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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
UPDATED – Wirecard Fraud: A Timeline of Events
By Editors | 30/06/2020
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
Fraud, Scams & Cybercrime
Luckin Coffee Abandons Plans to Appeal Nasdaq Delisting
By Editors | 29/06/2020
A hearing with Nasdaq Hearings Panel was scheduled for Thursday but Luckin withdrew its request a day before.
Fraud, Scams & Cybercrime
S. Korean Prosecutors Raid Fund Operator on Fraud Allegations
By Editors | 25/06/2020
Accused of fabricating depository statements, Optimus Asset Management has suspended withdrawals from six feeder funds since last week, locking up 90bn won in investor money.
Fraud, Scams & Cybercrime
S. Korea to Crack Down on Predatory Lending
By Editors | 25/06/2020
South Korea is introducing a cross-agency task force to monitor for illegal loan sharking activities and an alert system to detect predatory loan advertisements.
Anti-Money Laundering
NZ Police Seize $90m Allegedly Laundered with Bitcoin
By Editors | 25/06/2020
The seized bank funds, said to be connected to suspected Russian money launderer Alexander Vinnik, represent the largest ever asset restraint in New Zealand police history.
Fraud, Scams & Cybercrime
BaFin Efficacy Called into Question for Wirecard Handling
By Manesh Samtani | 22/06/2020
Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.
Fraud, Scams & Cybercrime
ATO Warns of Penalties for Wrongful Early Super Withdrawal
By Editors | 21/06/2020
The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.
PEPs & Sanctions
Singapore Court Charges Two for North Korea Linked Bank Fraud
By Editors | 21/06/2020
The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.
Fraud, Scams & Cybercrime
Two Singaporeans Charged for Cheating Eight Banks
By Editors | 15/06/2020
Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.
Fraud, Scams & Cybercrime
India Proposes to Decriminalise Bounced Cheques
By Editors | 15/06/2020
Currently in India, bounced cheques can carry a jail sentence of up to two years and a fine up to twice the value of the cheque, or both.
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