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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Supervision & Enforcement
Singapore Police, MAS Launch Probe into Unlicensed Trading Platform
By Editors | 05/01/2022
Three arrests have been made amid suspicions that “irregular trading activities have been carried out on the platform”.
Fraud, Scams & Cybercrime
Philippine DOJ Signs MoU with BAP on Cybercrime Prevention
By Mark Johnston | 03/01/2022
The MoU aims to formalise the establishment of a collective, coordinated, and strategic cyber response within the banking industry.
Anti-Money Laundering
Taiwan FSC Fines Three Banks Over Client Fund Embezzlement
By Editors | 03/01/2022
CTBC Bank was fined TWD 14 million, Bank SinoPac was fined TWD 4 million, and Bank of Panhsin was fined TWD 2 million.
Fraud, Scams & Cybercrime
SG Police Warns of Phishing Scams Impacting OCBC Customers
By Editors | 02/01/2022
At least 469 victims have fallen prey to phishing SMS scams during December 2021, with losses amounting to at least SGD 8.5 million.
Anti-Money Laundering
UK Court Hands Down Longest Ever Jail Terms for Money Laundering
By Editors | 02/01/2022
A Russian and Lithuanian were sentenced to 16 and 17 years in prison, respectively, for laundering £70mn over four years.
Fraud, Scams & Cybercrime
HK ICAC Charges Six Former AXA Employees For Fraud
By Editors | 24/12/2021
The ICAC charged the six former employees with conspiracy to defraud AXA of over HKD 950,000 in commissions and bonuses.
Fraud, Scams & Cybercrime
Australian Court Fines Mayfair Companies for Misleading Advertising
By Sanday Chongo Kabange | 24/12/2021
Four Mayfair companies were fined a combined A$30mn for “deliberately” misleading investors into buying highly speculative and risky investment products.
Fraud, Scams & Cybercrime
BSP Identifies Other Banks, Non-banks Involved in BDO Hack
By Editors | 23/12/2021
A BSP task force will submit recommendations to the Monetary Board by mid-January 2022, which may include sanctions and penalties for the involved banks.
Market Abuse
Hong Kong, Singapore Authorities Arrest 10 in Joint Operation
By Manesh Samtani | 16/12/2021
Six senior executives of Hong Kong listed companies were among those arrested, for operating a cross-border pump-and-dump manipulation scheme.
Fraud, Scams & Cybercrime
BSP to Ensure Hacked BDO Accounts Are Reimbursed
By Mark Johnston | 15/12/2021
Some 700 customers of BDO Unibank have suffered losses due to a hack. The BSP said it will ensure remedial measures are undertaken.
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