AI Risk & Governance

HKMA Offers High-level Guidance for Banks on AI Use

02/11/2019

The high-level principles cover governance, application design and development, and ongoing monitoring and maintenance of banks’ AI applications.

PEPs & Sanctions

Malaysian Banks Force Closures of Iran-linked Accounts

02/11/2019

CIMB and Maybank are two of the largest banks forcing closures of accounts belonging to Iranian companies and individuals, amid new sanctions imposed by the US.

Cloud & Infrastructure

SFC Issues Guidance on Outsourcing of Data Storage

01/11/2019

Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.

Market Abuse

SFC Fines China Rise for Short Selling, Cross Trading Breaches

31/10/2019

China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.

Cybersecurity

Singapore Brokers Experience DDoS-related Disruption

31/10/2019

MAS said a small number of stock brokers encountered DDoS attacks last week, but only “limited disruption” resulted due to their mitigation services being activated.

Fraud, Scams & Cybercrime

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Structural Regulation

China Further Eases Restrictions on Foreign Investment

31/10/2019

China will not force foreign investors and companies to transfer their technology to their local partners, according to Vice Minister of Commerce Wang Shouwen.

Cloud & Infrastructure

S. Korea Launches 10-Bank Pilot of Open Banking System

31/10/2019

Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.

Anti-Money Laundering

AUSTRAC: Mutual Banks Face High Money Laundering Risk

31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.