Financial Crime

Fraud, Scams & Cybercrime

Australia: Deloitte Resolves Case of False Expense Claims

By Editors | 22/04/2022

Former director Paul Quill has reportedly agreed to repay Deloitte for over A$3mn of personal purchases claimed as work expenditures.

Fraud, Scams & Cybercrime

Singapore Court Jails Company Director for Cheating Three Banks

By Editors | 22/04/2022

The man used fake invoices in business loan applications to cheat OCBC, Maybank and UOB out of about SGD 2.6 million.

Anti-Money Laundering

FATF Vows ‘Swift and Decisive Action’ on Effectiveness

By Editors | 22/04/2022

The commitment includes action to promptly implement global beneficial ownership rules and increase countries’ capabilities to recover criminal assets.

Supervision & Enforcement

PBOC Amends Bank Inspection Rules and Penalty Procedures

By Editors | 22/04/2022

The PBOC will make “full use” of the Internet, big data and other technical means in off-site inspections and strengthen the collection and sharing of regulatory information.

PEPs & Sanctions

OFAC Sanctions Russian Crypto Miners, UK Targets Military

By Manesh Samtani | 21/04/2022

OFAC designated Russian crypto miners and a bank offering sanctions evasion services. The UK sanctioned Russian generals and others supporting the military.

Fraud, Scams & Cybercrime

AUSTRAC Issues New Guidance on Ransomware, Crypto Crime

By Manesh Samtani | 21/04/2022

Financial services businesses are asked to use the indicators in the guides in transaction monitoring to detect potential illicit activity and file SMRs.

Fraud, Scams & Cybercrime

20 Year Old Pleads Guilty in OCBC Phishing Scam Case

By Editors | 20/04/2022

The individual worked with other youths to provide overseas syndicates control of bank accounts that were used to receive and dissipate funds obtained through scams.

Anti-Money Laundering

Hong Kong to Propose Regulatory Regime for Crowdfunding

By Sanday Chongo Kabange | 19/04/2022

The government will issue a consultation this year proposing a licensing or registration requirement for crowdfunding platforms in Hong Kong.

Anti-Money Laundering

Countries Must ‘Redouble Efforts’ to Fight Financial Crime: FATF

By Manesh Samtani | 19/04/2022

The FATF finds that countries have made “huge progress” in improving technical compliance, but many still face substantial challenges in taking effective action.