Fraud, Scams & Cybercrime

Conduct, Culture & Accountability

Auditor Independence Still an Issue for Audit Quality: FMA

By Editors | 18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Supervision & Enforcement

UBS Fined in Singapore for Pricing Deception by Advisers

By Editors | 18/11/2019

The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.

Fraud, Scams & Cybercrime

Regulation Asia Awards: SWIFT Wins Best Solution in Transaction Monitoring

By Editors | 14/11/2019

SWIFT has won Best Solution in Transaction Monitoring for its Payment Controls Service.

Fraud, Scams & Cybercrime

UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients

By Editors | 12/11/2019

The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.

Fraud, Scams & Cybercrime

Fintel Alliance Is Critical to Financial Crime Fight: AUSTRAC

By Editors | 07/11/2019

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

Fraud, Scams & Cybercrime

China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor

By Editors | 05/11/2019

The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”

Fraud, Scams & Cybercrime

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

By Editors | 31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Anti-Money Laundering

AUSTRAC: Mutual Banks Face High Money Laundering Risk

By Editors | 31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

Structural Regulation

Philippines Mulls Imposing Limits on Lending Rates, Fees

By Editors | 30/10/2019

The BSP is considering placing limits on the interest rates and other fees lenders and finance companies can charge borrowers in response to a request from the SEC.