Lawsuit Against Asian Banks for Crypto Fraud Overlook

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by Giorgi Kostiuk

2 years ago

A California resident has filed a lawsuit against three Asia-based banks, accusing them of failing to conduct necessary checks that could have prevented a nearly $1 million crypto scam.

Case Details

Ken Liem, a California resident, claims to be the victim of a 'pig butchering scam' after being contacted on LinkedIn in June 2023 about a cryptocurrency investment opportunity. Liem’s attorneys explain that he was persuaded to transfer funds to alleged crypto fraudsters under the guise of investing on his behalf.

Allegations Against Banks

Liem’s attorneys claim the funds were transferred to accounts at Fubon Bank Limited and Chong Hing Bank Limited in Hong Kong, and DBS Bank Limited in Singapore, before being funneled to third-party accounts. The lawyers accuse the banks of failing to conduct comprehensive KYC and AML checks to detect concerning account holder activities.

Plaintiff's Demands

The suit also alleges violations of the US Bank Secrecy Act, requiring financial institutions to maintain transaction records and report suspicious activities. Liem’s attorneys are seeking a jury trial and a minimum of $3 million in damages.

The sought jury trial and $3 million in damages aims to promote accountability in the banking system's client vetting process, thereby preventing potential fraud cases.

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