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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Money Laundering
Singapore Woman Admits to Receiving Criminal Proceeds
By Ranamita Chakraborty | 11/10/2021
On instructions from a man she met online, a secretary of a law firm opened bank accounts that were used to receive funds stolen from a Botswana bank.
Fraud, Scams & Cybercrime
Coinbase to Reimburse 6,000 Customers Following Crypto Theft
By Sanday Chongo Kabange | 08/10/2021
Coinbase is working with law enforcement to support its investigation into the individuals behind the hack.
Anti-Money Laundering
US DOJ Creates National Cryptocurrency Enforcement Team
By Editors | 07/10/2021
The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.
Fraud, Scams & Cybercrime
HKMA Issues Guidance on Preventing eDDA Fraud
By Editors | 06/10/2021
The HKMA provides good practices banks can use to guard against different fraud scenarios when offering electronic direct debit authorisation services.
Fraud, Scams & Cybercrime
US to Gather 30 Countries to Coordinate Ransomware Response
By Editors | 06/10/2021
The Counter-Ransomware Initiative is aimed at improving law enforcement collaboration and stemming the illicit use of cryptocurrency.
Fraud, Scams & Cybercrime
BSP Urges Passage of Bill to Tackle Rising Cybercrime
By Ranamita Chakraborty | 05/10/2021
The bill will strengthen the legal framework for financial consumer welfare and foster greater public awareness on cybersecurity, the BSP said.
KYC & CDD
PBOC Directs Banks to Offer ‘Simple’ Account Opening
By Editors | 03/10/2021
Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
Credit Risk
PBOC Directs Banks to Support Housing Market
By Editors | 30/09/2021
Banks are asked to refrain from cutting off funding to developers, continue supporting projects under construction, and approve mortgages for homebuyers.
Anti-Money Laundering
US DOJ Links Singapore, Hong Kong to Tax Evasion Case
By Editors | 30/09/2021
An unsealed indictment shows that six individuals and a Swiss firm used accounts in Singapore and Hong Kong to help US clients evade taxes from 2009 to 2014.
Fraud, Scams & Cybercrime
Hong Kong Sees Spike in Investment Scam Losses – Report
By Editors | 29/09/2021
Victims lost HKD 2.5 billion from investment scams between January and July, a 20-fold increase compared to the same period last year.
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