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AML / KYC
South Pacific Nations Complete First Phase of KYC Facility Project
By Editors | 22/11/2020
The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.
Fintech / Regtech
ASIC Seeks Greater Powers to Collect Data from Managed Funds
By Shruti Khairnar | 21/11/2020
ASIC’s Karen Chester says insolvencies and macro forces could present greater liquidity challenges to fund managers and affect investors’ ability to withdraw from funds.
Fintech / Regtech
BOK, FSC Clash Over Supervisory Authority in Fintech, Payments
By Sanday Chongo Kabange | 21/11/2020
The FSC has proposed legislative amendments that would give it power over payment settlements in the fintech industry. The BOK says this will create redundant regulations.
Fintech / Regtech
Vietnam Working to Allow Cooperation With Foreign Firms in Payments
By Sanday Chongo Kabange | 21/11/2020
Currently, Vietnam has no regulations for international payments to be made via foreign intermediary payment operators or e-wallets.
Fintech / Regtech
BSP Seeks Interoperability, Unified Standard in Payments
By Sanday Chongo Kabange | 21/11/2020
BSP governor Benjamin Diokno envisions that payment facilities operated by individual banks and payment firms will operate under a single standard.
Fintech / Regtech
FSC Korea Threatens to Withdraw Incentives for Internet-only Banks
By Sanday Chongo Kabange | 20/11/2020
The FSC has criticised Kakao Bank for disregarding customers with average credit scores, and instead favouring borrowers with high credit scores.
Crypto / Digital Assets
Australian Police Charge Ex-Promoter of Failed Crypto Platform
By Sanday Chongo Kabange | 19/11/2020
The former BitConnect promoter is said to have operated an unregistered managed investment scheme and provided unlicensed financial advice.
Fintech / Regtech
SFC Signs Fintech Cooperation Agreement with Israeli Regulator
By Editors | 17/11/2020
The agreement establishes a framework for information sharing, potential joint innovation projects and referrals of innovative firms seeking to enter one another’s markets.
Fintech / Regtech
BSP, MAS Declare Opposition to Data Localisation Requirements
By Editors | 16/11/2020
Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.
Fintech / Regtech
Korean MyData Industry ‘The First of its Kind’, says FSC Vice Chair
By Editors | 15/11/2020
The FSC’s Doh Kyu-sang says 35 entities are currently under review to receive preliminary licences to participate in the MyData ecosystem.
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