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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
US: ABA Warns Against Liability Shift for Fraudulent P2P Payments
By Manesh Samtani | 04/11/2022
Making banks liable for customer-initiated P2P transfers that result from fraud will harm consumers and competition, embolden scammers, and ultimately increase fraud rates.
Conduct, Culture & Accountability
Chinese Regulators Issue New Celebrity Endorsement Rules
By Editors | 04/11/2022
The rules target a number of industries, including tutoring services, healthcare and financial products.
Fraud, Scams & Cybercrime
Malaysian Banks Launch National Scam Awareness Campaign
By Editors | 02/11/2022
BNM said banks are giving their “full commitment” and making progress in implementing stronger controls and safeguards against financial scams.
Payments & Settlements
EU Commission Proposes New Rules on Instant Payments
By Manesh Samtani | 30/10/2022
Banks would be required to offer instant payments at the same cost as other credit transfers. Instant euro payments may later be expanded internationally.
Fraud, Scams & Cybercrime
Australia: Budget Measures Provide Boost to Scam Prevention
By Editors | 30/10/2022
The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.
Reporting & Disclosures
German Consumer Group Files Greenwashing Suit Against DWS
By Editors | 26/10/2022
The suit claims that DWS misrepresented a fund’s green credentials in marketing material. A hearing date is set for 10 March.
Cybersecurity
Australia: Hackers Accessed Data of 4m Customers, Medibank Admits
By Manesh Samtani | 26/10/2022
Medibank does not have cyber insurance, and is expected to face investor class actions, on top of lawsuits from angry customers and likely fines.
Anti-Bribery & Corruption
US Charges Chinese “Agents” for Obstructing Huawei Probe
By Editors | 26/10/2022
The two defendants are accused of trying to bribe a US official to obtain inside information about the criminal case against Huawei.
Fraud, Scams & Cybercrime
UK: Industry Calls for Clear Rules on Data Sharing to Combat Scams
By Mark Johnston | 26/10/2022
RUSI and Stop Scams UK say policy changes are needed to allow data sharing for the purpose of combatting scams.
Anti-Money Laundering
FATF Blacklists Myanmar, Sidelines Russia, De-lists Pakistan
By Manesh Samtani | 23/10/2022
Myanmar is on the FATF “blacklist” alongside Iran and North Korea. Pakistan was removed from the “grey list”.
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