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Cybersecurity
Chinese Police Summon Alibaba Staff to Probe Data Breach
By Editors | 18/07/2022
Personal information on 1 billion Chinese citizens was reportedly stolen from a Shanghai police database located on an Alibaba server.
Structural Regulation
Bringing People Back to Hong Kong an ‘Uphill Task’: FSDC Chair
By Sanday Chongo Kabange | 18/07/2022
FSDC chairman Laurence Li said Hong Kong we must not allow any “slippage” in its role as an international financial centre, and as a connector to the mainland.
Supervision & Enforcement
BOJ, FSA Advance Work to Coordinate Supervisory Functions
By Sanday Chongo Kabange | 17/07/2022
The FSA and BOJ have started sharing information reported by FIs using common templates and are establishing a new data platform to collect granular data from the industry.
Cloud & Infrastructure
IOSCO Publishes Report on Use of Innovation Facilitators
By Editors | 15/07/2022
The report offers recommendations on three types of innovation facilitators – innovation hubs, regulatory sandboxes, and regulatory accelerators.
Fraud, Scams & Cybercrime
Fraudulent Transactions Cost 4x the Loss Amount on Average
By Editors | 14/07/2022
Every $1 lost to fraud costs organisations an average of $3.99 in APAC, and around $6.33 for digital banks and alternative lenders, LexisNexis Risk Solutions finds.
Data Privacy
How the UK Intends to Reform Data Protection Law
By Nick Westbrook | 14/07/2022
Nick Westbrook outlines the most significant areas of reform to the UK GDPR since it came into force in May 2018.
Data Privacy
ACCC Issues First Penalty for CDR Breach Against BOQ
By Sanday Chongo Kabange | 14/07/2022
This is the first infringement notice the ACCC has issued for an alleged breach of the CDR rules as BOQ pays penalty.
Fraud, Scams & Cybercrime
Australian Banks Introduce Dynamic CVV to Reduce Card Fraud
By Editors | 14/07/2022
Westpac customers who use dynamic CVV have seen an 80 percent reduction in fraud compared to those who don’t.
Anti-Money Laundering
HKMA Advances Work on AML SupTech, Bank-to-Bank Data Sharing
By Darien Choong | 13/07/2022
HKMA executive director Carmen Chu discussed initiatives to enable bank-to-bank information sharing and use granular bank data to detect ML risk.
Data Privacy
FSC Korea Approves Rule Change to Promote Data Convergence
By Sanday Chongo Kabange | 11/07/2022
Firms that do not hold their own data will be allowed to use pseudonymised data from other businesses in their analysis.
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