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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Credit Risk
China Strengthens Customer Protections in Credit Card Market
By Darien Choong | 09/07/2022
New rules from the CBIRC and PBOC strengthen the obligations of banks in their card issuance, marketing, and fraud monitoring activities.
Fraud, Scams & Cybercrime
FSC Korea Penalises Shinhan Bank for Lime Fund Mis-selling
By Editors | 08/07/2022
Shinhan Bank is being suspended for three months from selling new private equity fund products and fined KRW 5.7 billion.
Cryptocurrency
Crypto Firm Voyager Digital Files for Bankruptcy, FDIC Opens Probes
By Editors | 08/07/2022
Voyager previously used wording on a company web page implying that deposit protection could apply in the event of the company’s own failure.
Fraud, Scams & Cybercrime
Hong Kong Police Arrest Eight in Joint Operation With SFC
By Editors | 06/07/2022
The joint operation involved a loan granted by a listed company to a related party and payments purportedly made to suppliers that instead went to related parties.
Fraud, Scams & Cybercrime
BSP Reiterates Calls for FIs to Enhance Anti-Fraud Measures
By Editors | 05/07/2022
The BSP has vowed to intensify monitoring and surveillance of the financial industry to ensure they “remain responsive to emerging risks”.
Anti-Money Laundering
FATF Outlines Priorities, Objectives for Singapore Presidency
By Editors | 04/07/2022
The Singapore Presidency will focus on areas such as asset recovery, cybercrime, virtual assets, beneficial ownership, data analytics and corruption.
Fraud, Scams & Cybercrime
US DOJ Files Charges Against Six Individuals Over Crypto Frauds
By Editors | 04/07/2022
Criminal charges were filed in four separate cases of alleged crypto-related fraud, including the largest known NFT scheme charged to date.
Fraud, Scams & Cybercrime
Taiwan Banks Warned of Credit Card Fraud Via Digital Wallets
By Editors | 04/07/2022
The FSC asked the Bankers Association to amend its guidances to ensure consumers get notifications when their credit card is added to a digital wallet.
Anti-Money Laundering
Limited Progress Made on Travel Rule Implementation: FATF
By Editors | 01/07/2022
Jurisdictions have made “only limited progress” over the last year to implement the travel rule in the crypto industry, the FATF says.
Fraud, Scams & Cybercrime
Korea to Launch Investigation Team to Combat Voice Phishing
By Editors | 30/06/2022
The plan was announced in response to the death of a small business owner who committed suicide after he was scammed out of more than KRW 160 million.
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