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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Money Laundering
US Justice Dept Publishes Cryptocurrency Enforcement Framework
By Editors | 13/10/2020
The framework provides a detailed threat overview, cataloging the three categories into which most illicit uses of cryptocurrency typically fall.
Anti-Money Laundering
RegTech Asia 2020: The Future of AML & Fraud Case Management
By Editors | 11/10/2020
How can current practices in AML and fraud case management and investigations be enhanced with technology and data for better, faster outcomes?
Fraud, Scams & Cybercrime
UOB Credited for Helping Recover Stolen Funds
By Editors | 08/10/2020
Collaboration with UOB attests to the importance of a strong partnership with community stakeholders to effectively combat scams and transnational fraud, the Police said.
Conduct, Culture & Accountability
Conduct Risk a Top Concern Among Banks, Insurers: ORX
By Editors | 06/10/2020
In retail banking, scenario development commonly featured conduct risk. In Asia Pacific, fraud has also been a significant concern among FIs.
PEPs & Sanctions
Ransomware Payments May Breach OFAC Regulations
By Sanday Chongo Kabange | 03/10/2020
OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.
Fraud, Scams & Cybercrime
Korea to Amend Law to Protect Private Equity Fund Investors
By Editors | 01/10/2020
The revisions will enhance oversight and risk assessment of private equity funds, and prevent illiquid funds from being marketed to retail investors.
Payments & Settlements
MAS Orders Wirecard Entities to Cease Singapore Payment Services
By Editors | 30/09/2020
Wirecard has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants.
Fraud, Scams & Cybercrime
Korean Prosecutors Raid KEB Hana Bank over Optimus Fund Mis-selling
By Editors | 30/09/2020
Prosecutors are looking to determine whether the bank purchased privately placed bonds under Optimus’ request or instruction.
Fraud, Scams & Cybercrime
Seoul Court Sentences Ex-Shinhan Exec to Eight Years’ Jail
By Sanday Chongo Kabange | 29/09/2020
The former executive was convicted for accepting bribes, deceiving investors, concealing losses in Lime Asset Management fund products.
Fraud, Scams & Cybercrime
Singapore Police Lay Second Charge Against Hin Leong Founder
By Editors | 28/09/2020
The second charge is for a forged email that was used alongside an inter-tank transfer certificate to secure more than $56mn in trade financing.
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