AI, Technology & Data

Conduct, Culture & Accountability

BNM Proposes Fair Treatment Rules for Vulnerable Consumers

By Editors | 05/03/2023

BNM proposes to amend its Fair Treatment of Financial Consumers policy document to cover specific requirements on the treatment of vulnerable consumers.

Structural Regulation

SFC Calls on Investors to Provide Consent for HKIDR Regime

By Editors | 03/03/2023

After the launch of HKIDR on 20 March, investors who haven’t provided consent will not be able to buy securities on the stock exchange.

AI Risk & Governance

US Banks Impose Restrictions on Use of ChatGPT

By Editors | 01/03/2023

JPMorgan, Citigroup, Goldman Sachs, Deutsche Bank, Wells Fargo and Bank of America are among those reported to have imposed restrictions.

Cybersecurity

Australia Seeks Input to Craft New 7-Year Cyber Security Strategy

By Editors | 28/02/2023

A new discussion paper released by the government says the Optus and Medibank incidents made clear that the government was “ill-equipped to respond”.

Cybersecurity

SEBI Issues New Advisory on Cybersecurity Practices

By Editors | 28/02/2023

The advisory calls on firms to take into account concentration risk when outsourcing multiple critical services to the same third party vendor.

Payments & Settlements

FSB Sets Out Next Steps for Enhancing Cross-border Payments

By Editors | 26/02/2023

The next phase of work focuses on payment system interoperability, legal and regulatory frameworks, and cross-border data exchange.

Data Privacy

UK, Australia Should Draw Open Banking Lessons from Each Other

By Mark Johnston | 26/02/2023

NatWest and National Australia Bank published a white paper drawing lessons from the UK and Australia’s open banking implementations.

KYC & CDD

BNM Issues Draft Rules on Using e-KYC Solutions for Onboarding

By Editors | 24/02/2023

BNM encourages the use of e-KYC solutions that leverage AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification.

Data Privacy

Chinese SOEs Being Asked to Stop Using Big Four Auditors

By Editors | 22/02/2023

Chinese SOEs are being asked to allow their contracts with the big four audit firms to expire and use local accountants instead.