Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

CSRC Opens Investigation into Fraud at Coffee Chain

By Editors | 06/04/2020

The chief operating officer of Nasdaq-listed Luckin Coffee, along with his employees, are said to have fabricated about $310mn worth of sales transactions.

Fraud, Scams & Cybercrime

Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks

By Editors | 02/04/2020

DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.

Anti-Money Laundering

FATF Encourages Technology Use to Address Covid-19 Challenges

By Editors | 01/04/2020

Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

Market Abuse

Singapore: Four Individuals Charged for Illegal Trading

By Editors | 26/03/2020

An investor used share financing facilities from two banks and third-party trading accounts procured by three brokers to manipulate the price of Sky One Holdings shares.

Fraud, Scams & Cybercrime

SFC Imposes Lifetime Ban on Former China Pacific Securities Broker

By Editors | 24/03/2020

The former broker was convicted and jailed in December 2018 for stealing over HK$110mn in shares from China Pacific’s clients over a seven-year period.

Fraud, Scams & Cybercrime

MAS Bans Six Individuals for Fraud and Dishonest Conduct

By Editors | 19/03/2020

The first five individuals abused their clients’ trust for their personal gain and the last evaded taxes. All six also received prison sentences.

Supervision & Enforcement

ASIC Launches Civil Proceedings Against Commonwealth Bank

By Editors | 17/03/2020

CBA said it intends to admit the allegations ASIC has made in each of the two cases, and does not intend to defend against the proceedings.

Anti-Money Laundering

APAC Banks Slow to Integrate Fraud, AML Functions

By Editors | 06/03/2020

A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.

PEPs & Sanctions

OFAC Sanctions Two Chinese Nationals Over Stolen Cryptocurrency

By Editors | 03/03/2020

OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.