial Regulators Vow Crackdown on Fraud
By Editors | 14/07/2020
The FSDC set out measures to speed up investigations and criminal prosecutions, increase penalties and civil compensation, and improve stock market delisting mechanisms.
Fraud, Scams & Cybercrime
CSRC Imposes Underwriting Restrictions on GF Securities
By Editors | 13/07/2020
14 GF Securities officers have also been barred from investment banking. The enforcement action is related to a $12.6bn fraud at drugmaker Kangmei Pharmaceutical.
Fraud, Scams & Cybercrime
Taiwan FSC Fines Chang Hwa Bank Over Client Theft
By Editors | 11/07/2020
A Chang Hwa Bank consultant was found to have used over $2mn of client money to make up losses for other clients over a ten year period.
Fraud, Scams & Cybercrime
FSS Korea Considers Legal Action Against HK Hedge Fund
By Editors | 07/07/2020
Large losses on leveraged positions at Hong Kong-based Gen2 Partners earlier this year prompted a liquidity squeeze and a freeze on early redemptions.
Fraud, Scams & Cybercrime
Nearly 500,000 Australians Deplete Retirement Savings
By Editors | 05/07/2020
Industry Super Australia estimates that 480,000 Australians have wiped out their superannuation savings through the government’s early release scheme.
Fraud, Scams & Cybercrime
S. Korean Regulators to Probe All Private Fund Operators
By Manesh Samtani | 04/07/2020
A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for ‘swift action’ including prosection.
Anti-Money Laundering
Singapore Authorities Probe Two Companies with Wirecard Links
By Editors | 04/07/2020
Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.
Fraud, Scams & Cybercrime
Economic Downturn Presents Opportunities for Corporate Fraud
By Chris Fordham | 03/07/2020
Drawing from the Fraud Triangle Theory, Alvarez & Marsal’s Chris Fordham discusses how the current crisis has created a perfect storm for fraud and misconduct.
Fraud, Scams & Cybercrime
FSC Korea Introduces Legislative Revisions on Predatory Lending
By Editors | 02/07/2020
The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.
Fraud, Scams & Cybercrime
Korea: Optimus Asset Management Ordered to Suspend Business
By Editors | 01/07/2020
Company executives will be removed and designated administrators will take over their duties. Optimus is accused of fabricating depository statements sent to brokers.
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