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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
RBI Deploys New Reporting System for Cooperative Banks
By Editors | 17/10/2019
Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.
Fraud, Scams & Cybercrime
MAS Bars Four Individuals for Fraudulent, Dishonest Conduct
By Editors | 14/10/2019
The former representatives from Great Eastern Life, Prudential and UOB abused the trust clients placed in them and enriched themselves at the expense of clients, MAS said.
Anti-Money Laundering
Fighting Financial Crime: HSBC Unveils New AML Tool
By CorporateTreasurer | 10/10/2019
The tool, which was deployed in the UK and Hong Kong on August 30, will be rolled out in a further 39 markets through 2020.
Fraud, Scams & Cybercrime
Singapore Banker Faces 94 Charges for S$1.9m Fraud
By Editors | 08/10/2019
The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.
Fraud, Scams & Cybercrime
India: PMC Bank Managing Director Confesses to Wrongdoing
By Editors | 02/10/2019
PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.
Anti-Money Laundering
Taiwan Seeks Significantly Higher Penalties for Tax Evasion
By Editors | 24/09/2019
Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.
Conduct, Culture & Accountability
UPDATED – Woori, KEB Hana Likely to Compensate Investors in Risky Products
By Editors | 23/09/2019
The FSS is outlining compensation guidelines and initiating dispute mediation proceedings for investors who lost money in derivative-linked funds.
Supervision & Enforcement
Australia Reintroduces Amnesty Bill for Unpaid Superannuation
By Editors | 19/09/2019
The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.
Fraud, Scams & Cybercrime
UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate
By Editors | 18/09/2019
The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.
Fraud, Scams & Cybercrime
China P2P Lenders Ordered to Share Data with Credit Bureaus
By Editors | 06/09/2019
The move is part of a broader crackdown on irregular practices and risks in the P2P sector, and will provide greater protection to investors in online lending platforms.
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