Financial crime

Singapore bans former HSBC, UOB bankers on fraud, dishonesty

SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, the Monetary Authority of Singapore said in a statement on Wednesday. Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative Ltd., was barred for 10 years, from providing financial advisory services, the statement said.

MAS to bank on tech, collaboration to fight money laundering and terrorism financing

SINGAPORE (July 18): The fight against money laundering and terrorism financing will continue to be a priority for Singapore as an international financial centre and trading hub, according to the Monetary Authority of Singapore (MAS).

For the coming year, MAS will adopt a more focused approach to combating financial crime, says Ho Hern Shin, assistant managing director of MAS’ banking and insurance group.

Criminals are now creating non-existent identities to conduct fraud, survey finds

SINGAPORE (Feb 7): While prevention technologies have managed to deter identity fraud activities such as card skimming, criminals are now beginning to steal identities or even constructing entirely new ones to obtain real credit cards from banks.

OCBC taps AI and machine learning to combat financial crime

SINGAPORE (Nov 7): OCBC says it is the first bank in Singapore to tap artificial intelligence (AI) and machine learning to help combat financial crime.

These technologies will significantly increase the bank’s operational efficiency and accuracy in the detection of suspicious transactions.

Previously, the bank’s monitoring system will help flag up potentially suspicious transactions to which an anti-money laundering (AML) compliance analyst would have to review later on.

Six types of people most commonly linked to money laundering crimes

SINGAPORE (Sept 21): Despite having one of the strongest anti-money laundering (AML) ecosystems in the region, Singapore continues to struggle with its exposure to money laundering risks.

PricewaterhouseCooper’s 2016 Global Economic Crime Survey finds it to be the city state’s fourth most common financial crime, representing 26% of the country’s economic crimes combined.

Ex-Nomura trader says he was trained to lie to customers

MANHATTAN (May 9): A former Nomura Holdings Inc. bond trader said he was trained to lie to customers shortly after coming to the company in order to boost the firm’s commissions.

Frank DiNucci Jr. said the tactics he learned included lying about where Nomura had bought or sold bonds and misrepresenting the price it had paid.

Credit Suisse probe puts Swiss authorities on back foot again

GENEVA/ZURICH (April 4): The latest probe into Credit Suisse Group AG is a blow, not just for the firm but also for the Swiss attorney-general, who didn’t know some of the bank’s offices were going to be raided. This week, Swiss authorities are back in damage-control mode, after almost a decade of financial scandals spanning Bradley Birkenfeld’s whistle-blowing to the Panama Papers.

Ex-DBS trader pleads guilty to spoofing Singapore market

SINGAPORE (March 10): A former trader at DBS Group Holdings’ brokerage unit on Friday was convicted by a Singapore court for spoofing the securities market in the first case brought jointly by the country’s regulator and white-collar crime police.

Dennis Tey Thean Yang, 33, pleaded guilty to eight of the 23 charges he faced related to his attempt to artificially move prices through fraudulent securities orders.

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