FINTECH / REGTECH

AML / KYC

MAS Issues AML Outsourcing Guidance for Capital Market Firms

By Editors | 15/07/2020

MAS found material lapses in outsourced AML/CFT controls, largely the result of poor assessment and due diligence processes, and lax oversight and monitoring.

AML / KYC

BOK Takes Over Blockchain Authentication Tool BankSign

By Editors | 14/07/2020

BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks to allow for easier customer authentication on different banks’ mobile apps.

Big Picture

CPMI Publishes Stage 2 Report on Enhancing Cross-Border Payments

By Editors | 14/07/2020

The report identifies 19 building blocks where further joint public and private sector work could enhance cross-border payments.

Fintech / Regtech

FSC Korea Opens Applications for New MyData Licences

By Editors | 13/07/2020

MyData businesses will allow financial firms and fintechs to offer financial advice to customers using the data they make available through the MyData platform.

Fintech / Regtech

MAS, Temasek, JPM Complete Final Phase of Project Ubin

By Editors | 13/07/2020

The prototype that was built can integrate with other blockchain-based platforms and be used for cheaper, faster and safer cross-border payments and to settle foreign exchange transactions.

Fintech / Regtech

PBOC Partners with Didi Chuxing to Test Digital Currency

By Editors | 10/07/2020

The PBOC has established a partnership with ride-hailing firm Didi Chuxing to test its digital currency in payments.

AML / KYC

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

By Editors | 09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

Fintech / Regtech

Denmark Introduces Mandatory Data Ethics Disclosure Rule

By Editors | 08/07/2020

From 1 January 2021, large and listed Danish companies will disclose information about their data ethics policy, AI tools and algorithms in annual reports.

AML / KYC

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.