Financial Crime

Conduct, Culture & Accountability

Australian Court Set to Impose First Sentences Over Bad Audits

By Editors | 11/07/2021

EC Audit and its former director are the first auditors in Australia to face criminal prosecution for failure to comply with auditing standards.

Fraud, Scams & Cybercrime

HK, Macau Police Arrest Break Up Romance Scam Syndicate

By Editors | 11/07/2021

The syndicate is said to have conned 10 local victims out of HKD 20 million and another seven out of HKD 1.5 million in Macau.

Data Privacy

China to Tighten Oversight of Overseas Listings

By Sanday Chongo Kabange | 08/07/2021

Chinese authorities will step up supervision of companies that list overseas to improve regulation of cross-border data flows and security.

Fraud, Scams & Cybercrime

HKMA Launches Campaign to Raise Awareness of Phishing

By Sanday Chongo Kabange | 08/07/2021

HKMA statistics show that phishing frauds in the first six months of 2021 were up 145% from the first half of 2020.

Market Abuse

ICAC, SFC Arrest Listed Company Exec in Joint Operation

By Sanday Chongo Kabange | 08/07/2021

The ICAC and SFC searched a number of premises, including the offices of the listed company and one of its IPO underwriters.

PEPs & Sanctions

US, Switzerland Announce New Sanctions Against Myanmar

By Sanday Chongo Kabange | 07/07/2021

The Treasury has sanctioned 22 more individuals connected to Myanmar’s military, while the Department of Commerce added four companies to its Entity List.

Conduct, Culture & Accountability

SFC Bans Former Mason Securities Representative for 12 Months

By Editors | 07/07/2021

The licensed representative falsely declared that he provided risk disclosure statements to six clients when they opened accounts.

Anti-Money Laundering

FATF Urges Faster Implementation of Travel Rule in Crypto Sector

By Editors | 06/07/2021

Slow implementation of travel rule requirements is acting as a disincentive to VASPs to invest in the necessary technology and compliance infrastructure.

Fraud, Scams & Cybercrime

Westpac Identifies Potential Fraud Involving Finance Company

By Ranamita Chakraborty | 06/07/2021

Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.