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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.
Payments & Settlements
MAS Extends Deadline to Implement E-payments User Protection Guidelines
By Editors | 01/02/2019
The MAS is allowing an extra six months for compliance with its e-payments user protection guidelines, following requests from banks for more time to implement system changes.
Anti-Money Laundering
China to Strengthen Compliance Management at Overseas Bank Branches
By Editors | 24/01/2019
CBIRC guidelines require Chinese banks to strengthen compliance management at overseas branches in relation to AML/CTF, tax evasion, sanctions, consumer protection and cybersecurity.
Payments & Settlements
Singapore Parliament Passes Payment Services Act
By Editors | 15/01/2019
The law represents a framework to streamline payment services regulation in Singapore under a single legislation and bring payment activities under the remit of the MAS.
KYC & CDD
China’s Rules for Blockchain to Take Effect in February
By Manesh Samtani | 15/01/2019
Companies will be required to verify user data based on national IDs and phone numbers, effectively removing the anonymity of blockchainin the country.
Cybersecurity
Two Thirds of Korean Crypto Exchanges Vulnerable to Hacking
By Manesh Samtani | 14/01/2019
Only 7 of 21 crypto exchanges in South Korea passed the government’s security audit; the rest are “vulnerable to hacking attacks at all times.”
Cybersecurity
India Introduces Cybersecurity Rules for Mutual Funds, Asset Managers
By Editors | 11/01/2019
Mutual funds and asset management companies must develop a cybersecurity policy document approved and regularly reviewed by their boards and trustees.
Data Privacy
Hong Kong Lawmakers Push for Consumer Data Protections – Report
By Editors | 08/01/2019
Lawmakers are pushing for greater oversight of credit reference agencies following the discovery of security loopholes in TransUnion’s online service for credit reports.
AI Risk & Governance
SEBI Instructs Brokers, Depository Participants to Report on AI, ML Systems
By Editors | 07/01/2019
Stock brokers and depository participants will have to report information on systems based on artificial intelligence and machine learning.
Fraud, Scams & Cybercrime
UPDATED – Losses from Bank Fraud Up 72 Percent – RBI
By Editors | 07/01/2019
According to RBI data, the higher losses are in large part due to increasing cybercrime as well as the Punjab National Bank scandal in February 2018.
Anti-Money Laundering
New Rules for Payments, E-Commerce Take Effect in China
By Editors | 04/01/2019
Non-bank payment institutions will be required to report to the central bank any consumer transactions exceeding 50,000 yuan and cross-border transfers over 200,000 yuan.
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