Trust in Singapore Banks Increases for Second Year Running

13/02/2023

The ABS Culture and Conduct Steering Group will seek to further build trust by strengthening digital banking security and highlighting banking practices that may compromise consumers.

Capital / Liquidity

US Bank Stress Tests to Feature New ‘Exploratory Market Shock’

13/02/2023

The ‘exploratory market shock’ will be an additional component of the 2023 stress test, applied to the trading books of the eight largest US banks.

Fintech / Regtech

HSBC Launches Multicurrency Payment Platform for E-Commerce

13/02/2023

The platform allows e-commerce businesses in Hong Kong to receive payments from overseas customers in six currencies within minutes.

US Blacklists Six Chinese Entities Over Alleged Spy Balloons

13/02/2023

The economic restrictions will make it more difficult for the five companies and one research institute to obtain US technology exports.

Capital / Liquidity

China Tightens Risk Classification Rules for Banks’ Financial Assets

13/02/2023

Banks must classify “all financial assets that bear credit risk” according to the degree of risk, including bond investments, interbank assets, receivables, and off-balance-sheet assets.

Crypto / Digital Assets

UPDATED: NYDFS, SEC Scrutinise Paxos Over BUSD Stablecoin

13/02/2023

Paxos is the issuer of a Binance-branded stablecoin that ranks as the third-largest, as well as its own stablecoin called Pax Dollar, the sixth largest.

AML / KYC

Wolfsberg Group Updates CBDDQ, FCCQ, and Related Documents

13/02/2023

The CBDDQ updates include a new section on fraud and additional questions related to whistleblower policy, virtual bank licence, the approval of sanctions policy, and other changes.

Crypto / Digital Assets

South Korea Issues First Independent DPRK Sanctions

12/02/2023

The sanctions came hours after South Korea and the US released a joint cybersecurity advisory detailing the threat posed by North Korean ransomware actors.

AML / KYC

BIS Innovation Hub to Study Use of Data Technologies for AML

12/02/2023

Project Aurora will study privacy-enhancing technologies, machine learning methods, network analysis, the use of additional data sources, and “machine-readable typologies”.