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Crypto / Digital Assets
Australian Regulators Progressing Work on Stablecoins, CBDC
By Manesh Samtani | 09/12/2022
The CFR is trying to incorporate payment stablecoins into the proposed framework for SVFs. Meanwhile RBA assistant governor warns that CBDC could threaten financial stability.
Fintech / Regtech
Australia to Expand CDR to Enable Action Initiation
By Editors | 08/12/2022
Under a new bill in Parliament, consumers will be able to instruct accredited third parties to initiate CDR‑powered actions on their behalf.
Fintech / Regtech
India to Standardise Icons Used in Payment Apps to Curb Fraud
By Sanday Chongo Kabange | 08/12/2022
Project Pratima aims to introduce a uniform set of icons for basic payment actions and processes, curb fraud, and boost digital payments adoption.
Fintech / Regtech
NPCI Extends UPI Market Cap Compliance Deadline to End 2024
By Mark Johnston | 07/12/2022
The NPCI has for the third time extended its compliance deadline for imposing a 30 percent market cap limit on UPI payment apps.
Fintech / Regtech
CFTC Goes Live With New Swap Data Reporting Requirements
By Editors | 07/12/2022
The changes introduce new and updated data fields to drive the submission of more standardised trade data, largely based on the CDE developed by CPMI and IOSCO.
AML / KYC
Wolfsberg Group Endorses Use of AI/ML for Financial Crime Compliance
By Manesh Samtani | 05/12/2022
New report sets out five principles that support the ethical and responsible use of artificial intelligence and machine learning in financial crime compliance.
AML / KYC
AUSTRAC Consults on Drafts Guidance to Address Debanking
By Sanday Chongo Kabange | 05/12/2022
FIs should consider a remitter’s, DCE’s or fintech’s registration with AUSTRAC as a mitigating factor when assessing its ML/TF risks.
Fintech / Regtech
BSP Launches New, Free, Interoperable Bill Payment Facility
By Editors | 05/12/2022
Through Bills Pay PH, customers can make digital payments to almost 500 on-boarded billers for free even if they use different payment service providers.
Enforcement
US Financial Firms to Spend $18bn on Surveillance Tech This Year
By Editors | 03/12/2022
The increased spending comes after multiple financial firms were fined for failing to monitor and keep records on employees’ communications via messaging apps.
Capital / Liquidity
APRA Pledges to Minimise Burden of New Data Collections
By Editors | 02/12/2022
APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.
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