Fraud, Scams & Cybercrime

Anti-Money Laundering

Fighting Modern Slavery: What the Banking Sector Can Do to Help

By Matt Friedman | 17/01/2020

Many banks are retooling to include modern slavery as one of the issues they track within their existing AML protocols, says Matt Friedman, CEO of The Mekong Club.

Cybersecurity

IMF Calls for Global Response to Address Cybersecurity Threat

By Editors | 15/01/2020

To reap the benefits of new technologies to develop markets and expand financial inclusion, the security of information and communications technologies must be ensured.

Conduct, Culture & Accountability

ASIC to Audit Broker Sales of Listed Investment Funds

By Editors | 14/01/2020

ASIC is reviewing whether sales commissions paid by fund managers to brokers or financial advisers to sell funds compromise the best interests of investors.

Market Abuse

FSS Korea Probes Fraud Involving Small-cap Stocks

By Editors | 14/01/2020

A group of investors is suspected of taking control of small firms, only to then release news designed to inflate share prices or raise more capital to enrich themselves.

Fraud, Scams & Cybercrime

CSRC Imposes Lifetime Bans on Former Fuxing Group Executives

By Editors | 14/01/2020

Fuxing’s former chairman and ex-president received lifetime bans for running a six-year scheme to defraud investors of $5.3bn. Five others received market bans.

Fraud, Scams & Cybercrime

Nine Korean Banks Face Legal Action for Selling Loss-Making Funds

By Editors | 09/01/2020

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.

Fraud, Scams & Cybercrime

Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses

By Editors | 06/01/2020

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

Fraud, Scams & Cybercrime

Indian Police Lay Charges Against Five in PMC Bank Fraud Case

By Editors | 01/01/2020

The 32,000-page charge sheet lays out charges against three executives from PMC Bank and two promoters of HDIL, which received about 67bn rupees in ‘hidden’ loans.

Fraud, Scams & Cybercrime

New Zealand Passes Bill to End Predatory Lending

By Editors | 17/12/2019

Effective from April 2021, the bill will cap the interest and fees on loans at 100% of the loan amount and introduce a 0.8% per day rate cap for high-cost loans.