Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

UK to Allow Banks to Pause Payments if Fraud is Suspected

By Manesh Samtani | 14/03/2024

Proposed legislation will allow banks to pause payments for up to 72 hours while they contact customers and relevant third parties like the police.

Fraud, Scams & Cybercrime

Global Leaders Announce International Pact to Combat Fraud

By Mark Johnston | 14/03/2024

The new international agreement includes the G7 and Five Eyes nations, along with Singapore and South Korea.

Stablecoins

HKMA to Establish Regulatory Sandbox for Stablecoin Issuers

By Sanday Chongo Kabange | 13/03/2024

The HKMA will use the sandbox to communicate supervisory expectations and guidance on the issuance of fiat-referenced stablecoins in Hong Kong.

Fraud, Scams & Cybercrime

INTERPOL Unveils Results of Global Fraud Risk Assessment

By Editors | 12/03/2024

The assessment specifically identifies Asia as being the “focal point” of pig butchering fraud schemes, especially in poorer countries across the region.

PEPs & Sanctions

Canadian FIs Required to Treat Russia as FATF-Blacklisted

By Editors | 12/03/2024

A ministerial directive requires Canadian FIs to treat every financial transaction connected to Russia as high-risk regardless of size.

Fraud, Scams & Cybercrime

Montenegro Approves Extradition of Do Kwon to South Korea

By Mark Johnston | 11/03/2024

Do Kwon now faces extradition to South Korea rather than the US after 23 March following a new court ruling.

Anti-Money Laundering

UK Launches Action Plan to Combat Money Muling

By Mark Johnston | 10/03/2024

The UK government has announced a 22-point action plan to disrupt money mule activity and support exploited victims.

Fraud, Scams & Cybercrime

Singapore Police, Banks Deploy RPA Technology to Combat Scams

By Editors | 08/03/2024

Over two months, the tech was used to send more than 15,000 SMSes to potential victims alerting them to the deceptive schemes they were entrenched in.

Fraud, Scams & Cybercrime

Three Charged in Singapore Over Links to Billion-dollar Nickel Fraud

By Editors | 08/03/2024

The former CEO and two directors of Envysion Wealth Management have been charged over poor risk management and failure to mitigate conflicts of interest.