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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.
Cybersecurity
FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector
By Editors | 22/07/2020
FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.
Anti-Money Laundering
MAS Seeks Expanded Powers to Address Financial Sector Risks
By Manesh Samtani | 21/07/2020
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
Data Privacy
China Progresses Development of Data Security Law
By Editors | 07/07/2020
The draft law says the government will protect the rights of individuals and organisations over the use of their data.
Anti-Money Laundering
Using Privacy Preserving Analysis to Tackle Financial Crime
By Manesh Samtani | 07/07/2020
Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.
KYC & CDD
S. Korea Approves Use of Biometrics for Digital Identification
By Editors | 06/07/2020
Korea’s Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.
Fraud, Scams & Cybercrime
Economic Downturn Presents Opportunities for Corporate Fraud
By Chris Fordham | 03/07/2020
Drawing from the Fraud Triangle Theory, Alvarez & Marsal’s Chris Fordham discusses how the current crisis has created a perfect storm for fraud and misconduct.
Data Privacy
India Bans Chinese Apps, Citing Data Privacy Issues
By Editors | 30/06/2020
India has banned 59 of China’s biggest mobile phone apps including TikTok and WeChat, saying they breach data privacy requirements and threaten the country’s security.
Supervision & Enforcement
RBNZ Secures Funding to Boost Supervisory, Enforcement Capability
By Editors | 28/06/2020
The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.
Structural Regulation
Covid-19 Delays Launch of Taiwan Digital Banks: FSC
By Editors | 28/06/2020
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.
AI Risk & Governance
Singapore: AMTD, Xiaomi Finance Launch Digital Finance Programme
By Editors | 22/06/2020
AMTD and Xiaomi Finance will provide S$5mn to support to enable SMU and NUS-ISS to build curriculum and teaching resources for a digital finance leadership programme.
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