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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Fraud, Scams & Cybercrime
US Resident Pleads Guilty to Singapore Money Laundering
By Editors | 11/04/2018
American convinced victim to make $600,000 investment with promise of 30% return, but instead transferred to Singapore account.
Fraud, Scams & Cybercrime
PNB Investigation Reveals Systemic Failures at Bank, RBI
By Garima Chitkara | 05/04/2018
PNB allegedly misled the regulator about the progress of its Swift integration. Indian law enforcement noted that an ill-defined risk-based supervisory approach may have caused the RBI to miss the fraud.
Cryptocurrency
Report Suggests China May Support Global Crypto Regulation
By Manesh Samtani | 03/04/2018
PBOC’s Institute of International Finance says China would actively participate in a G20-led effort to establish a global regulatory framework.
Anti-Money Laundering
Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence
By Samuel Riding | 02/04/2018
Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts
Cybersecurity
Malaysia Foils Cyber Attack Involving Falsified SWIFT Messages
By Manesh Samtani | 01/04/2018
Unauthorised transactions were prevented by central bank, no financial losses occurred; near breach prompts increased vigilance in the Philippines.
Conduct, Culture & Accountability
Royal Commission Exposes Multiple Lending Practice Failures at Big Four
By Manesh Samtani | 29/03/2018
Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers’ best interests.
Fraud, Scams & Cybercrime
UPDATED – Indian Banks Fall Victim to $342mn in Loan Frauds
By Editors | 23/03/2018
Jewellery chain falsified financial records to obtain 8.24 billion rupees in loans from 14 banks over 10 years; infrastructure firm defrauds 9-bank consortium of 13.94 billion rupees.
KYC & CDD
Indonesian State-owned Lender to Introduce Biometric Security
By Editors | 21/03/2018
System, which is awaiting approval from financial service authority, will require either fingerprint or retina scanning.
Anti-Money Laundering
South Korean Crypto Exchanges Raided in Embezzlement Probe
By Manesh Samtani | 20/03/2018
Staff and executives at three exchanges allegedly siphoned customer deposits to buy cryptocurrency on other platforms.
Fraud, Scams & Cybercrime
India Bans Bank Issuance of Key Trade Finance Instrument
By Manesh Samtani | 16/03/2018
An estimated $10bn in LoUs will need to be wound down within three months, forcing banks to rebalance assets and liabilities.
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