Financial Crime

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    Fraud, Scams & Cybercrime

    Indian NBFC Detects Vehicle Loan Fraud Worth $18m

    By Ajoy K Das | 25/04/2024

    The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in company funds being embezzled.

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    Cybersecurity

    GIFT City IBUs Directed to Offer Internet Banking Within Six Months

    By Ajoy K Das | 25/04/2024

    IFSC Banking Units in GIFT City are asked to benchmark their internet banking services against top global banks in Singapore and Hong Kong.

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    Structural Regulation

    SEBI Finds Violations by Offshore Funds Invested in Adani Group

    By Ajoy K Das | 24/04/2024

    12 offshore funds violated disclosure rules and breached investment limits. Eight of these funds are trying to settle with SEBI.

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    Cybersecurity

    LSEG’s World-Check Data Breached by Hackers – Reports

    By Mark Johnston | 24/04/2024

    Hackers claim they have stolen data from LSEG’s World-Check database and have threatened to release records.

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    Supervision & Enforcement

    South Australia Proposes Higher Penalties for Casino Misconduct

    By Nithya Subramanian | 24/04/2024

    The proposed laws are expected to ensure a greater level of accountability and responsibility, and result in heftier fines for SkyCity.

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    PEPs & Sanctions

    Venezuela’s PDVSA to Hasten Move to USDT to Mitigate Sanctions

    By Editors | 24/04/2024

    USDT issuer Tether said in response that it respects the SDN list and will block payments made to sanctioned entities.

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    PEPs & Sanctions

    OFAC Unveils New Sanctions Against Iranian Cyber Actors

    By Editors | 24/04/2024

    Two entities and four individuals were sanctioned for the roles in targeting US entities with ransomware, spear phishing and malware attacks.

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    Anti-Money Laundering

    Commerzbank Fined in Germany for AML Violations

    By Mark Johnston | 24/04/2024

    BaFin said Commerzbank was slow to update customer data and inadequately applied enhanced due diligence requirements.

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    PEPs & Sanctions

    JPMorgan Sues Russia’s VTB Over Blocked Funds – Report

    By Editors | 23/04/2024

    JPMorgan said VTB Bank has filed a lawsuit in Russia that may enable it to seize the US bank’s assets abroad.

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    PEPs & Sanctions

    Data is Key to Making Sanctions Work – RUSI Report

    By Editors | 23/04/2024

    Banks would be able to better identify red flags and stop illicit transactions if certain fields in SWIFT such as HS trade codes were made mandatory.

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