Fraud, Scams & Cybercrime

    Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.

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    Fraud, Scams & Cybercrime

    OJK Indonesia Issues Regulation to Implement Anti-Fraud Strategy

    By Manesh Samtani | 17/08/2024

    Fraud detection systems must include whistleblowing policies and mechanisms, surprise audits, monitoring, and risk assessments of internal and external parties.

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    Anti-Money Laundering

    Macau to Criminalise Unauthorised Money Exchange in Casinos

    By Editors | 15/08/2024

    Those offering unauthorised currency exchange services to gamblers inside casinos and their ancillary facilities would face up to five years in prison.

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    Fraud, Scams & Cybercrime

    AFCA Calls on Super Funds to Adopt Anti-Scam Measures

    By Editors | 15/08/2024

    AFCA’s Heather Gray said more sophisticated scam activity is occurring in superannuation, in line with trends in the banking sector.

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    Fraud, Scams & Cybercrime

    Global Cybercrime Leader Extradited to Face Charges in the US

    By Manesh Samtani | 15/08/2024

    Maksim Silnikau was responsible for developing and distributing the Reveton and Ransom Cartel ransomware strains, as well as the Angler Exploit Kit.

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    Fraud, Scams & Cybercrime

    Korea: Woori Facing Disciplinary Action Over Improper Loans

    By Mark Johnston | 13/08/2024

    The FSS said Woori improperly disbursed 28 loans worth a combined KRW 35 billion to Chairman Sohn Tae-Seung’s relatives and their companies.

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    Anti-Money Laundering

    Mekong Club Calls on FIs to Bolster Efforts Against Modern Slavery

    By Nithya Subramanian | 13/08/2024

    Mekong Club published a new report offering recommendations, typologies and indicators to help FIs address modern slavery risks.

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    Data Privacy

    RBI Proposes to Introduce Public Repository for Digital Lending Apps

    By Ajoy K Das | 13/08/2024

    The repository will serve as a comprehensive list of digital lending apps that are operated by RBI regulated entities such as banks and NBFCs.

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    Supervision & Enforcement

    Beijing Prosecutors Charge 49 Former Zhongzhi Employees

    By Editors | 13/08/2024

    The wealth management firm filed for bankruptcy liquidation in January after declaring it was insolvent with up to $64bn in liabilities.

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    Anti-Money Laundering

    Four Arrested by HK Customs in HK$1.5b Money Laundering Case

    By Editors | 10/08/2024

    The arrestees allegedly used 39 bank accounts, six shell companies and cryptocurrency to launder crime proceeds from across the APAC region.

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    Anti-Money Laundering

    US Man Arrested for Facilitating DPRK Remote IT Worker Fraud

    By Editors | 10/08/2024

    DOJ said Matthew Isaac Knoot enabled North Korean IT workers to work for US and UK companies from locations in China, and laundered money for them.

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