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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Australian Billionaire Launches Criminal Proceedings Against Facebook
By Editors | 06/02/2022
Fortescue Metals Group chairman Andrew Forrest alleges that Facebook broke AML laws by failing to prevent crypto scams from being advertised on its platform.
Fraud, Scams & Cybercrime
China Eases Process for Investors to Seek Redress for Securities Fraud
By Editors | 06/02/2022
Administrative penalties or criminal judgments will no longer be preconditions for courts to accept civil compensation cases involving securities fraud.
Fraud, Scams & Cybercrime
MAS to Introduce Equitable Loss Sharing Framework for Scams
By Manesh Samtani | 04/02/2022
OCBC’s goodwill payouts to fully cover customer losses were a one-off gesture, and they “do not set a general precedent for future cases”, MAS said.
Anti-Money Laundering
Europol Outlines Different Ways Criminals Use Cryptocurrency
By Sanday Chongo Kabange | 29/01/2022
A new Europol report highlights that the illicit use of crypto includes “all types of crime that require transfers of monetary value”.
Fraud, Scams & Cybercrime
CBIRC Warns Against Marketing Scams in Financial Sector
By Darien Choong | 28/01/2022
The CBIRC warns consumers against marketing scams, illegal fundraising and fraud in the loans and insurance sectors.
Cryptocurrency
OJK Indonesia Bars FIs From Facilitating Crypto Trading
By Editors | 28/01/2022
OJK warns of market fluctuations and other risks, including the existence of crypto investment Ponzi schemes.
Fraud, Scams & Cybercrime
HK ICAC Charges Three Ex-StanChart Employees For Fraud
By Editors | 27/01/2022
The former relationship managers were among five individuals indicted for conspiring to deceive Japanese investors with false documents.
Fraud, Scams & Cybercrime
Faster Transactions Impeding Scam Loss Recoveries: HK Police
By Sanday Chongo Kabange | 27/01/2022
Online banking, electronic payment services and cryptocurrency wallets have made it more difficult to recover scam proceeds.
Fraud, Scams & Cybercrime
COSMIC Will Yield Significant and Far Reaching Benefits
By Jamil Ahmed | 26/01/2022
Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.
Anti-Money Laundering
‘Focus on Fundamentals’ Could be Financial Crime Achilles Heel
By Bradley Maclean | 26/01/2022
New research suggests more meaningful financial crime prevention may be achieved with targeted investments in higher risk areas.
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