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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
UK Court Clears Extradition of Nirav Modi to India
By Ranamita Chakraborty | 02/03/2021
Indian diamond billionaire Nirav Modi has been a key suspect in the $2bn fraud at Punjab National Bank, which was first reported three years ago.
Fraud, Scams & Cybercrime
Huawei Launches Hong Kong Court Proceedings Against HSBC
By Editors | 02/03/2021
Huawei is seeking internal HSBC documents it says will help it defend against its CFO Meng Wanzhou’s extradiction to the US to face bank and wire fraud charges.
Structural Regulation
HK Audit Regulator to Probe Convoy Financial Statements
By Ranamita Chakraborty | 01/03/2021
Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.
Emerging Prudential Risks
IOSCO Publishes Work Programme for 2021-2022
By Editors | 28/02/2021
New priorities will be to address the risks of NBFI activities and risks exacerbated by the Covid-19 pandemic such as misconduct, fraud and operational resilience.
Fraud, Scams & Cybercrime
CSRC Issues Warning Letters to Audit, Asset Appraisal Firms
By Editors | 28/02/2021
Warning letters have been issued to 8 audit firms, 28 certified public accountants, 6 assessment agencies, 27 asset appraisers and 6 practitioners.
Fraud, Scams & Cybercrime
ASIC Files Charges Against Allianz, AWP Over False Advertising
By Editors | 27/02/2021
Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.
Fraud, Scams & Cybercrime
MAS Bans Former Insurance Broker for Dishonest Conduct
By Editors | 25/02/2021
The former insurance broker was banned for unauthorised selling of general insurance when he was only licensed to sell life policies.
Fraud, Scams & Cybercrime
FSS Korea Orders Woori, IBK to Compensate Lime Investors
By Editors | 25/02/2021
The FSS will encourage banks and securities firms that sold frozen Lime funds to voluntarily settle disputes with other investors based rates set at the ruling.
Fraud, Scams & Cybercrime
Singapore Police Set to Charge Suspect in Covid-19 Scam
By Editors | 24/02/2021
Last March, the suspect used the identity of a legitimate company to advertise and sell surgical masks and hand sanitisers that were never delivered.
Cybersecurity
RBI Enhances Security Requirements for Digital Payment Apps
By Editors | 21/02/2021
The RBI has set out new prescriptive guidelines on the security protocols that need to be adopted in digital payment applications.
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