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.

Market Infrastructure

China to Allow Foreign Banks’ Local Branches Fund Custody Licence

12/05/2020

Under the trade agreement with the US in January, China committed to allowing branches of US financial institutions to provide fund custody services in the country within five months.

Market Infrastructure

FMSB Review Highlights Data Risks in Wholesale FICC Markets

12/05/2020

The paper highlights the benefits of moving to a more centralised data strategy, including cost reduction, risk reduction, and the ability to better use data to drive value.

AML / KYC

ATO to Run Additional Checks to Prevent Superannuation Fraud

12/05/2020

Australia’s superannuation early access scheme was temporarily suspended late last week due to fraud. It has since resumed, with enhancements to increase the end-to-end security.

Fintech / Regtech

S. Korea Launches Financial Data Exchange Platform

11/05/2020

The exchange will serve buyers and sellers of anonymised financial data, facilitating the use of analytics to develop new financial products and services, while also ensuring data security.