Fintech / Regtech

MAS, SFA, AMTD Jointly Launch S$6m ‘FinTech Solidarity Grant’

13/05/2020

Fintechs can apply for a one-time grant to cover daily working capital expenses, or for funding to cover proofs-of-concept developed with financial institutions on APIX.

AML / KYC

SEBI Names Entities That Can Authenticate Aadhaar for e-KYC

13/05/2020

Intermediaries and mutual fund distributors that want to use Aadhaar authentication services for e-KYC are required to enter into an agreement with one of the eight entities named.

Enforcement

CBIRC Fines Eight Banks Over Poor Quality of Reported Data

13/05/2020

The banks were each fined between 1.6mn and 2.7mn yuan for underreporting information on certain transactions, wealth management products, and credit asset transfers.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

AML / KYC

Industry Bodies Publish New Messaging Standard for Virtual Assets

13/05/2020

The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.

Enforcement

CBIRC Probes China CITIC Bank Over Leaked Personal Data

13/05/2020

Last week, a Chinese stand-up comedian accused the bank of disclosing his personal transaction information to his employer without consent.

AML / KYC

Governments Failing to Stop Money Laundering: FATF Official

13/05/2020

Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.

Market Infrastructure

FS-ISAC Launches Cyber Threat Intelligence Exchange Platform

13/05/2020

The launch comes as cyber criminals look to leverage the uncertainty and panic around Covid-19 for financial fraud, scams, and other malicious activity.

Market Infrastructure

ICMA Publishes High-level Definitions For Sustainable Finance

12/05/2020

There is a need for convergence on terminology among markets participants, wider stakeholders, as well as policymakers and regulators, ICMA says.