Fraud, Scams & Cybercrime

PEPs & Sanctions

Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion

By Jamil Ahmed | 23/04/2020

Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.

PEPs & Sanctions

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

Fraud, Scams & Cybercrime

Korea: Banks, Brokers Propose ‘Bad Bank’ to Recover Lime Asset Losses

By Editors | 21/04/2020

19 banks and securities firms will likely comprise the new entity, which will be charged with acquiring and selling the assets of Lime Asset Management’s funds.

Fraud, Scams & Cybercrime

Malaysian Police Arrest 14 Chinese Nationals in Crypto Scam

By Editors | 20/04/2020

The group was found to be impersonating successful investors and using WeChat and QQ group chats to lure mainland victims into investing.

Fraud, Scams & Cybercrime

Hong Kong: SME Director Gets 44 Months Jail for Loan Fraud

By Editors | 20/04/2020

The SME director was sentenced for conspiring to defraud five banks, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.

Trading & Investment

Malaysia SC Announces Capital Market Measures to Support Businesses

By Editors | 17/04/2020

The measures include relief for publicly listed companies from PN17 (financial distress) classification, even if they fall below certain regulatory thresholds.

Conduct, Culture & Accountability

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.

Fraud, Scams & Cybercrime

China Probes Abuse of Epidemic Control Lending Programme

By Editors | 12/04/2020

Local authorities are directed to review the list of companies that received loans under a central bank initiative aimed at channelling low-cost funds into epidemic control.

Conduct, Culture & Accountability

UPDATED – ASIC Commences Legal Proceedings For False Advertising

By Editors | 09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.