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Fraud, Scams & Cybercrime
Ransomware Attacks Present a Growing Threat to FIs: FS-ISAC
By Editors | 15/11/2020
Even with robust cybersecurity programmes, large institutions are vulnerable to attacks through third-party suppliers. Smaller institutions are at even greater risk.
Cloud & Infrastructure
DTCC Paper Offers Guidance on Cloud Adoption in Financial Services
By Editors | 13/11/2020
The paper suggests the establishment of a principles-based, harmonised regulatory framework to better support adoption of cloud services by financial institutions.
Structural Regulation
China Consults on Anti Monopoly Rules for E-commerce, Payments
By Editors | 11/11/2020
The new rules issued by China’s SAMR prohibit a range of monopolistic practices and are expected to impact internet giants Alibaba, JD.com, Tencent, and Meituan, among others.
Cybersecurity
FIs Need to Bolster Security Controls to Mitigate Cyber Risk: MAS
By Editors | 10/11/2020
FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.
Operational Risk
FSB Advances Dialogue on Outsourcing, Third Party Relationships
By Manesh Samtani | 09/11/2020
An outage or failure at a single third party could create a single point of failure with potential adverse consequences for financial stability, the FSB says.
Payments & Settlements
SGX Enables SingPass Authentication for CDP Transactions
By Editors | 09/11/2020
The introduction of SingPass offers CDP customers better convenience and security when they transact online, and forms part of SGX’s ‘CDP Goes Digital’ initiative.
Cloud & Infrastructure
MAS Announces Grant to Help Small FIs Adopt Reg Reporting Tech
By Editors | 09/11/2020
The grant provides funding support for smaller FIs to adopt regulatory reporting solutions from pre-approved providers – AxiomSL, KPMG Services and Wolters Kluwer.
PEPs & Sanctions
SFC Eases Uncertainty Over National Security Law – Report
By Editors | 09/11/2020
Implementing US sanctions is unlikely to be considered a breach of the national security law. The SFC has dropped a plan to force cloud providers to share client data.
Payments & Settlements
WhatsApp Wins Approval to Launch Payments Service in India
By Editors | 08/11/2020
The approval comes two and a half years after WhatsApp launched in beta mode, but was then forced to comply with India’s data localisation requirements.
Payments & Settlements
Australian FIs to Use NPP for International Payments by End-2022
By Editors | 05/11/2020
Participating FIs are required to join the international payments business service and receive inbound international payments via the NPP by December 2022.
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