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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
ATO to Run Additional Checks to Prevent Superannuation Fraud
By Editors | 12/05/2020
Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.
Fraud, Scams & Cybercrime
Singapore Police Raid ZenRock Following HSBC Allegations of Fraud
By Editors | 10/05/2020
Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.
Fraud, Scams & Cybercrime
MAS Issues Prohibition Orders Against Two Former Bank Employees
By Editors | 09/05/2020
A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.
Fraud, Scams & Cybercrime
Australian Police Launch Probe into Super Fund Early Release Fraud
By Editors | 07/05/2020
Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.
Fraud, Scams & Cybercrime
Singapore: HSBC Seeks Court Order to Replace ZenRock Management
By Editors | 07/05/2020
ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.
Anti-Money Laundering
FATF Offers Policy Guidance for Managing Covid-19 Related AML Risks
By Editors | 05/05/2020
FATF describes the ways in which AML/CFT policy responses can help support implementation of Covid-19 response measures, while also managing new risks and vulnerabilities.
PEPs & Sanctions
US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt
By Nick Turner | 05/05/2020
US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.
Fraud, Scams & Cybercrime
BSP Warns of Covid-19 related Money Laundering Risks
By Editors | 01/05/2020
Supervised financial institutions are encouraged to prudently leverage on technology to reinforce their controls against fraud and financial crime.
Fraud, Scams & Cybercrime
CSRC Vows Cross-border Cooperation in Luckin Fraud Case
By Editors | 28/04/2020
The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.
KYC & CDD
Digital Identification in a Post-COVID World
By Editors | 28/04/2020
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
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