Financial Crime

AI Risk & Governance

ASEAN Ministers Target AI Governance, Data Protection, Scam Prevention

By Ranamita Chakraborty | 05/02/2024

The ASEAN Digital Ministers Meeting launched AI governance and data protection guides with Thailand proposing an anti-online scam working group.

Fraud, Scams & Cybercrime

Online Criminal Harms Act Takes Effect in Singapore

By Nithya Subramanian | 05/02/2024

The law has been enabled to take quick actions, giving the government power to issue orders restricting the exposure of users to criminal activities on online platforms.

Fraud, Scams & Cybercrime

Multinational Firm Scammed by Deepfake Tech in Hong Kong

By Editors | 05/02/2024

A finance worker was duped in a video call by a deepfake version of his company’s CFO to transfer HKD 200 million.

PEPs & Sanctions

OFAC Sanctions Four HK Entities for Supporting Iran

By Editors | 05/02/2024

Three of the Hong Kong companies operated as “covert procurement entities” for Iran’s weapons programmes. The fourth sold Iranian commodities to benefit Iran.

PEPs & Sanctions

Oil Price Cap Coalition Issues Alert on Evasion Methods

By Editors | 04/02/2024

The alert includes an overview of key oil price cap evasion methods as well as recommendations for identifying them.

Cryptocurrency

Crypto lender Genesis Agrees to $21m Settlement with US SEC

By Editors | 04/02/2024

Genesis will only have to pay the fine if it can fully repay customers and other claims in its bankruptcy, including general unsecured claims.

PEPs & Sanctions

Taiwan Tightens Controls on Machine Tool Exports to Russia

By Editors | 04/02/2024

The penalty for first-time illegal exports to Russia has been increased and Russian company “I Machine Technology” was added to Taiwan’s entity list.

Anti-Bribery & Corruption

Former Malaysian PM Receives Partial Royal Pardon

By Editors | 04/02/2024

Najib Razak was sentenced to jail and fined in 2020 over 1MDB-related corruption. His jail sentence was cut in half and his fine was reduced.

Cryptocurrency

Hong Kong Planning Regulatory Framework for OTC Crypto Venues

By Manesh Samtani | 03/02/2024

Some OTC venues including physical shops played a role in fraud cases last year, said top Hong Kong official Christopher Hui.