Former Hong Kong bank manager admits accepting cryptocurrency bribes for unauthorised authentication of false instruments

A former bank manager charged by Hong Kong’s ICAC admitted at the District Court that he conspired with a fintech company employee and associates to accept more than US$470,000 in Tether cryptocurrency as bribes. The ICAC said the payments related to the unauthorised authentication of false instruments presented as guarantees for insurance-related investment transactions.

The case is at the guilty-plea stage; the source does not state that a conviction or sentence has been entered. The allegations concerned conduct involving a bank manager, a fintech company employee and other associates, with third-party intermediary and unusual-payment red flags identified.