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Enforcement
PBOC Penalises Tenpay, Three Others for Violations – Report
By Editors | 07/01/2021
Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.
Fintech / Regtech
MAS Announces Completion of Phase One of Veritas Initiative
By Editors | 06/01/2021
The first phase of Veritas resulted in the development of a fairness assessment methodology based on the FEAT principles for two use cases.
AML / KYC
White House Bans US Transactions With Chinese Payment Apps
By Editors | 06/01/2021
White House allies including Treasury Secretary Steve Mnuchin also reportedly pressured the NYSE to again reverse its decision on delisting Chinese telecom stocks.
Fintech / Regtech
BNM Opens Six Month Application Period for Digital Bank Licences
By Manesh Samtani | 03/01/2021
Applicant must demonstrate a commitment to driving financial inclusion. Preference will be accorded to applications where the controlling interest resides with Malaysian nationals.
AML / KYC
Hong Kong Launches New Digital Identity Platform ‘iAM Smart’
By Manesh Samtani | 02/01/2021
The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.
Fintech / Regtech
US Regulators Call for Responsible Stablecoin Design, Operation
By Editors | 31/12/2020
Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.
Fintech / Regtech
Chinese Regulators Order Ant Group to Reorganise Business
By Manesh Samtani | 31/12/2020
Ant Group is directed to refocus on its payments business and correct regulatory violations in its credit, insurance, wealth management and asset securitisation businesses.
Fintech / Regtech
ACCC Extends Consumer Data Right to Business Customers
By Editors | 29/12/2020
The amendments will encourage CDR participation by expanding its benefits to more businesses, including companies and partnerships, the ACCC said.
Crypto / Digital Assets
IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk
By Editors | 29/12/2020
The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.
AML / KYC
UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto
By Editors | 23/12/2020
Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.
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