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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
Ransomware Attacks Present a Growing Threat to FIs: FS-ISAC
By Editors | 15/11/2020
Even with robust cybersecurity programmes, large institutions are vulnerable to attacks through third-party suppliers. Smaller institutions are at even greater risk.
Fraud, Scams & Cybercrime
Korea FSS Seeks to Suspend Former Brokerage CEOs Over Lime Mis-selling
By Editors | 13/11/2020
The FSS has decided to order the suspension of the former CEOs of Shinhan Investment, Daishin Securities and KB Securities over the mis-selling of Lime Asset Management funds.
Fraud, Scams & Cybercrime
Korea FSS Estimates Optimus Fund Losses Could Reach $300m
By Editors | 11/11/2020
The FSS has estimated that 160bn won of investor funds has vanished and only up to 15% of the remaining 350bn won could be recoverable.
KYC & CDD
MAS Proposes to Strengthen FIs’ Identity Verification Process
By Editors | 10/11/2020
The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.
Supervision & Enforcement
BaFin, FREP Were Deficient in Supervising Wirecard, says ESMA
By Editors | 04/11/2020
ESMA says it identified deficiencies, inefficiencies and legal and procedural impediments in the supervisory response to Wirecard between 2016 and 2018.
Cybersecurity
Fintech-related Regulatory Initiatives Accelerated by Covid-19
By Editors | 03/11/2020
Most regulators either accelerated or introduced new innovation initiatives in response to Covid-19. No such initiatives were cancelled, says a report from the World Bank and CCAF.
Fraud, Scams & Cybercrime
Korean Prosecutors Raid Brokerage Firms Over Lime Asset Mis-selling
By Shruti Khairnar | 02/11/2020
Investigators from Seoul’s prosecution office raided the headquarters of Shinhan Investment Corp, Korea Investment & Securities, and KB Securities last week.
Fraud, Scams & Cybercrime
MAS Bans Two Former Bankers for Fraud, Dishonest Conduct
By Editors | 01/11/2020
The former OCBC treasury advisor placed unauthorised FX trades in client accounts, while the former UOB relationship manager made unauthorised bank transfers.
Market Abuse
Singapore Courts Charge Two for Cheating, False Trading
By Editors | 30/10/2020
Ex-KTL Global CEO Tan Kheng Yeow and OCBC Securities trading rep Tan Chun Yong are said to have been involved in a conspiracy for false trading.
Fraud, Scams & Cybercrime
SC Malaysia Establishes Task Force to Combat Financial Scams
By Editors | 27/10/2020
SC chairman Datuk Syed Zaid Albar SAID Malaysian nationals lost $220mn to financial scams in the first six months of this year.
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