Fraud, Scams & Cybercrime

Supervision & Enforcement

RBI Imposes Record Penalty on ICICI Bank for Rule Violations

By Sanday Chongo Kabange | 18/10/2023

The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

Fraud, Scams & Cybercrime

MAS Issues Prohibition Orders Against Two Former Insurance Agents

By Editors | 16/10/2023

The former insurance representatives submitted a claim for a leg injury despite knowing it occurred before the insurance policy application.

Fraud, Scams & Cybercrime

HKMA Announces Enhancements to Anti-Fraud Initiatives

By Manesh Samtani | 15/10/2023

FMLIT expanded to include more AIs; FINEST to cover more banks; FPS to gain pre-transaction alert mechanism.

Fraud, Scams & Cybercrime

Hong Kong: ICAC Arrests 20 for MPF Withdrawal Fraud

By Mark Johnston | 14/10/2023

The ICAC arrested 20 people, including an insurance agent, for allegedly using forged documents to withdraw MPF balances early.

Fraud, Scams & Cybercrime

Korea FSS Vows to Punish Daegu Bank for Opening Fake Accounts

By Sanday Chongo Kabange | 13/10/2023

FSS inspections found that 1,662 securities accounts were illegally opened by 114 employees across 56 Daegu Bank branches.

Fraud, Scams & Cybercrime

US Regulators File Suit Against Former CEO of Voyager Digital

By Manesh Samtani | 13/10/2023

The CFTC and FTC filed parallel actions alleging Stephen Ehrlich misled customers and caused more than $1bn in losses to Voyager customers.

Operational Risk

Banks Must Invest and Adapt to Changing Risks: Report

By Nithya Subramanian | 11/10/2023

As new technologies, players and risks emerge, global governments are broadening and deepening regulatory oversight, says a McKinsey report.

Anti-Money Laundering

Singapore Court Sentences Ex-Wirecard Employee to Jail

By Editors | 11/10/2023

The former junior finance executive was sentenced to ten weeks in jail for helping a supervisor embezzle S$47,000.

Fraud, Scams & Cybercrime

Singapore Police Working With Meta to Stop Scams – Report

By Editors | 11/10/2023

The police are working with Meta to terminate WhatsApp lines believed to be used in scams and remove suspicious ads on Facebook and Instagram.