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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
FSC Korea Fines IBK and Fund Manager Over Mis-sold Funds
By Editors | 20/02/2022
Industrial Bank of Korea also has to suspend its private fund sales operations for 1 month. Discovery Asset Management and its CEO are suspended for 3 months.
Fraud, Scams & Cybercrime
Singapore Continues Work to Bolster Digital Banking Security
By Darien Choong | 18/02/2022
New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
Anti-Money Laundering
In Conversation With Siddhant Sahai, Deutsche Bank
By Bradley Maclean | 15/02/2022
Siddhant Sahai says a greater focus on inter-bank relationship monitoring and timely sharing of information are needed to truly address financial crime risks.
KYC & CDD
MAS Issues Guidance on Tech Adoption for Remote CDD
By Manesh Samtani | 14/02/2022
MAS identifies good industry practices used to guard against fraud, impersonation, and document tampering in a non-face-to-face setting.
Anti-Money Laundering
In Conversation With Nathan Newman, AUSTRAC
By Bradley Maclean | 11/02/2022
Nathan Newman says regulated entities are uplifting their AML capabilities but could do more to apply appropriate assurance to their upgrades.
Cloud & Infrastructure
China to Digitise Bank Confirmation Services in New Pilot
By Darien Choong | 11/02/2022
The participants of the pilot programme include 32 listed companies, 7 accounting firms, 7 banks, and 1 third-party digital platform provider.
Anti-Money Laundering
US DOJ Makes Largest Ever Cryptocurrency Seizure
By Sanday Chongo Kabange | 10/02/2022
The DOJ seized a record USD 3.6 billion in bitcoin tied to the 2016 Bitfinex hack, representing the largest financial seizure in its history.
Fraud, Scams & Cybercrime
ASIC Facing Resistance from Banks on Anti-Scam Measures – Report
By Editors | 09/02/2022
ASIC reportedly decided against including scam prevention as part of its ePayments Code review as a result of “fierce pushback” from major banks.
Anti-Money Laundering
AUSTRAC Issues Guidance on Identifying Forced Sexual Servitude
By Editors | 07/02/2022
New financial crime guide provides practical advice to enable banks, businesses, and other FIs to identify and report potential cases of forced sexual servitude.
Fraud, Scams & Cybercrime
Philippines: DOJ, BAP to Collaborate on Combatting Cybercrime
By Ranamita Chakraborty | 07/02/2022
The DOJ and BAP will collaborate on stronger measures to combat online fraud, including to enhance enforcement and prosecution of cybercriminals.
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