Fintech / Regtech

US Lawmakers Introduce Regulatory Sandbox Bill for AI

08/08/2024

The legislation would require the Fed, SEC, OCC, CFPB, FDIC, FHFA, and NCUA to establish regulatory sandboxes for AI experimentation.

AML / KYC

Taiwan FSC Imposes AML Fine on Crypto Firm Rybit

07/08/2024

Rybit failed to properly conduct customer risk assessments, confirm customer identities, and retain complete records, among other violations.

AML / KYC

HKMA Expands FINEST Platform to Ten Participating Banks

07/08/2024

HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

Tesla Seeks to Launch Insurance Broking Firm in China

07/08/2024

Tesla has registered a new insurance broking firm in China, but will need approval from the NFRA to formally enter the EV insurance market.

Enforcement

Chinese State-Owned FIs Instructed to Drop PwC – Report

07/08/2024

BOC, China Life Insurance, and PICC are among more than 30 listed Chinese companies that have dropped PwC as their auditor this year.

Fintech / Regtech

US Regulators to Jointly Adopt Common Data Standards

06/08/2024

The Federal Reserve, SEC, CFTC and six other agencies will adopt common identifiers including the LEI and UPI.

Enforcement

Switzerland Announces $152mn Penalty Order Against Glencore

06/08/2024

The penalty order resolves a four-year criminal investigation into Glencore by Swiss and Dutch authorities.

Fintech / Regtech

Bank Indonesia Issues Five-Year Payment System Blueprint

06/08/2024

Bank Indonesia Governor Perry Wariyo said the plan to issue digital rupiah has entered the final stages.

Enforcement

SET Chairman Calls for Reforms to Address Corporate Fraud

05/08/2024

The SET says legal reforms are needed to enable the SEC to bypass the police and go directly to prosecutors, similar to practices in the US, South Korea, and Japan.