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Data Privacy
China to Interlink All Credit Reporting Systems Nationwide
By Editors | 17/10/2022
The PBOC will establish connectivity between all credit reporting systems and platforms nationwide, so data on each economic entity can be combined into a single “credit file”.
Fraud, Scams & Cybercrime
Singapore: SMS Sender ID Registration to Become Mandatory
By Editors | 15/10/2022
All non-registered SMS sender IDs after 31 Jan 2023 will be channelled to a sender ID with the header “Likely-SCAM”.
Structural Regulation
Thai SEC Launches New E-Licensing Services Pilot
By Editors | 15/10/2022
The services will initially allow online submissions of applications for two types of licenses. Full e-licensing services will launch in Q1 2023.
Cybersecurity
BSP Directs FIs to Bolster Email Security, Cyber Awareness
By Editors | 15/10/2022
Financial institutions are directed to adopt “robust and layered” security controls and industry best practices to reinforce email security.
Structural Regulation
US SEC Approves Update to Electronic Recordkeeping Rule
By Editors | 13/10/2022
The amendments add an audit-trail alternative allowing electronic records to be preserved in a way that permits recreation if original records are altered, over-written, or erased.
AI Risk & Governance
UK Regulators Launch Discussion Paper on AI Regulation
By Editors | 12/10/2022
The paper considers how current legal and regulatory requirements and guidance apply to the use of AI in UK financial services, and the gaps that may need to be addressed.
PEPs & Sanctions
US Blocks Export of Computing Chips to China
By Editors | 12/10/2022
The export controls are aimed at preventing the transfer of advanced technology to China’s military, intelligence and security services.
Emerging Prudential Risks
FSB Updates G20 on Work to Strengthen Financial System Resilience
By Editors | 12/10/2022
FSB chair Klaas Knot says the outlook for global financial stability remains challenging, citing tighter financial conditions and higher inflation.
Supervision & Enforcement
RBI Launches DAKSH, a New Supervisory Monitoring System
By Editors | 11/10/2022
The system will be used to monitor compliance and improve compliance culture at supervised entities such as banks and NBFCs, the RBI said.
Data Privacy
US, EU Move to Adopt New Data Sharing Framework
By Editors | 10/10/2022
The legal basis for transatlantic data transfers has been uncertain since 2020, after the EU-US Privacy Shield was declared invalid under EU law.
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