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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
AI Risk & Governance
FSC Korea to Create Policy on Use of AI in Financial Services
By Editors | 14/04/2021
The policy seeks to improve fairness and transparency, and protect consumers from newly emerging financial crimes.
Fraud, Scams & Cybercrime
HSBC Agrees to Share Documents in Meng Extradition Case
By Editors | 14/04/2021
A Hong Kong judge has approved an agreement between Huawei and HSBC that includes document sharing by the bank, with some redactions.
Anti-Money Laundering
Singapore Court Jails Money Mule for Over 3.5 Years
By Ranamita Chakraborty | 13/04/2021
The woman received more than S$730,000 in criminal proceeds in various bank accounts she set up for her “online lover”.
Fraud, Scams & Cybercrime
Singapore: Former Banker Admits to Cheating Seven People
By Editors | 12/04/2021
Han Delong worked for UOB between August 2014 and December 2015, and for OCBC between March 2016 to January 2017.
Conduct, Culture & Accountability
ASIC Seeks Penalties from Westpac Over Credit Insurance Sales
By Editors | 12/04/2021
ASIC says Westpac debited premiums for consumer credit insurance from customers who did not agree to purchase the products.
Fraud, Scams & Cybercrime
Malaysian Court Orders Restitution for 2009 Investment Scheme
By Editors | 10/04/2021
The Securities Commission had filed a civil suit against RBTR Asset Management and five others in 2009 for misleading investors.
Anti-Money Laundering
FATF President Calls for Rethink of Regulatory Culture
By Manesh Samtani | 09/04/2021
Dr Marcus Pleyer says supervisors and compliance officers in banks and companies mostly still take a basic tick-box approach.
Anti-Money Laundering
Sydney Court Jails Man for Cryptocurrency Money Laundering
By Sanday Chongo Kabange | 08/04/2021
The man used other people’s identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.
Conduct, Culture & Accountability
NH Investment Asked to Fully Compensate Optimus Investors
By Editors | 08/04/2021
An FSS arbitration panel has advised NH Investment to pay full compensation to two investors for failing to properly explain the risks of Optimus funds.
Market Abuse
SFC Adds ‘Ramp-and-Dump’ Syndicate Member to Wanted List
By Editors | 07/04/2021
An arrest warrant was issued for Zeng Lingxi, an alleged member of a syndicate suspected of operating ramp-and-dump scams on social media.
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