All posts tagged "fraud"
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309EnforcementRBI to Establish New Banking Fraud Oversight Division
The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.
April 8, 2020 -
967AML / KYCSingapore: Suspect Arrested in Covid-19 Money Laundering Case
Quick intervention by seven banks allowed enabled the recovery of more than 60% of the amount scammed in the fraudulent sale of surgical masks and hand sanitisers.
April 7, 2020 -
654ChinaCSRC Opens Investigation into Fraud at Coffee Chain
The chief operating officer of Nasdaq-listed Luckin Coffee, along with his employees, are said to have fabricated about $310mn worth of sales transactions.
April 6, 2020 -
1.0KAML / KYCHong Kong: SME Director Pleads Guilty to Defrauding 5 Banks
DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.
April 2, 2020 -
474EnforcementMAS Bans Six Individuals for Fraud and Dishonest Conduct
The first five individuals abused their clients' trust for their personal gain and the last evaded taxes. All six also received prison sentences.
March 20, 2020 -
664AML / KYCAPAC Banks Slow to Integrate Fraud, AML Functions
A FICO survey finds that only 18% of APAC banks have a strategic plan to converge their fraud and AML compliance functions, despite some 71% believing it will help fight financial crime.
March 6, 2020 -
364ChinaNew Securities Law Set to Take Effect in China
The new law, set to take effect on Sunday, establishes the legal basis for the adoption of a registration-based IPO system across the entire A-share market.
February 28, 2020 -
479EnforcementLime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe
Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.
February 20, 2020 -
290EnforcementNissan Seeks Damages from Former Chairman Carlos Ghosn
The lawsuit seeks $90mn initially, seeking to recover funds linked to fraudulent payments, as well as legal, regulatory and investigation costs already incurred by Nissan.
February 14, 2020 -
539Big PictureBetter Supervision Associated with Lower Operational Risk: BIS Paper
Banks take an average 251 days to discover the occurrence of operational loss events, and 184 days to move from discovery and recognition, according to a new BIS paper.
February 14, 2020
