Board to develop support framework to help members address impact of ICOs on investor protection; agree to launch ‘Fintech Network’ to facilitate collaboration on fintech.
South Korean prosecutors have raided the country’s largest cryptocurrency exchange UPbit, seizing hard drives and accounting books; second largest exchange Bithumb also on FSC radar.
Members discussed bank resolution regimes, the use of tech to mitigate AML/CTF risk, governance frameworks to reduce misconduct.
Enhanced IOSCO framework enables securities regulators to obtain and share audit working papers, telephone, internet records; compel attendance at interviews; provide guidance on freezing of assets.
New requirements include standards on system management, customer vetting, segregation of assets, removal of privacy coins, separation of duties.
Central banks urge stakeholders to pursue adoption of common strategy to improve security of wholesale payments; will monitor progress to determine the need for further action.
MAS partners with government agency, media regulator and professional body to promote adoption of AI products and services in financial sector.
KRX launches new market surveillance system based on artificial intelligence; reduces time to secure data on suspicious transactions from 5 days to 1 hour.
Newly released restricted ADI licencing framework allows entities to conduct a limited range of activities for two years before fully meeting regulatory requirements.
ASIC deepened its support of regtech with natural language processing trials; signifies regulator’s starting point in its evolving approach to new technologies.