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.
The OJK has temporarily halted new registrations from fintech firms to dedicate its supervisory resources on ensuring the quality of existing firms.
The policy plan includes support for 1,000+ innovative companies, a new business credit scoring system, a per-industry collective credit guarantee scheme, and the introduction of non-recourse factoring.
Fenergo's Niall Twomey outlines a recipe for e-KYC Utility success, based on research of previous attempts in the marketplace, and looking at current initiatives being explored globally.
Companies in Shanghai, Zhejiang and Shenzhen have submitted applications to set up local asset managers to deal with bad loans, particularly those from P2P lending platforms.
South Korea's FSC has announced new policy measures in five key areas to promote fintech and digital finance, and establish a stronger foundation for financial sector innovation.
Digital identity systems could form a significant component of the compliance infrastructures at the new digital banks in the years to come, says Refinitiv’s Phillip Malcolm.
Regtech is not fintech, says Stephen Scott at Starling. While fintech firms look to regulators for permission, what most regtech firms require from regulators is their collaboration.
At its Plenary, the FATF highlighted the use of digital identity systems, the new standards for virtual assets, and efforts to tackle illegal wildlife trade as some of its key initiatives.
Regulation Asia sat down with DTCC's Oliver Williams to discuss the challenges, risk factors, and opportunities in the OTC derivatives reporting space for 2020.