Fraud, Scams & Cybercrime

Anti-Money Laundering

Singapore Loansharking Raids Result in 129 Arrests

By Editors | 17/07/2019

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.

Fraud, Scams & Cybercrime

Chinese Payments Provider Caught Embezzling Funds – Report

By Editors | 10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Fraud, Scams & Cybercrime

Punjab National Bank Detects $550mn Fraud by Indian Steelmaker

By Editors | 09/07/2019

Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.

Conduct, Culture & Accountability

SFC Warns Against Misconduct Involving Acquisitions, Disposals

By Editors | 06/07/2019

Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.

Fraud, Scams & Cybercrime

Former Barclays Singapore Director Gets 13-Year Jail Term

By Editors | 05/07/2019

The former private banker forged signatures and documents to siphon off $10mn from client bank accounts between 2010 and 2013.

Cybersecurity

Asia Ahead of Other Regions in FinTech: IMF

By Editors | 04/07/2019

Policymakers are facing a balancing act between keeping up with the pace of fintech development and trying to ensure risks are well understood and mitigated.

Fraud, Scams & Cybercrime

Bangladesh: Three Private Banks Hit by Cyber Attacks

By Editors | 25/06/2019

Hackers stole $3m from Dutch-Bangla Bank using cloned credit cards and cash machines in Cyprus, Russia and Ukraine.

Structural Regulation

FSC, FSS Agree to Audit KRX, Disagree on Scope

By Editors | 20/06/2019

The FSS and FSC have agreed to conduct an audit of KRX by year end, though they disagree on its possible scope and comprehensiveness.

Cybersecurity

BSP Orders FIs to Coordinate Cyber Threat Response

By Editors | 17/06/2019

BSP supervised financial institutions are asked to participate in the BAPCID, a platform for sharing cyber threat information and best practices.