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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
MAS Bans Former Representative Over Forgery Conviction
By Editors | 04/06/2021
The former representative deceived online platform OANDA into crediting money into his personal trading account through forged screenshots of a bank transfer.
Fraud, Scams & Cybercrime
Interpol Concludes APAC Operation Targeting Online Financial Crime
By Manesh Samtani | 02/06/2021
The six-month operation led to 585 arrests, more than 1,600 bank account freezes, and the interception of USD 83 million in illicit funds.
Fraud, Scams & Cybercrime
ASIC Files Federal Court Suit Against AMP Companies
By Editors | 30/05/2021
ASIC has taken court action against AMP for charging deceased customers insurance premiums and advice fees. AMP has already remediated the impacted customers.
Anti-Money Laundering
AFP, AUSTRAC Probe Payments via Adult Content Site – Report
By Editors | 28/05/2021
Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
Fraud, Scams & Cybercrime
UPDATE: Former Adviser Jailed for Six Years in Australia
By Ranamita Chakraborty | 27/05/2021
Former adviser Ross Andrew Hopkins misappropriated about A$2.9mn of client funds without their knowledge over three years.
Cryptocurrency
China Renews Crackdown on Cryptocurrencies
By Manesh Samtani | 19/05/2021
Three state-backed associations representing internet firms, banks, and payments companies have barred their members from providing crypto-related services to customers.
Fraud, Scams & Cybercrime
SG Police Issue Cheating Charges in Nickel Trading Fraud Case
By Editors | 18/05/2021
With the latest charges, Ng Yu Zhi now faces a total of 18 counts of cheating, fraudulent trading and forgery. He will return to court on 28 June.
Conduct, Culture & Accountability
CBIRC Issues Warning Against Improper Sales Practices
By Editors | 16/05/2021
In a notice, the CBIRC points to regulatory violations by Ping An Bank in its credit card sales practices which violated the rights and interests of consumers.
Conduct, Culture & Accountability
Taiwan FSC to Launch Inspections at FIs to Assess Sales Practices
By Editors | 13/05/2021
The FSC will conduct inspections at 10 banks, 6 credit unions, 6 insurers and 3 securities firms to check whether they have sold high-risk products to seniors.
Fraud, Scams & Cybercrime
UOB Customer Data Gets Leaked In Impersonation Scam
By Editors | 13/05/2021
Scammers obtained personal information of over 1,000 of UOB’s Chinese customers with Singapore accounts by deceiving a bank employee.
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