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Emerging Prudential Risks
IMF Reaffirms Hong Kong Stability, Identifies Pockets of Risk
By Manesh Samtani | 10/06/2021
The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.
Anti-Bribery & Corruption
Ex-VP of China Orient Asset Management Under Corruption Probe
By Editors | 10/06/2021
Hu Xiaogang, a former vice president of China Orient Asset Management, is under investigation for suspected corruption.
Anti-Money Laundering
CBIRC Fines Four Banks for Property Lending Breaches
By Editors | 09/06/2021
Postal Savings Bank of China, China Merchants Bank, China Guangfa Bank and Shanghai Pudong Development Bank were fined a combined CNY 5.3 million.
Anti-Money Laundering
Chinese Police Detain Sichuan Trust Boss Over Missing Funds
By Sanday Chongo Kabange | 09/06/2021
Liu Canglong, who controls companies with a majority stake in Sichuan Trust, is being held by the public security bureau in Chengdu.
Fraud, Scams & Cybercrime
Taiwan FSC Fines Mega Bank $10mn for Fake Mortgages
By Sanday Chongo Kabange | 09/06/2021
Mega Bank failed to detect over 28 mortgages applications that were made by dummy accounts due to poor internal controls.
Fraud, Scams & Cybercrime
Australians Lost a Record A$851mn to Scams Last Year: ACCC
By Ranamita Chakraborty | 09/06/2021
Investment scams accounted more than a third of total losses, followed by romance scams and payment redirection scams as the next biggest categories.
Cryptocurrency
China’s Weibo Blocks Selected Crypto Influencer Accounts
By Sanday Chongo Kabange | 09/06/2021
The move follows joint action by three state-backed associations to bar their members from providing crypto-related services to customers.
PEPs & Sanctions
China Steps Closer to Law to Protect Against US Sanctions
By Editors | 09/06/2021
A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.
Fraud, Scams & Cybercrime
Philippine Prosecutors File Criminal Complaints Over Wirecard Fraud
By Ranamita Chakraborty | 09/06/2021
The criminal complaints accuse respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.
Fraud, Scams & Cybercrime
US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers
By Sanday Chongo Kabange | 09/06/2021
Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.
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