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Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
Data Privacy
Japan to Require Disclosure of User Data Held Overseas
By Manesh Samtani | 29/05/2021
Companies will reportedly also have to disclose how data management rules in foreign countries differ from those in Japan.
Data Privacy
WhatsApp Files Lawsuit Against India Over Traceability Rules
By Editors | 27/05/2021
The new laws give the Indian government greater power to monitor online activity and require data to be stored in a “traceable” database.
Data Privacy
Japan Post Bank Misplaces Customer Transaction Data
By Editors | 25/05/2021
The missing records include information such as clients’ names and bank account numbers, which are supposed to be retained for 10 years.
Data Privacy
Guangdong Restricts Collection of Data in Social Credit Ratings
By Sanday Chongo Kabange | 24/05/2021
The new regulations bar the collection of information on consumers’ religion, blood type, diseases, medical history and biometrics.
CBDCs
CBDCs Present Central Banks with Risk-Benefit Trade-off: Fitch
By Sanday Chongo Kabange | 20/05/2021
The potential for funds to move quickly into CBDC accounts could cause credit strains in some banks and push up interest rates.
Cybersecurity
HKMA Instructs Banks to Assess Need for Tertiary Data Backup
By Manesh Samtani | 18/05/2021
Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.
KYC & CDD
RBI Relaxes Restrictions on the Use of Video-based KYC
By Editors | 17/05/2021
Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.
Cloud & Infrastructure
HKMA Sets Out Next Steps to Implement Open API Framework
By Manesh Samtani | 13/05/2021
Phase 3 and 4 API functions will be implemented progressively by 28 participating banks starting from December 2021, the HKMA says.
Cryptocurrency
Korean Lawmakers Push for Tougher Crypto Legislation
By Sanday Chongo Kabange | 11/05/2021
Lawmakers are pushing for tougher crypto legislation to protect crypto investors against unfair practices and price manipulation.
Operational Risk
FSC Taiwan to Order LINE Bank to Improve Operations
By Sanday Chongo Kabange | 11/05/2021
The FSC says LINE Bank’s report explaining its launch day system failure was not satisfactory. The regulator will ask the bank improves its operations.
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