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Data Privacy
Japan Post Bank Misplaces Customer Transaction Data
By Editors | 25/05/2021
The missing records include information such as clients’ names and bank account numbers, which are supposed to be retained for 10 years.
KYC & CDD
HKMA Urges Banks to Use iAM Smart in Remote Onboarding
By Manesh Samtani | 25/05/2021
The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.
Data Privacy
Guangdong Restricts Collection of Data in Social Credit Ratings
By Sanday Chongo Kabange | 24/05/2021
The new regulations bar the collection of information on consumers’ religion, blood type, diseases, medical history and biometrics.
Capital Adequacy
ISDA Calls for Uniform Approach to Risk Data Reporting
By Manesh Samtani | 22/05/2021
Regulators would have a greater degree of confidence in the consistency and accuracy of the risk data being collected if they used an established industry standard in their reporting requirements.
CBDCs
CBDCs Present Central Banks with Risk-Benefit Trade-off: Fitch
By Sanday Chongo Kabange | 20/05/2021
The potential for funds to move quickly into CBDC accounts could cause credit strains in some banks and push up interest rates.
Payments & Settlements
BSP Tests new RTGS System Ahead of June 2021 Go-Live
By Editors | 20/05/2021
The BSP is testing the new peso RTGS system with banks and other participating institutions to determine readiness for go-live in June 2021.
Cybersecurity
HKMA Instructs Banks to Assess Need for Tertiary Data Backup
By Manesh Samtani | 18/05/2021
Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.
Cloud & Infrastructure
APRA Sets Launch Dates for New Data Collection Tool
By Editors | 18/05/2021
The test environment will be available from 17 June and production environment from 13 September. ADIs have to maintain BEAR information in APRA Connect from September.
KYC & CDD
RBI Relaxes Restrictions on the Use of Video-based KYC
By Editors | 17/05/2021
Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.
Cloud & Infrastructure
HKMA Sets Out Next Steps to Implement Open API Framework
By Manesh Samtani | 13/05/2021
Phase 3 and 4 API functions will be implemented progressively by 28 participating banks starting from December 2021, the HKMA says.
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