Financial Crime

Market Abuse

US Authorities Charge Former Co-CIO of WAMCO with Fraud

By Editors | 26/11/2024

Ken Leech disproportionally allocate winning trades to favoured portfolios and loss-making trades to disfavoured portfolios.

Fraud, Scams & Cybercrime

S. Korean Police Confirm DPRK’s Role in 2019 Upbit Theft

By Mark Johnston | 25/11/2024

North Korean hackers stole 342,000 Ethereum tokens from Upbit in 2019. At today’s prices the tokens would be worth over $800mn.

Cybersecurity

Singapore Launches Consultation on Proposed Online Safety Legislation

By Nithya Subramanian | 25/11/2024

The proposed reforms include a complaints mechanism for victims, statutory torts for legal redress and measures to increase accountability for harmful content.

Data Privacy

Singapore Court Jails Ex-DBS Staff for Unauthorised Access to Customer Data

By Nithya Subramanian | 25/11/2024

Huang Pin Wen was sentenced to eight months and seven weeks in jail for accessing customer information, including at the request of an illegal moneylender.

PEPs & Sanctions

UK Sanctions “Infamous Kleptocrats” to Start Anti-Corruption Campaign

By Editors | 25/11/2024

The FCDO said the sanctions mark “the start of a new campaign” to clamp down on corruption and illicit finance both at home and overseas.

Fraud, Scams & Cybercrime

OJK Announces Soft Launch of Indonesia Anti-Scam Centre

By Mark Johnston | 25/11/2024

The Anti-Scam Centre will improve coordination between FIs and law enforcement agencies, and help protect consumers against fraud and scams.

PEPs & Sanctions

US State Department “Taking Steps” to Sanction Hong Kong Officials

By Editors | 25/11/2024

The move is a response to the jailing of 45 pro-democracy advocates. China has vowed to take “firm countermeasures” if the sanctions come to pass.

PEPs & Sanctions

OFAC Targets Russian Finance With Sweeping New Sanctions

By Editors | 24/11/2024

The sanctions target Gazprombank, over 50 other Russian banks, more than 40 Russian securities registrars, and 15 Russian finance officials.

KYC & CDD

Singapore Court Fines Jeweller for Failing to Perform CDD

By Nithya Subramanian | 23/11/2024

The case is Singapore’s first prosecution under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act.