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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Money Laundering
Billionaire’s Arrest Signals China’s Intent to End Cross-Border Gambling
By Darien Choong | 05/12/2021
Suncity Group’s Alvin Chau allegedly operated a gambling syndicate that used Macau as a base for an illegal “live web betting platform” in the Philippines, targetting customers in mainland China.
Conduct, Culture & Accountability
SFC Bans Former Private Banker Over False Academic Qualifications
By Editors | 01/12/2021
The SFC considers the former relationship manager to not be fit and proper as her conduct was “plainly dishonest”.
Fraud, Scams & Cybercrime
Police Arrest 1,000 in Interpol Operation Targeting Online Fraud
By Ranamita Chakraborty | 01/12/2021
The operation was used to test a new worldwide stop-payment mechanism which Interpol plans to fully embed in police communication channels next year.
Fraud, Scams & Cybercrime
ASIC Sues ANZ Over Home Loan Introducer Programme
By Editors | 27/11/2021
ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.
Fraud, Scams & Cybercrime
China Cracks Down on Online ‘Influencers’ for Tax Evasion
By Darien Choong | 27/11/2021
Fines against two influencers comes as China cracks down the entertainment and livestreaming industries, including in the securities sector.
Fraud, Scams & Cybercrime
FSC Korea Cancels Business Licence of Optimus Asset Management
By Sanday Chongo Kabange | 25/11/2021
The FSC has also fined Optimus and ordered board member removals, over “numerous counts of violations and inappropriate fund management activities”.
Data Privacy
RBI Panel Suggests Increasing Regulation for Digital Lenders
By Sanday Chongo Kabange | 22/11/2021
The panel suggests the establishment of a self-regulatory organisation which would be charged with formulating a code of conduct for digital lenders.
Anti-Money Laundering
AUSTRAC Issues Guidance on Misuse of Payment Text Fields
By Editors | 22/11/2021
Payment text fields in financial transactions are increasingly being used as a method of criminal communication or abuse, AUSTRAC says.
Fraud, Scams & Cybercrime
Korea FSS Punishes 3 Brokerages Over Lime Asset Mis-selling
By Editors | 16/11/2021
Shinhan Investment and KB Securities were ordered to suspend parts of their operations for six months. Daishin Securities was ordered to close a branch.
Fraud, Scams & Cybercrime
US Treasury Announces New Ransomware-related Sanctions
By Manesh Samtani | 09/11/2021
The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.
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