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Fintech / Regtech
HK Consumer Council Warns of Inadequate BNPL Protections
By Editors | 18/10/2022
The Consumer Council is calling on non-bank BNPL service providers to apply for a Money Lenders Licence and to implement consumer protection measures “as soon as possible”.
Enforcement
US FTC Expands Competition Probe Into Visa, Mastercard
By Editors | 18/10/2022
The FTC is investigating whether the security technology used by Visa and Mastercard raises the likelihood that payments over different networks will be rejected.
Fintech / Regtech
India Establishes Protocols for Interoperable Regulatory Sandbox
By Editors | 17/10/2022
The interoperable regulatory sandbox will enable firms to test innovative products and services that fall under multiple financial sector regulators.
Fintech / Regtech
China to Interlink All Credit Reporting Systems Nationwide
By Editors | 17/10/2022
The PBOC will establish connectivity between all credit reporting systems and platforms nationwide, so data on each economic entity can be combined into a single “credit file”.
AML / KYC
Hong Kong Seeks Status as Global Hub for Virtual Assets
By Manesh Samtani | 17/10/2022
A new policy statement to be issued at Hong Kong FinTech Week may spell out plans to include retail investors in the city’s VASP regime.
AML / KYC
FCA Fines UK Challenger Bank for Weak AML Controls
By Editors | 17/10/2022
Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.
AML / KYC
Singapore: SMS Sender ID Registration to Become Mandatory
By Editors | 15/10/2022
All non-registered SMS sender IDs after 31 Jan 2023 will be channelled to a sender ID with the header “Likely-SCAM”.
Fintech / Regtech
Thai SEC Launches New E-Licensing Services Pilot
By Editors | 15/10/2022
The services will initially allow online submissions of applications for two types of licenses. Full e-licensing services will launch in Q1 2023.
Securities / Derivatives
US SEC Approves Update to Electronic Recordkeeping Rule
By Editors | 13/10/2022
The amendments add an audit-trail alternative allowing electronic records to be preserved in a way that permits recreation if original records are altered, over-written, or erased.
Fintech / Regtech
IOSCO Offers Guidance on Curbing Online Misconduct
By Editors | 13/10/2022
IOSCO’s new report offers recommendations to address risks from online marketing and distribution of financial products targeting retail investors.
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