A California man, Ken Liem, has filed a lawsuit against Fubon Bank, Chong Hing Bank, and DBS Bank, claiming they facilitated a $1 million cryptocurrency scam by failing to conduct essential compliance checks, including KYC and AML measures. The lawsuit alleges that these banks overlooked suspicious activities linked to accounts that funneled Liem's funds to scammers, potentially violating the US Bank Secrecy Act. This case underscores the growing vulnerabilities in the financial system regarding cross-border crypto fraud and the responsibilities of banks in preventing such scams.
