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Cybersecurity
FS-ISAC Launches Cyber Threat Intelligence Exchange Platform
By Editors | 13/05/2020
The launch comes as cyber criminals look to leverage the uncertainty and panic around Covid-19 for financial fraud, scams, and other malicious activity.
Fraud, Scams & Cybercrime
ATO to Run Additional Checks to Prevent Superannuation Fraud
By Editors | 12/05/2020
Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.
Market Abuse
SGX RegCo to Scrap Minimum Trading Price Rule from 1 June
By Editors | 11/05/2020
The MTP rule is described as a “blunt tool” for addressing risk of market manipulation, compared to more effective tools that target such manipulation directly.
Anti-Money Laundering
European Commission Sets Out Action Plan to Root Out AML Loopholes
By Editors | 10/05/2020
A single EU rulebook will minimise interpretation and implementation discrepancies across member states, and an EU-level AML/CFT body will address supervisory gaps.
Fraud, Scams & Cybercrime
Singapore Police Raid ZenRock Following HSBC Allegations of Fraud
By Editors | 10/05/2020
Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.
Supervision & Enforcement
PBOC Issues Record Penalty Against Payments Firm
By Editors | 09/05/2020
Allscore Payment Service was also found to have providing services for illegal gambling websites, embezzled customer funds and misappropriated reserve funds.
Fraud, Scams & Cybercrime
MAS Issues Prohibition Orders Against Two Former Bank Employees
By Editors | 09/05/2020
A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.
Fraud, Scams & Cybercrime
Australian Police Launch Probe into Super Fund Early Release Fraud
By Editors | 07/05/2020
Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.
Market Abuse
US SEC Penalises Bloomberg Tradebook Over Order Routing
By Editors | 07/05/2020
Bloomberg Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered its own costs, without informing affected customers.
Fraud, Scams & Cybercrime
Singapore: HSBC Seeks Court Order to Replace ZenRock Management
By Editors | 07/05/2020
ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.
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