Fraud, Scams & Cybercrime

Anti-Money Laundering

Shanghai Police Detain Anxin Trust Controller Over Illegal Loans

By Editors | 12/06/2020

Police have detained Anxin Trust’s biggest shareholder for lending assets under management in trust products to friends and other associates.

Fraud, Scams & Cybercrime

Korea: Unauthorised Toss Payments Prompt Wider Review of Fintechs

By Editors | 12/06/2020

The FSS is considering conducting reviews of some 40 fintech companies after eight unauthorised transactions were detected on Viva Republica’s payments platform Toss.

Supervision & Enforcement

Korea: Banks, Brokers Agree Plan to Recover Lime Asset Losses

By Editors | 11/06/2020

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.

Fraud, Scams & Cybercrime

Korea: Details of 900,000 Credit Cards Leaked, Sold Overseas

By Editors | 09/06/2020

The leaked information included card numbers, expiration dates and the three-digit security code on the back of cards. About 410,000 of the leaked cards are still active.

Fraud, Scams & Cybercrime

Luckin Coffee Chairman Likely to Face Criminal Charges – Report

By Editors | 08/06/2020

The CSRC and Ministry of Finance have reportedly found new email evidence indicating that chairman Lu Zhengyao instructed his colleagues to commit fraud.

Anti-Money Laundering

Europol Establishes New Financial and Economic Crime Unit

By Editors | 08/06/2020

The new unit will seek to support cooperation among EU law enforcement authorities, step up financial investigations, and cut off organised crime groups from their funding.

Conduct, Culture & Accountability

New Zealand FMA Files High Court Proceedings Against ANZ

By Editors | 07/06/2020

ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.

Fraud, Scams & Cybercrime

Woori, Shinhan to Pay Compensation on Lime Asset Losses

By Editors | 07/06/2020

Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.

Anti-Money Laundering

Hong Kong ICAC Charges Four for Defrauding DBS Bank

By Editors | 07/06/2020

The individuals are charged for money laundering, bribery offences, and for using false documentation to defraud DBS into issuing letters of credit worth HK$75.3mn.