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Financial Crime
Conduct, Culture & Accountability
PayPal Used Unfair Contract Term, Australian Court Rules
By Sanday Chongo Kabange | 10/07/2024
The Federal Court ruled that PayPal’s standard form contracts with small business customers contained an unfair contract term.
Anti-Money Laundering
Global Implementation of AML Measures for Crypto “Still Lagging”
By Manesh Samtani | 10/07/2024
The FATF says there has been “negligible improvement” in regulating virtual assets and “insufficient progress” in implementing the travel rule.
Fraud, Scams & Cybercrime
Singapore Banks to Phase Out Use of OTPs for Account Login
By Editors | 09/07/2024
MAS and ABS said the phase-out of OTPs will make it harder for scammers to fraudulently access customer accounts and funds.
Fraud, Scams & Cybercrime
HK Financial Consultant Pleads Guilty in ICAC Fraud Case
By Sanday Chongo Kabange | 09/07/2024
The consultant pleaded guilty in an investment fraud case that also involves three former StanChart relationship managers.
Fraud, Scams & Cybercrime
China to Intensify Crackdown on Capital Markets Fraud
By Manesh Samtani | 09/07/2024
New guideline includes measures to crack down on financial fraud such as false information disclosure and embezzlement of IPO proceeds.
Cryptocurrency
Defunct Crypto Exchange Mt Gox Starts Repaying Creditors
By Editors | 09/07/2024
Mt. Gox was forced to close in 2014 after a major hack. Creditors have waited 10 years for repayments, which are now expected to be completed within 90 days.
Anti-Money Laundering
AUSTRAC Releases Two National Risk Assessments
By Editors | 09/07/2024
The NRAs provide an understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.
Market Abuse
Singapore CEO Fined for False Announcement, Insider Trading
By Editors | 09/07/2024
The former CEO was fined SGD 310,000, “voluntarily disgorged” about SGD 630,000, and is disqualified from being a director for 5 years.
Anti-Money Laundering
Five Chinese Money Launderers Arrested in Spain
By Manesh Samtani | 09/07/2024
The head of an alleged Chinese criminal network was among those arrested during the Europol-supported operation.
Conduct, Culture & Accountability
MPFA Fines HSBC for Non-compliant Referral Programme
By Sanday Chongo Kabange | 09/07/2024
HSBC recruited and offered incentives to unregistered persons to refer corporate clients to the bank for MPF business.
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