AI, Technology & Data

Tokenisation

Regulatory Certainty Needed to Fully Benefit from Tokenisation: SFC

By Nithya Subramanian | 01/04/2024

The SFC’s Elizabeth Wong says intermediaries planning to offer tokenised products must demonstrate that they have done their due diligence and can manage the associated risks.

Credit Risk

Japan Develops AI Model to Help Regional Banks Identify Risk

By Editors | 31/03/2024

The AI model can identify businesses that are showing signs of deterioration so banks can provide support before financial difficulties become insurmountable.

Anti-Money Laundering

Singapore: ACIP Sheds Light on Use of Data Analytics for AML/CFT

By Manesh Samtani | 30/03/2024

New paper discusses current and future uses of data analytics for AML/CFT, and how information shared over COSMIC could be leveraged to enhance such solutions.

Conduct, Culture & Accountability

BNM Updates Policy to Ensure Fair Treatment of Vulnerable Consumers

By Sanday Chongo Kabange | 30/03/2024

The revised policy document introduces specific requirements for financial service providers on the fair treatment of vulnerable consumers.

AI Risk & Governance

NZ FMA Supports Use of Gen AI by Finance Sector

By Nithya Subramanian | 30/03/2024

Executive Director Daniel Trinder said the FMA would like to hear from firms about their use of GenAI to understand how risks are managed.

Data Privacy

Australian Senate Passes Digital Identity Bill

By Editors | 29/03/2024

The Bill will allow myGovID to be used by the private sector, and accredited private sector IDs to be used for some government services.

Fraud, Scams & Cybercrime

Westpac Unveils “First of its Kind” Anti Scam Service

By Sanday Chongo Kabange | 28/03/2024

The AI-powered service will ask customers to answer a “series of dynamic questions” if a new payment appears to have high scam risk.

Cybersecurity

US Treasury Publishes Report on AI-Specific Cyber Risks

By Manesh Samtani | 28/03/2024

The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.

Anti-Money Laundering

BIS Innovation Hub Launches New Phase of AML Project

By Manesh Samtani | 28/03/2024

Phase 2 of Project Aurora aims to, among other things, deliver real-world proofs-of-concept that could scale to a potential pilot.