Financial Crime

PEPs & Sanctions

Most Kyrgyz Banks Have Suspended Money Transfers to Russia

By Editors | 25/08/2024

13 of 16 Kyrgyz banks have halted transfers to Russian lenders via their mobile apps. The central bank said this is to “prevent the negative impact of international sanctions”.

Anti-Money Laundering

TD Bank Provisions Additional $2.6b for Expected AML Penalties

By Editors | 25/08/2024

TD Bank said a global resolution of investigations by prudential regulators, FinCEN and the DOJ is expected by year-end.

Credit Risk

China Bans Low Rated Trust Firms Certain Wealth Product Sales

By Mark Johnston | 24/08/2024

The NFRA is reportedly prohibiting lower-rated trust companies from selling wealth products underpinned by LGFVs.

Fraud, Scams & Cybercrime

Korean Financial Institutions Launch Credit Transaction Blocking Service

By Editors | 24/08/2024

Consumers can register for a financial system-wide block on credit transactions to protect their accounts from being used for fraudulent loans.

Fraud, Scams & Cybercrime

HK Court Jails SME Director Over HK$100m Bank Loan Fraud

By Sanday Chongo Kabange | 24/08/2024

The company director was sentenced to 30 months’ imprisonment for defrauding seven banks and deceiving the TID and HKMC into issuing guarantees.

Fraud, Scams & Cybercrime

Indian Telco Ordered to Pay Compensation for SIM Swap Fraud

By Ajoy K Das | 23/08/2024

Airtel issued a duplicate SIM card without verification, resulting in fraudulent withdrawals in May 2017, and then challenged a July 2018 compensation order and lost.

Emerging Prudential Risks

APRA Finalises Cross-industry Standard on Defined Terms

By Sanday Chongo Kabange | 23/08/2024

The new standard, CPS 001, will act as a central glossary for ADIs and insurers to promote more consistent definitions going forward.

Cryptocurrency

Korean Regulators Inspect Monitoring Systems for Crypto Market

By Manesh Samtani | 23/08/2024

Inspections found that Korea’s big-five crypto exchanges have established dedicated teams and systems to detect and respond to abnormal trading activities.

Fraud, Scams & Cybercrime

Singapore CPF Lowers Online Withdrawal Limit to Deter Scammers

By Nithya Subramanian | 23/08/2024

The maximum online daily withdrawal limit will be reduced from S$200,000 to S$50,000 to introduce more friction against scams.