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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Cybersecurity
FIs Increasingly Sharing Data to Prevent, Mitigate Cyberattacks
By Sanday Chongo Kabange | 28/09/2021
Global cyber intelligence sharing among financial institutions increased 60 percent in the past year, driven by supply chain and ransomware threats.
Fraud, Scams & Cybercrime
US DOJ Agrees to Release of Huawei’s Meng Wanzhou
By Editors | 27/09/2021
Under a deferred prosecution agreement, Meng admitted to making material misrepresentations to HSBC regarding Huawei’s operations in Iran.
Cryptocurrency
Crypto Should Re-examine Relationship with Regulators, and Vice Versa
By Andy Meehan | 25/09/2021
Andy Meehan says greater collaboration is needed between industry players and regulators to advance ‘sensible’ regulation and ensure the public is properly educated.
PEPs & Sanctions
US Sanctions Crypto Firm Over Ransomware Payments
By Editors | 21/09/2021
OFAC has designated crypto OTC broker Suex, which operates from Russia, for facilitating transactions involving the proceeds of ransomware payments.
Fraud, Scams & Cybercrime
HK Court Convicts Former Convoy Executives for Fraud
By Editors | 21/09/2021
Former Convoy executives conspired to dishonestly arrange for bond placement commissions to be diverted to a company they substantially owned.
Market Abuse
CSRC Forms Inter-agency Group to Rein in Capital Market Crime
By Editors | 18/09/2021
The group will enhance coordination between the central and local government agencies to better enforce against and punish capital markets misconduct.
Fraud, Scams & Cybercrime
Philippine Lawmaker Introduces Bill to Tackle Rising Cybercrime
By Ranamita Chakraborty | 17/09/2021
The bill requires banks and non-bank FIs to “exhaust all means to ensure that victims are able to recover their monetary loss, if any”.
Fraud, Scams & Cybercrime
CBA Faces Criminal Charges Over Consumer Credit Insurance Sales
By Editors | 16/09/2021
Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
Fraud, Scams & Cybercrime
Singapore Authorities Warn of SMS Diversion Attacks
By Editors | 15/09/2021
Malicious actors gained access to the systems of overseas telecom operators to divert SMS OTPs and authenticate fraudulent card transactions.
Fraud, Scams & Cybercrime
Hong Kong ICAC Files Criminal Charges Against Former AXA Agents
By Editors | 15/09/2021
Three ex-insurance agents allegedly conspired to defraud AXA of HK$1.2mn in commissions and bonuses, and to launder over HK$2.7mn in crime proceeds.
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