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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Credit Risk
Credit Risk, Shadow Banking Present Ongoing Concerns: CBIRC
By Editors | 15/06/2021
CBIRC chairman Guo Shuqing has highlighted credit risk, shadow banking, illegal fundraising, and derivatives trading as key sources of financial system risk.
Fraud, Scams & Cybercrime
Japan FSA Orders Suspension of SBI Social Lending Unit
By Editors | 14/06/2021
SBI Social Lending Co solicited funds from investors with false or misleading information in lending agreements.
Anti-Bribery & Corruption
G7 Leaders Commit to Acting on Corruption, Shell Companies
By Manesh Samtani | 13/06/2021
The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.
Anti-Money Laundering
Chinese Police Detain Sichuan Trust Boss Over Missing Funds
By Sanday Chongo Kabange | 09/06/2021
Liu Canglong, who controls companies with a majority stake in Sichuan Trust, is being held by the public security bureau in Chengdu.
Fraud, Scams & Cybercrime
Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages
By Sanday Chongo Kabange | 09/06/2021
Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.
Fraud, Scams & Cybercrime
Australians Lost a Record A$851mn to Scams Last Year: ACCC
By Ranamita Chakraborty | 09/06/2021
Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.
Fraud, Scams & Cybercrime
Philippine Prosecutors File Criminal Complaints Over Wirecard Fraud
By Ranamita Chakraborty | 09/06/2021
The criminal complaints accuse respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.
Fraud, Scams & Cybercrime
US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers
By Sanday Chongo Kabange | 09/06/2021
Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.
Operational Risk
SFC Raises Supervisory Focus on Fund Manager Resilience
By Manesh Samtani | 08/06/2021
The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.
Fraud, Scams & Cybercrime
US DOJ Forms Ransomware and Digital Extortion Task Force
By Editors | 06/06/2021
The task force will be used to coordinate efforts to combat ransomware attacks, which will now be treated with the severity of terrorism threats.
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