Financial Crime

Cryptocurrency

Korea Prepares to Implement Virtual Asset User Protection Act

By Manesh Samtani | 08/02/2024

The FSS released a roadmap to facilitate implementation of the new law, which will allow illegal activity to be punished with life.

Fraud, Scams & Cybercrime

Singapore Court Jails Director for Wirecard-related Breach of Duty

By Ranamita Chakraborty | 08/02/2024

The Singaporean national signed letters to Wirecard AG stating various bank account balances, without verifying those balances.

Fraud, Scams & Cybercrime

South Korea Jails Two Bitsonic Executives for Crypto Theft

By Sanday Chongo Kabange | 08/02/2024

The CEO and CTO were sentenced to seven years and one year in jail, respectively, for embezzling KRW 10 billion in customer funds.

Fraud, Scams & Cybercrime

Ransomware Losses in 2023 Exceeded $1bn in Crypto : Report

By Nithya Subramanian | 08/02/2024

Chainalysis crypto crime report attributes last year’s surge in ransomware attacks to heightened intensity and sophistication by diverse actors.

Trading & Investment

China Replaces CSRC Head to Restore Market Confidence

By Editors | 08/02/2024

Yi Huiman was abruptly replaced by Wu Qing as the new head of the CSRC, which has been working to defend the stock market.

PEPs & Sanctions

Taiwan Adds More High Tech Items to Export Control List

By Editors | 08/02/2024

The expanded export controls list is part of a response to reports that Taiwan-made machine tools have ended up in Russia.

Supervision & Enforcement

Korea to Boost Supervision of Troubled Credit Cooperative

By Sanday Chongo Kabange | 08/02/2024

Korea’s Ministry of the Interior and Safety will bolster its supervision over MG Community Credit Cooperative with help from the FSC.

Clearing & Post-Trade

ESMA Withdrawal of Recognition for Dubai CCP Takes Effect

By Editors | 07/02/2024

Dubai Commodities Clearing Corporation’s appeal of ESMA’s withdrawal decision has been dismissed.

Anti-Bribery & Corruption

Former China Merchants Bank President Sentenced to Life in Prison

By Editors | 07/02/2024

Other former senior executives of Qianhe Capital Management, ICBC, Taiping Life Insurance, and Bank of Communications also facing criminal charges.