Preliminary analysis concludes that the Principles for Financial Market Infrastructures could apply to the global stablecoin arrangements, among other principles and standards.
Greg Watson discusses how to streamline KYC reviews and move from regular 1-3-5 year reviews to perpetual KYC, managed-by-exception.
Singapore and Australia have committed to allowing financial institutions to choose where their data is stored and prohibiting data localisation, among a raft of other agreements.
The demands being imposed on the global banking system highlight the Achilles Heel of nonfinancial risk management and, particularly, misconduct risk, says Stephen Scott at Starling.
The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.
After minutes of training, algorithms were able to use 250,000 records of previously unseen raw data to predict regulatory reporting output with degrees of accuracy exceeding 99%.
A new paper develops a regulatory roadmap for addressing the increasing role of AI in finance, focusing on human involvement to deal with ‘black box’ issues.
Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.
The initiative is in line with a G20 Osaka commitment to promote engagement between regulators and stakeholders on decentralised financial technologies.
The 'Special Financial Information Law' authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.