Increasingly, leaders along all Three Lines of Defence are being held personally accountable for misconduct that takes place on their watch, says Stephen Scott at Starling.
Financial institutions have the freedom to decide on any combination of methods to identify and verify customers through e-KYC, but prior BNM approval is required.
Non-bank operators can apply for a new licence to issue e-money in foreign currencies for customer payments for cross-border goods and services.
The automation of markets enables a wider movement towards valuing companies on their moral contributions to society as much as their ability to maximise profitability, says HKEX’s Adam Wielowieyski.
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
Despite the delays, operations are still likely to commence by year-end at the three new digital banks - Line Bank, Next Bank, and Rakuten Bank.
Digital lending platforms often do not disclose the name of the bank or NBFC providing the loaned funds. Under the new rules they will have to.
Ping An OneConnect Bank is inviting 200 SMEs and 2,000 retail customers to pilot test its virtual banking services in the HKMA's sandbox.
IOSCO proposes six measures to assist members in creating appropriate regulatory frameworks to supervise market intermediaries and asset managers that use AI and ML.
The FICC Markets Standards Board sets out 10 Good Practice Statements for market participants and venue operators engaged in algorithmic trading in a new transparency draft.