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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Citibank Taiwan Fined for ex-Financial Planner’s Misconduct
By Samuel Riding | 05/02/2018
Bank reported financial adviser to regulator and dismissed them after uncovering misconduct involving more than $3mn.
Fraud, Scams & Cybercrime
China Fines 19 Bank Branches for $3bn Pledged Loan Fraud
By Garima Chitkara | 05/02/2018
CBRC cracked down on banks that provided loans against low-purity gold; the regulator expressed concerns on banks’ lending and collateral management norms.
Conduct, Culture & Accountability
China’s Vicious Cycle – Household Debt, Mis-selling and Systemic Risk
By Bradley Maclean | 01/02/2018
Increased regulation in an effort to rein in personal borrowing could foster an attitude of ‘bare minimum compliance’ among banks, leading to future systemic risk.
Cryptocurrency
The Philippines to Introduce Cryptocurrency Regulation This Year
By Garima Chitkara | 01/02/2018
New rules, expected by year end, aimed at investor protection as Philippines investigates unlicensed ICO issuers.
Fraud, Scams & Cybercrime
China Punishes 12 Banks for Illegal Bills Trading Scandal, Fraud
By Editors | 31/01/2018
CBRC investigation revealed RMB 7.9 billion in illegal bank bills trading; life-time ban for Postal Savings Bank branch head.
Fraud, Scams & Cybercrime
Single Branch of Chinese Bank Fined $72mn for Hiding Bad Loans
By Editors | 24/01/2018
Branch of Shanghai Pudong Development Bank admits fault for issuing more than more than $12bn to over 1,400 shell companies.
Fraud, Scams & Cybercrime
ASIC Seeks Stronger Powers to Combat Cybercrime
By Manesh Samtani | 23/01/2018
Parliamentary submission suggests reforms allowing ASIC to assume identities on the dark web, share phone data with foreign regulators, seize electronic devices.
Cryptocurrency
UPDATED – India Taxes Cryptocurrency Capital Gains, Banks Shut Out Exchanges
By Manesh Samtani | 23/01/2018
Nationwide survey reveals USD 3.5 billion in cryptocurrency transactions over 17-months; banks suspend services to exchanges to deter ‘suspicious transactions’.
Fraud, Scams & Cybercrime
UPDATED – PwC Gets 2-Year Ban from Auditing Listed Firms in India
By Garima Chitkara | 15/01/2018
Ban relates to accounting fraud at software exporter Satyam Computer Services, where PwC was auditor.
Fraud, Scams & Cybercrime
Ethical Failings the Main Reason for Financial Crime – Report
By Editors | 18/12/2017
Survey of Bangladesh banks finds two thirds face financial crime; general banking, credit, IT most vulnerable.
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