Financial Crime World

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RegAsia Fraud Barometer Highlights Concerns Over New Faces of Fraud in Asia

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The RegAsia Fraud Barometer has been released, highlighting concerns over the new faces of fraud in Asia and the need for proactive measures to address them. The inaugural report sets the stage for a crucial dialogue on detection and operationalization of these topics.

Key Sessions at the Event

The event will feature several key sessions that highlight the evolving threat landscape in Asia:

Behind the Mask: A Comprehensive Framework for Addressing the Scam Epidemic

  • This session will discuss the effectiveness of measures implemented by the banking industry in Singapore to combat digital payment scams.

Fireside Chat: SGX RegCo’s Approach to Protecting Markets

  • Managing Director Chew Chin Yee will discuss SGX RegCo’s approach to detection and prevention of potential market abuse in Singapore, including its use of technology to enhance market surveillance functions.

Foundation of Trust: Onboarding, Pristine Data, and AML Effectiveness

  • This panel will explore the importance of pristine data for effective financial crime risk management and how sub-standard KYC practices can undermine efforts to leverage AI, machine learning, and data analytics techniques to improve AML efficiency and effectiveness.

Heightened Expectations: Market Monitoring, Surveillance and Communications in the Digital Era

  • This session will discuss the challenges of market monitoring and surveillance in today’s digital environment, including the impact of social media on market behavior and the need for enhanced communication between regulators and industry participants.

Additional Notable Sessions

The event will also feature several additional notable sessions, including:

Threat Talk Live Singapore

  • A community-driven session focused on fighting fraud and scams using behavioral biometrics technology.

Sources of Wealth: HNWI, Complex Structures and Effective Due Diligence

  • This panel will explore how private banks and wealth management firms should conduct due diligence to minimize risks while maintaining the privacy and service level expected by HNWIs.

From Scam Factories to Money Mules: Combating Fraud and Protecting the Vulnerable

  • A panel discussing strategies to protect vulnerable populations through public-private partnerships and international collaboration.

Responsible Data Use: Balancing the Need for Fraud Risk Information Sharing with Privacy Obligations

  • This session will explore the importance of establishing data-sharing mechanisms to target fraud and cyber-related crimes.

Conclusion

These sessions highlight the need for collective action, responsible data use, and enhanced communication to address the evolving threat landscape in Asia.