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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.
KYC & CDD
BNM Issues Draft Rules on Financial Sector Use of Electronic KYC
By Editors | 17/12/2019
BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.
Emerging Prudential Risks
Geopolitical Risk Surpasses Cyber as Top Overall Risk: Survey
By Editors | 12/12/2019
Geopolitical risk & trade tensions was cited as the top overall risk for 2020 in DTCC’s annual Systemic Risk Barometer Survey, though cyber was cited more frequently as a ‘top 5 risk’.
Conduct, Culture & Accountability
Fund Managers to Remain in Regulatory Spotlight in 2020: Moody’s
By Editors | 10/12/2019
Asset managers will remain in the regulatory spotlight as authorities actively work to reduce conflicts of interest in financial advice and elevate supervision of fund liquidity management.
Data Privacy
Data Privacy in Asia Pacific: A Fragmented Landscape
By Sarah Pearce | 10/12/2019
Asia’s data privacy frameworks remain highly fragmented. But companies cannot be complacent about more onerous laws in other jurisdictions, says Sarah Pearce at international law firm Paul Hastings.
Data Privacy
China to Increase Oversight Over Banking & Finance Mobile Apps
By Editors | 06/12/2019
The National Internet Finance Association has launched a 23-firm pilot scheme to address concerns around risks to user privacy from financial institutions’ mobile apps.
Data Privacy
India’s Cabinet Approves Personal Data Protection Bill
By Editors | 06/12/2019
Under the bill, major violations of data privacy norms can be penalised with jail terms, or monetary fines up to 150 million rupees or 4% of a company’s worldwide turnover, whichever is higher.
Data Privacy
Korea Announces New Measures to Boost Fintech Development
By Editors | 05/12/2019
Among other measures, the FSC said that it would promote the use of regulatory sandboxes to produce at least 100 cases of innovative financial services by March 2020.
Liquidity Risk
MAS Highlights FX Liquidity, Cyber Risk in Latest FSR
By Manesh Samtani | 02/12/2019
In its latest Financial Stability Review, the MAS highlights pressures on foreign currency liquidity and the potential impacts of a cyber attack on Singapore banks and their service providers.
Data Privacy
China Eyes Stronger Data Governance Standards for Financial Sector
By Editors | 28/11/2019
The China Banking Association is working to develop technology standards to facilitate data analysis, while also ensuring adequate security and data quality management.
Cybersecurity
MAS, ABS Conclude 6th Crisis Response Testing Exercise
By Editors | 23/11/2019
‘Exercise Raffles’ brought together the public and private sectors – including the FS-ISAC, HKMA, CSA, SGX, SWIFT and FIS Global – to test cyber and operational disruption response capabilities.
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