Financial Crime

Fraud, Scams & Cybercrime

Singapore Banks Averted S$72.7m in Scam Losses in 2023: ABS

By Nithya Subramanian | 17/04/2024

The ABS has also launched a mascot design competition to encourage wider participation in the ongoing fight against scams.

Anti-Money Laundering

Third Man Jailed in Singapore’s Billion Dollar Money Laundering Case

By Nithya Subramanian | 17/04/2024

Chinese national Wang Baosen jailed for 13 months and required to forfeit over S$8mn in assets as part of his plea deal.

Anti-Money Laundering

Australian Senator Calls on AUSTRAC to Investigate TikTok

By Nithya Subramanian | 17/04/2024

TikTok’s platform was allegedly used to transfer money to accounts suspected of being linked to terrorist groups.

KYC & CDD

BNM Finalises Policy Requirements for Electronic KYC

By Mark Johnston | 17/04/2024

The policy document sets revised requirements and guidance for implementing e-KYC solutions in Malaysia’s financial sector.

Fraud, Scams & Cybercrime

No Criminal Misconduct Found in EY’s Wirecard Audits

By Editors | 17/04/2024

EY could have faced unlimited liability for claims of damages from Wirecard’s administrator and former shareholders if criminal misconduct was found.

Market Abuse

SET Board Approves Measures to Boost Market Confidence

By Sanday Chongo Kabange | 17/04/2024

HFT firms will have to register with the SET and securities firms will have to implement controls to prevent naked short selling.

Cloud & Infrastructure

GLEIF Announces First European-based vLEI Issuer

By Editors | 17/04/2024

The vLEI is the cryptographically secure digital counterpart of a conventional LEI that can be used to automate business process.

Trade Based Money Laundering

Copper Being Disguised as Scrap for Russia-China Trade – Report

By Editors | 16/04/2024

Chinese firms are using this mechanism to benefit from lower tax and to make it more difficult to trace the copper to its Russian origin.

Anti-Money Laundering

US, China Commence Meetings on AML, Financial Sector Resilience

By Mark Johnston | 16/04/2024

At the AML/CFT meetings, officials discussed virtual assets and beneficial ownership, with both sides agreeing to continue meeting regularly.