Financial Crime

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.

Anti-Money Laundering

Report Sets out Macau AML/CTF Weaknesses

By Editors | 03/12/2017

Asia Pacific Group says authorities have not yet grasped cross-border AML risks, but praises use of intelligence to produce suspicious transaction reports.

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.

Conduct, Culture & Accountability

HSBC Private Bank Fined $50mn for Crisis-era Product Mis-selling

By Editors | 23/11/2017

Securities and Futures Appeals Tribunal says future fines will be similarly large and exceed ‘mere cost of doing business’.

Anti-Money Laundering

Southeast Asia CTF Group Established

By Editors | 23/11/2017

Group led initially by AUSTRAC and Philippines Anti-Money Laundering Council aims to disrupt sources of funding, movement and use of funds.