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Structural Regulation
FMA Sets Target Dates for Financial Advice Licensing
By Editors | 19/10/2021
Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.
Fraud, Scams & Cybercrime
UPDATED – BOT Calms Nerves Amid Large Scale Bank Card Fraud
By Pongnut Thanaboonchai | 18/10/2021
More than 10,000 card holders have experienced unatuthorised transactions on credit and debit cards issued by several Thai banks.
AI Risk & Governance
CBIRC Shenzhen Launches Initiative to Drive SupTech Development
By Darien Choong | 18/10/2021
A new Smart Inspection Laboratory will develop tools to facilitate on-site inspections, off-site supervision, and market access.
Cybersecurity
RBI Penalised StanChart, SBI for Regulatory Violations
By Editors | 18/10/2021
The RBI cited non-compliance with its directions on customer protection, cybersecurity, outsourcing, and reporting.
Data Privacy
PBOC Vows to Fill Gaps in FinTech Regulation
By Mark Johnston | 14/10/2021
Governor Yi Gang says the PBOC will continue to strengthen its supervision of fintech companies, while also improving policy transparency and predictability.
Data Privacy
Sri Lanka Cabinet Approves Data Protection Bill
By Duruthu E Chandrasekera | 14/10/2021
Data controllers must ensure the security and confidentiality of personal data. The rights of data subjects will be enhanced. Cross-border transfers are allowed.
Data Privacy
RBI to Allow Foreign Banks to Store Limited Data Overseas
By Editors | 14/10/2021
Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.
Capital Adequacy
BSP Migrates to API-Based Regulatory Reporting
By Sanday Chongo Kabange | 14/10/2021
Banks have six months to enable capabilities to generate XML reports and ensure appropriate personnel is in place.
Data Privacy
Taiwan FSC to Standardise Data Breach Reporting Timelines
By Darien Choong | 13/10/2021
The FSC says standardising the breach reporting time at 72 hours will improve the efficiency of managing fraud and data theft.
CBDCs
G7 Ministers to Endorse Guiding Principles for CBDC – Report
By Editors | 13/10/2021
The principles call for appropriate regulation and oversight, rigorous privacy and data protection standards, and safeguards to prevent fraud and sanctions evasion.
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