AI, Technology & Data

AI Risk & Governance

Italy ChatGPT Ban Prompts Broader Scrutiny of AI Tools

By Manesh Samtani | 12/04/2023

Taiwan is exploring the use of AI tools by banks. China has issued draft rules for AI development. The US is exploring accountability mechanisms for AI systems.

Cloud & Infrastructure

Philippine Banks Undergo Major Change in Regulatory Reporting

By Manesh Samtani | 11/04/2023

BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.

Custody & Infrastructure

New FTX Report Reveals Extent of Control Failures

By Manesh Samtani | 11/04/2023

FTX stored private keys in plain text documents without encryption on an FTX group server that was accessible by staff.

Data Privacy

ACCC Warns of Penalties for Poor Quality Open Banking Data

By Editors | 10/04/2023

Enforcement efforts will be focused on issues involving the quality of product reference data such as incorrect interest rates and missing data.

KYC & CDD

BSP Issues New CDD Rules to Support PhilSys Enabled e-KYC

By Sanday Chongo Kabange | 07/04/2023

The PhilSys national digital ID system is acceptable for e-KYC, provided it is supported by “robust technology, adequate governance, processes, and procedures”.

Anti-Money Laundering

US Treasury Publishes First Ever DeFi Risk Assessment

By Manesh Samtani | 07/04/2023

Treasury calls on the private sector to use the risk assessment to inform their risk mitigation strategies, and offers recommendations on government action.

Fraud, Scams & Cybercrime

Wanton Wiper Malware and the Weaponization of Legitimate Tools

By Lotem Finkelstein | 07/04/2023

A bigger threat than ransomware is the reemergence of malware that destroys sensitive data, says Lotem Finkelstein.

Structural Regulation

CSRC Proposes to Update Rules for Securities Firms

By Manesh Samtani | 06/04/2023

The rules focus on risk prevention and internal governance, and now also cover underwriting, sponsorship, market making and OTC business activities.

Cloud & Infrastructure

BNM Proposes to Introduce ‘Green Lane’ for FinTech Sandbox

By Editors | 06/04/2023

The ‘Innovation Green Lane’ will offer a more risk-proportionate and accelerated pathway for innovative solutions by financial institutions with strong risk management capabilities.