Fraud, Scams & Cybercrime

Supervision & Enforcement

FSS Korea Cracks Down on Unfair Debt Collection Practices

By Mark Johnston | 23/03/2024

The FSS uncovered a series of abuses by loan companies and debt collectors through inspections conducted in the first quarter of this year.

Fraud, Scams & Cybercrime

Malaysia Sees 5x Increase in Online Financial Scam Reports

By Ranamita Chakraborty | 22/03/2024

BNM is working with the financial sector and law enforcement on improving fund tracing, disrupting fraudulent fund flows, and raising awareness.

PEPs & Sanctions

OFAC Issues New Russia Sanctions Over ‘Malign Influence Efforts’

By Editors | 20/03/2024

Two individuals and their companies were sanctioned for creating fake websites designed to impersonate government bodies and media outlets with intent to deceive.

Fraud, Scams & Cybercrime

US DOJ Proposes 50 Year Prison Term for FTX Founder

By Mark Johnston | 19/03/2024

Prosecutors proposed a 40-50 year prison term, $11bn fine and forfeiture for Sam Bankman-Fried, who faces sentencing on 28 March.

Cryptocurrency

FSS Korea Issues 2024 Virtual Asset Supervision Workplan

By Manesh Samtani | 19/03/2024

The supervision work plan includes measures to support regulatory compliance by VASPs ahead of the Virtual Asset Users Protection Act coming into force on 19 July 2024.

Fraud, Scams & Cybercrime

Australia: ACCC Report Shows Scam Losses Are Declining

By Sanday Chongo Kabange | 18/03/2024

Report says scam losses in Q4 2023 almost halved compared to the same quarter in 2022, largely due to a sharp decline in investment scams.

Structural Regulation

India: Five PSBs Required to Dilute Government Stake by August

By Ajoy K Das | 15/03/2024

Out of 12 public sector banks, five have not yet complied with India’s minimum public float requirements, which is required by August 2024.

Anti-Money Laundering

GCFFC Offers Guidance on Using AI to Fight Financial Crime

By Manesh Samtani | 15/03/2024

The guidance describes how FIs are using AI to fight financial crime and identifies opportunities to improve AML/CFT effectiveness.

Fraud, Scams & Cybercrime

RBI Seeks Information from Banks on Gold Loan Frauds

By Ajoy K Das | 15/03/2024

RBI asked banks to review their gold lending processes after some banks were found to have manipulated the system to meet gold loan targets.