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Fraud, Scams & Cybercrime
OCBC Received Police Award for Foiling Fraud Attempt
By Editors | 15/04/2019
OCBC was able to recover $205,000 from a Malaysian bank after a transaction was flagged by its fraud surveillance unit as not fitting the client’s usual patterns.
Market Abuse
Goldman, Credit Suisse Raided in Seoul in Samsung BioLogics Probe
By Editors | 15/04/2019
Prosecutors are reportedly looking for information about a scrapped Nasdaq listing of a Samsung BioLogics subsidiary, to shed light on possible accounting irregularities.
Cryptocurrency
Japan FSA Proposes Stronger Regulation for Crypto Assets
By Editors | 13/04/2019
In a bill to amend the law, the FSA proposes the introduction of stronger protections for investors and restrictions to prevent misconduct in the crypto sector.
Conduct, Culture & Accountability
CBA has Complied with 2014 Financial Advice Licence Conditions
By Editors | 12/04/2019
CBA has offered A$9.3mn to compensate customers whose advice was reviewed under the 2014 licence conditions imposed on its financial planning entities.
Supervision & Enforcement
Australian Authorities Bust Vietnamese Money Transfer Cartel
By Editors | 12/04/2019
The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam’s Sacombank.
Fraud, Scams & Cybercrime
SWIFT Details Critical Factors for Effective Cyber Defence
By Manesh Samtani | 12/04/2019
Asian banks must accept they are more susceptible as the initial target for fraudulent payments, as well as the receivers, with over 83 per cent of cases based in the region.
Trading & Investment
ASIC Warns OTC Derivatives Platforms on Overseas Services
By Editors | 12/04/2019
OTC derivatives platforms offering services to foreign retail investors may be breaking overseas laws, which may be inconsistent with local obligations to provide services ‘efficiently, honestly and fairly’.
Payments & Settlements
MAS Proposes Payment Services Regulations for Consultation
By Manesh Samtani | 11/04/2019
To effect the objectives of the Payment Services Act passed in January, MAS intends to prescribe new regulations for payment services licensees and significant payment systems.
Structural Regulation
Taiwan Raises Max Penalty for Unauthorised Investments from China
By Editors | 11/04/2019
Taiwan has passed a legislative amendment raising the ceiling for fines against Chinese investment into local companies without authorisation.
Fraud, Scams & Cybercrime
MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct
By Editors | 11/04/2019
Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.
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