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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
SFC Bans Former StanChart Representative for Three Years
By Editors | 18/07/2022
The representative’s mother transferred funds into five customers’ payroll accounts to improve his work performance.
PEPs & Sanctions
How North Korean Cryptocurrency Abuse Is Expanding
By Sasha Erskine | 18/07/2022
Countries must secure new and emerging gateways that are used to circumvent sanctions, as North Korea’s exploitation of cryptocurrency continues.
Credit Risk
CBIRC Directs Banks, Insurers to Support Manufacturers
By Darien Choong | 15/07/2022
The CBIRC says banks should “actively and rationally cede profits to manufacturing sector enterprises” while also strengthening risk controls.
Fraud, Scams & Cybercrime
Fraudulent Transactions Cost 4x the Loss Amount on Average
By Editors | 14/07/2022
Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.
Fraud, Scams & Cybercrime
Australian Banks Introduce Dynamic CVV to Reduce Card Fraud
By Editors | 14/07/2022
Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.
Fraud, Scams & Cybercrime
China Arrests Gang Responsible for Henan Bank Fraud
By Darien Choong | 14/07/2022
The four Henan rural banks which froze withdrawals will start repaying some customers. The CBIRC pledged to formulate a disposal plan soon.
Anti-Money Laundering
HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing
By Darien Choong | 13/07/2022
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
Fraud, Scams & Cybercrime
Crypto Firm Celsius Network Accused of Running Ponzi Scheme
By Editors | 12/07/2022
A lawsuit filed by a former Celsius money manager says the company mismanaged customer funds, failed to perform basic internal auditing, and manipulated crypto-assets.
Anti-Money Laundering
Hong Kong Publishes ML/TF Risk Assessment Report
By Manesh Samtani | 12/07/2022
The most prominent ML threats to banks come from fraud, corruption and tax crimes. The main ML threats to the crypto sector relate to fraud and theft.
KYC & CDD
Taiwan to Streamline Identity Checks for Cross-border Remittances
By Darien Choong | 10/07/2022
The customer identity verification process for regular and reasonable cross border remittances can be further streamlined, the FSC said.
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