Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

China Minsheng Bank Hit with $4mn Fine for Selling Fake WMPs

By Editors | 04/12/2017

Case of $249mn in fake products first exposed when customer went to branch to redeem WMP which did not actually exist.

Conduct, Culture & Accountability

Australian Securities Regulator Fines VW Financing Arm

By Editors | 30/11/2017

Move hints at increasing global concern that car finance, fuelled by low interest rates, could be source of next sub-prime crisis.

Emerging Prudential Risks

China Micro-lenders Ordered to Halt Business

By Editors | 27/11/2017

Murkiest of shadow banking sectors has extended short term credit of more than $150bn; extremely high rates, collection methods have led to ‘social problems’.

Fraud, Scams & Cybercrime

Bank Officials Involved in Majority of Online Banking Forgeries in Bangladesh

By Garima Chitkara | 23/11/2017

A Bangladesh Institute of Bank Management survey has found that bank officials are directly involved in 67 per cent of online banking forgeries in collusion with IT firms.

Cybersecurity

Singapore Launches Cybercrime Centre

By Garima Chitkara | 16/11/2017

Centre is a collaboration between FS-ISAC and MAS; will provide internship training cybercrime fighters from Temasek Polytechnic.

Cybersecurity

Taiwan FSC to Establish Platform for Information Security

By Editors | 19/10/2017

Order issued after reports that hackers breached bank’s online transaction system and stole $60mn which was distributed via SWIFT.

Supervision & Enforcement

HK SFC Investigating 15 IPO Sponsors for ‘Substandard’ Work

By Samuel Riding | 12/10/2017

Head of enforcement says the IPO sponsors may have failed to verify data, opening the door to fraud by the listing companies.

Supervision & Enforcement

Malaysian Central Bank to ‘Name and Shame’ Rulebreakers

By Editors | 09/10/2017

Bank Negara Malaysia governor says it has shared the names of more than 400 individuals with banks in the country over the past three months.

Anti-Money Laundering

Forensic Accountancy Programme Launched in Singapore to Combat Financial Crime

By Editors | 05/10/2017

Forensic accountancy qualification will be open to financial crime compliance and investigations professionals; ACRA to consider monitoring audit firms.