The step was taken to protect account holders and to maintain the integrity of the national financial system. Dormant accounts are those that show no transaction activity over a certain period.
Financial institutions, telecom operators and social media platform owners that fail to follow anti-scam measures are liable to a fine of up to 500,000 THB (14,900 USD). Any individual who is responsible for the failure is liable to a jail term of up to one year and/or a fine of 100,000 THB.
The Malaysian Communications and Multimedia Commission (MCMC) has recently announced that all social media and Internet messaging services with at least eight million registered users in Malaysia must apply for an applications service provider class licence under the Communications and Multimedia Act 1998 (Act 588).
Malaysia’s Commercial Crimes Department (JSJK) has recorded nearly 15,000 cheating cases involving investments from 2019 to 2023, resulting in losses amounting to 1.34 billion RM (280 million USD), Bernama news agency reported.
The People’s Court of Hanoi on September 19 sentenced Abedin Ahmed, a Bangladeshi national, to 13 years in prison for “Fraud and appropriation of assets”, as stipulated in Article 174 of the Penal Code of Vietnam.
The Singapore Health Sciences Authority (HSA) said on June 11 that a local company named Vision Empire International is being investigated for manufacturing surgical masks without a licence.
Prime Minister Nguyen Xuan Phuc has sent a letter lauding Hanoi police’s recent feat of uncovering a fraud scheme seeking to profit from US citizens’ demand amid the COVID-19 pandemic.
In signing up to a large number of free trade agreements (FTAs), Vietnam has a range of opportunities to attract FDI but must also promptly prevent fraud and misuse of the State’s incentives.
Some Vietnamese enterprises have recently reported losses incurred from business contracts with partners in the US market, according to the Vietnam Trade Promotion Centre in New York.
The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud.
The Secretariat of the CPV Central Committee has ordered the Police Party Central Committee to further investigate into the case of organising gamble, gambling, fraud and money laundering in Phu Tho.
Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
Malaysian authorities have announced that 2,309 illegal migrant workers in Malaysia were arrested and will be deported in one of the largest crackdowns in recent years.
The State Bank of Vietnam (SBV) has instructed concerned agencies and organisations to keep a strict check on the use of credit cards to prevent false transactions.
