Fintech / Regtech

US Treasury Seeks Input on Use of AI in Financial Services

07/06/2024

Treasury Secretary Janet Yellen said the use of AI in finance presents “tremendous opportunities and significant risks”.

Crypto / Digital Assets

VASP Business Closures Not Being Handled Properly: KoFIU

07/06/2024

More VASPs are expected to close ahead of the Virtual Asset User Protection Act coming into effect on 19 July, KoFIU said.

Big Picture

Significant Progress Made on Cross Border Payments: CPMI

07/06/2024

More work is needed to integrate cross-border projects with domestic systems, and to extend the operating hours of key payment systems.

Enforcement

ASIC Investigating Financial Hardship Practices at Lenders

07/06/2024

ASIC commenced court action against one major bank last year. Three other lenders are under formal investigation.

Market Infrastructure

BOK Invites Domestic Banks to Handle Cross-currency FX Trades

06/06/2024

Domestic banks can apply to participate in non-won FX transactions needed for managing Korea’s foreign exchange reserves.

Crypto / Digital Assets

Project mBridge Ready for Live Transactions by Early Adopters

06/06/2024

Private sector firms are invited to further develop the multi-CBDC platform by proposing new solutions and use cases.

Market Infrastructure

BIS Launches New Project to Enhance Cross-border Payments

05/06/2024

The project will explore a new automatic FX settlement layer solution for cross-border payments, using wCBDC as a settlement asset.

AML / KYC

Korea to Develop AI Service to Counter Voice Phishing Scams

04/06/2024

Authorities have agreed to share de-identified call data with private companies for use in developing AI services to prevent voice phishing scams.

Securities / Derivatives

IOSCO Sets Out Good Practices for Leveraged Loan, CLO Markets

04/06/2024

The report provides an analysis of LL and CLO markets and sets out 12 good practices to support decision-making in these markets.