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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
PEPs & Sanctions
OFAC Sanctions Crypto Mixer, 49 More Wallet Addresses
By Editors | 09/05/2022
Crypto mixer Blender.io was used to process over $20.5mn of the crypto stolen from the Axie Infinity hack in March, OFAC said.
Anti-Money Laundering
J5 Publishes Red Flag Indicators to Address NFT Risks
By Editors | 05/05/2022
Tax enforcement agencies provide a list of account and transaction attributes from NFT marketplaces that may indicate fraud or other illicit activity.
Cryptocurrency
US SEC Expands Enforcement Unit Dedicated to Crypto, Cyber
By Editors | 05/05/2022
The additional resources will be used to prioritise investigations related to crypto asset offerings, exchanges, lending and staking products, as well as DeFi platforms, NFTs and stablecoins.
Fraud, Scams & Cybercrime
BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers
By Editors | 04/05/2022
The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.
Fraud, Scams & Cybercrime
Korean Police Arrest Woori Employee for Embezzlement
By Editors | 03/05/2022
The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.
Fraud, Scams & Cybercrime
Bangladesh Tightens Rules for Agent Banking Operations
By Editors | 01/05/2022
Banks will be required to more closely monitor their agent banking outlets, conduct regular visits of such operations, and submit quarterly reports on any irregularities detected.
Fraud, Scams & Cybercrime
CBIRC Works to Resolve Unpaid Balances from P2P Crackdown
By Darien Choong | 30/04/2022
The CBIRC said it will continue to pursue now-closed P2P lending platforms as well as their owners and executives through the court system for losses suffered by investors.
Market Abuse
US Authorities File Charges Against Archegos, Key Executives
By Manesh Samtani | 28/04/2022
The DOJ, CFTC and SEC charged Archegos and four of its executives for defrauding banks and brokers and manipulating the prices of publicly traded securities.
Fraud, Scams & Cybercrime
Hong Kong: ICAC Charges Three Over Mortgage Fraud
By Editors | 27/04/2022
A property buyer and two estate agents understated the purchase price so the mortgage would be subject to a lower LTV cap.
Anti-Money Laundering
FIs Must Continue to Innovate Approach to AML: HKMA
By Manesh Samtani | 27/04/2022
Executive director Carmen Chu says work is underway to update HKMA’s guidance on name screening, transaction monitoring and suspicious transaction reporting.
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