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.
The current approach to terrorist financing is one-dimensional, overly simplistic and outdated, says a new paper from RUSI's Centre for Financial Crime and Security Studies.
Industry veteran Philip Keller outlines outsourcing requirements for banks in Hong Kong, with a focus on data, a major area of concern in relation to outsourced activities.
The pilot testing will seek to address inefficiencies in the securities post-trade process that arise as a result of data and workflow mismatches between trading counterparties.
The guidance recommends a risk-based approach which relies on a set of assurance frameworks and technical standards for digital ID systems.
The ruling is hailed as a big win for the crypto sector. But, the government has yet to act on an interministerial committee's recommendations to ban all private cryptocurrencies.
OFAC has linked two Chinese nationals to the 2018 theft of $250mn in cryptocurrency by the Lazarus Group, a US-designated North Korean cybercrime group.
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