AI, Technology & Data

Operational Risk

NZ’s FMA Issues Proposal to Enhance Industry Operational, Cyber Resilience

By Editors | 12/07/2023

If a licensee experiences a significant disruption, they must promptly notify the FMA no later than 72 hours after the incident.

Data Privacy

ACCC Launches Inquiry into Data Broker Services

By Editors | 12/07/2023

The inquiry will concentrate on third-party data brokers that gather information from external sources and share or sell it to other organisations.

Fraud, Scams & Cybercrime

Singapore’s Cyber Security Agency Inks MOU in Cybercrime Fight

By Karen Ng | 11/07/2023

The Cyber Security Agency of Singapore aims to protect financial institutions against cybercrime through information sharing and preparation against cyber-attacks.

Fraud, Scams & Cybercrime

MAS Urges Banks to Stop Use of SMS OTP

By Karen Ng | 10/07/2023

The MAS is urging banks to move away from the sole reliance on SMS OTP as the only authentication factor for transactions.

Fraud, Scams & Cybercrime

NAB Becomes First Aussie Bank to Remove Links From Text Messages

By Sanday Chongo Kabange | 10/07/2023

The move is one of 64 projects completed or underway across NAB to help address the “global scam epidemic”.

CBDCs

BIS Issues Security and Resilience Framework for CBDC Systems

By Manesh Samtani | 10/07/2023

The framework offers a seven step model to guide central banks in designing, implementing and operating secure and resilient CBDC systems.

AI Risk & Governance

RBI Considers Developing Regulatory Framework for Fintechs

By Editors | 07/07/2023

Deputy governor T Rabi Sankar Sankar indicated the RBI is committed to ensuring the fintech industry is provided adequate space to grow.

Structural Regulation

Korea Announces Plans to Allow New Entrants to Banking Industry

By Editors | 06/07/2023

This will be the first time in thirty years that new nationwide banks can be established in Korea, the FSC said.

Fraud, Scams & Cybercrime

Singapore Parliament Passes Online Criminal Harms Act

By Jill Wong | 06/07/2023

The new law will give the government the power to order the removal of websites, apps and online accounts suspected of criminal activities.