Asia Pacific region experiences largest median fraud loss: 2018 ACFE Report to Nations

The 2018 ACFE Report to Nations reveals $236,000 USD as the median cost of occupational fraud cases in the Asia Pacific Region with 220 cases analysed from 18 countries.

Corruption makes up 51% of cases with Energy, Manufacturing and Government sectors dominant. Tip lines again effective by aiding detection of 47% of the Asia Pacific cases and 50% of global corruption cases.

Top Red Flags - Living beyond means, unusually close relationship with vendor/customer, financial difficulties and having a 'wheeler-dealer' attitude.

For more see: https://s3-us-west-2.amazonaws.com/acfepublic/2018-report-to-the-nations.pdf

Crypto Intelligence Firm, Chainalysis

New York-based crypto-tracker Chainalysis has recently raised $16 million in a Series A funding round from Benchmark Capital.

Founded in 2014, Chainalysis provides financial institutions, cryptocurrency exchanges, and government with a platform to prevent, detect, and investigate cryptocurrency money laundering, fraud, and compliance violations. It has signed contracts with a number of government agencies, including the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and the Drug Enforcement Agency (DFA), among others.

In 2014, investigators used Reactor to help track funds when Japanese exchange Mt. Gox disclosed that bitcoins valued at hundreds of millions of dollars had gone missing. The company said the software helped bring about at least one arrest.

Read more at:
http://blocktribune.com/crypto-intelligence-firm-chainalysis-raises-16m-usd-in-funding/

or see:

https://www.chainalysis.com/

Australian crypto exchanges now under the authority of AUSTRAC

From 3 April 2018 Digital Currency Exchange (DCE) businesses require to meet AML/CTF obligations, including:

• adopting and maintaining an AML/CTF program to identify, mitigate and manage money laundering and terrorism financing risks
• identifying and verifying the identities of their customers
• reporting to AUSTRAC suspicious matters, and transactions involving physical currency of $10,000 or more
• keeping certain records for seven years.

The measures were introduced after an 18-month consultation period with the Australian Digital Commerce Association (ADCA).

“The ADCA worked very closely with AUSTRAC to bring clarity and oversight to an industry that needed formal regulation in order to allow industry players to adhere to standards,” said ADCA chairperson Loretta Joseph.

“Australia, as a mature market with one regulator, and a government with an innovation agenda, can be a clear leader in the responsible adoption of blockchain technology.”

The website itnews.com.au reports that two domestic DCEs — Independent Reserve and Coinspot — confirmed that they have met their compliance obligations with AUSTRAC.

Over the next six months until October 3, 2018, a transitional “policy principles” period will be in place. During that time, AUSTRAC can only take enforcement action if a DCE is failing to take reasonable steps to meet compliance requirements.

“Transitional registration arrangements will be in place for existing businesses to allow them to continue providing services while their registration application is being considered, the AUSTRAC statement said.

All Australian-based DCEs will need to register for approval with AUSTRAC by May 14, 2018.


For more, read:
https://www.businessinsider.com.au/australian-crypto-exchanges-austrac-2018-4?mkt_tok=eyJpIjoiTUdaak1qa3dNakEzTUdZMyIsInQiOiJyUmhRZEx0bGlSWnRmbXZncUZTKzJsanNqazc3RDRZRXdMVzMrYjlBUkI4c2RDRFwvUXBEbStYb1RaTjRqR2xKUnNaaWhDM2F5QVJtWERCU2l2SHhhQ1pnbmxBMjhTWG8reDkyTzdTNjl6Nkt5bjZXenhvZG42WTR6bDlEU2JIa1FjMVhHd0I1S0VnelBtYTZ5T0o0VFVnPT0ifQ%3D%3D
and
http://www.austrac.gov.au/news/digital-currency-exchange-providers-register-online-austrac

Opportunity: Benefit from free 'iWitnessed' App to collect evidence

If witness evidence cannot be collected in a timely manner, why not benefit from the free app 'iWitnessed' ?

We all forget details very rapidly, and the more we forget, the more our memories become prone to inaccuracies. A free app designed by psychological scientists who are experts in eyewitness memory and police interviewing is now available.

• iWitnessed uses a guided recall procedure that has been designed to maximise the value of the information recorded while also helping protect your memory of the event.
• iWitnessed can be used for any type of event, ranging from traffic accidents to terrorism. It can also be used to document both one-off and recurring events. 
• You can enter information as text or record your spoken responses if you prefer. You can add images such as photographs (e.g., of people, places or injuries) or screenshots (e.g. of text messages, social media or emails).
• If you are online and give approval, each entry is ‘stamped’ with the date, time, and GPS location.
• If you are concerned about security you can choose to protect your entries with a PIN code.
• The information is stored on your device until you choose to send it to someone by email.
• iWitnessed provides direct links to support services and information about the psychological effects of trauma.

See more at: https://sydney.edu.au/science/psychology/iWitnessed/

Also - https://theconversation.com/why-we-made-iwitnessed-an-app-to-collect-evidence-94107

Note: there is a subscription 'iwitness' app developed in the US, ensure you quote iWitnessed