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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
Anti-Bribery & Corruption
Australia’s Royal Commission Hears Bribery Allegations
By Garima Chitkara | 15/03/2018
NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.
Resolution & Recovery
Sri Lanka to Bail Out Finance Company Depositors
By Editors | 09/03/2018
The central bank has cancelled troubled finance company CIFL’s licence and doubled the maximum deposit insurance payout for each depositor.
Fraud, Scams & Cybercrime
Vietnam Banks Ordered to Improve Internal Security
By Editors | 07/03/2018
Central bank instructs commercial lenders to improve staff oversight, upgrade security technology and boost fraud-related information sharing.
Fraud, Scams & Cybercrime
Recent Fraud Prompts India Trade Finance Freeze
By Editors | 03/03/2018
RBI audit of bank liabilities forces freeze on new letters of credit; foreign lenders reluctant to accept guarantees from Indian banks.
Fraud, Scams & Cybercrime
APRA Faces Questioning on Mortgage Fraud Risk Review
By Garima Chitkara | 01/03/2018
APRA chairman to answer questions on unreleased mortgage risk review findings in Australian Senate this week.
Fraud, Scams & Cybercrime
Hong Kong SFC to Focus on Corporate Fraud in 2018
By Editors | 27/02/2018
SFC’s recent newsletter on enforcement priorities details concern on false financial statements, IPO fraud and other sponsor failures.
Fraud, Scams & Cybercrime
RBI Mandates Integration of SWIFT in Core Banking Software
By Manesh Samtani | 26/02/2018
Punjab National Bank says $1.8bn fraud went undetected because staff failed to enter SWIFT instructions in core banking software.
Fraud, Scams & Cybercrime
RBI Under Fire for Failure to Detect $1.8bn Loan Fraud
By Manesh Samtani | 21/02/2018
Central bank audits failed to detect loan fraud using Punjab National Bank guarantees for over seven years; overseas branches which granted loans also under scrutiny.
Data Privacy
India to Stiffen Personal Privacy Law, Create Fintech Sandbox
By Samuel Riding | 12/02/2018
Inter-regulatory group concerned about ‘dearth’ of coherent law on customer data, recommends multiple measures to support development of fintech regulatory framework.
Cryptocurrency
China Blocks Domestic Investors from Accessing Cryptocurrency Overseas
By Manesh Samtani | 06/02/2018
Access to foreign websites related to cryptocurrency restricted; search engine and social media advertisements purged.
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