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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Credit Risk
RBI Cuts Consumer Credit Risk Weight, Offers Boost to NBFCs
By Editors | 09/08/2019
The RBI will increase bank exposure limits for NBFCs, allow on-lending to priority sectors, and enable near-real-time tracking of payments fraud through the creation of a centralised registry.
Fraud, Scams & Cybercrime
UN Report: North Korea Still Accessing International Financial System
By Editors | 09/08/2019
The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.
Fraud, Scams & Cybercrime
RBI Issues Fines on Multiple Banks Totalling $2.9mn
By Editors | 06/08/2019
The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.
Cybersecurity
Japan: Security Failures Force New Payments Service to Shut
By Editors | 06/08/2019
The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.
Fraud, Scams & Cybercrime
Japan Post to Check 30mn Contracts in Insurance Mis-selling Probe
By Editors | 02/08/2019
Up to 183,000 Japan Post customers have been affected by unlawful insurance sales practices over the past five years, double the amount initially found.
Anti-Money Laundering
Global Money Launderers Move in on Japan – Report
By Editors | 30/07/2019
Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.
Credit Risk
RBI Urges Better Risk Monitoring, Faster NPA Resolution at State Banks
By Editors | 23/07/2019
RBI governor Shaktikanta Das asked state-owned banks to speed up bad debt recovery efforts, strengthen internal controls and risk monitoring, and help fix the ongoing NBFC liquidity crisis.
Fraud, Scams & Cybercrime
Hong Kong ICAC Charges Five More Individuals in Convoy Case
By Editors | 23/07/2019
Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.
Anti-Money Laundering
HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment
By Manesh Samtani | 22/07/2019
While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.
Fraud, Scams & Cybercrime
SEBI Proposes Additional Requirements for Resigning Auditors
By Editors | 22/07/2019
Under the proposal, auditors will be required to finalise their audit reports and make detailed disclosures regarding their reasons for resignation from listed companies.
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