International

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    Fraud, Scams & Cybercrime

    How AI Can Combat Financial Crime

    By Ranamita Chakraborty | 24/08/2023

    Industry experts tell Regulation Asia how the financial sector’s battle against sophisticated financial crimes has led to a greater reliance on artificial intelligence (AI) to detect fraud and maintain customer trust.

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    PEPs & Sanctions

    North Korea Stole $200m in Crypto in 2023: TRM Labs

    By Mark Johnston | 23/08/2023

    TRM Labs describes how North Korea has evolved its on-chain laundering methodologies to evade sanctions, law enforcement scrutiny, and tracing capabilities.

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    Anti-Money Laundering

    Wolfsberg Group Responds to FATF Consultation on NPO Standards

    By Sanday Chongo Kabange | 23/08/2023

    It says NPOs should be required to conduct their own risk assessments and deploy risk-based controls similar to those used by correspondent banks.

    Cryptocurrency

    BIS Paper Warns of Heightened Risks from Crypto in EMEs

    By Manesh Samtani | 23/08/2023

    Certain “risk catalysts” in emerging markets can strengthen the transmission channels through which risks from crypto markets can affect financial stability.

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    Payments & Settlements

    Swift Achieves FSB Speed Target for Cross Border Payments

    By Editors | 23/08/2023

    89% of transactions processed on the Swift network now reach recipient banks within one hour. The FSB target was 75% by 2027.

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    Climate Risk

    Demand for “Credible” Net Zero Targets Rising – SBTi

    By ESG Investor | 22/08/2023

    Asia saw the greatest proportional growth in companies setting science-based targets, led by Japan and strong growth in China.

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    AI Risk & Governance

    BCG Explores the Potential of Generative AI for Finance

    By Mark Johnston | 22/08/2023

    BCG says CFOs should embrace generative AI “immediately” and remove any obstacles to adoption in their departments.

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    Climate Risk

    Asian Banks Underestimating Physical Climate Risk – AIGCC

    By ESG Investor | 22/08/2023

    AIGCC and China Water Risk call on banks to review their stress testing approaches for sectors that are vulnerable to sea level rise.

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    Nature & Biodiversity

    Nature “Consistently Overlooked” by Financial Institutions – CDP

    By ESG Investor | 22/08/2023

    The majority of institutions “lack the necessary governance mechanisms and board-level expertise” to integrate nature-related issues across operations.

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    CBDCs

    Russia Launches CBDC Pilot With 13 Banks Participating

    By Editors | 21/08/2023

    The pilot involves 13 banks and 600 individual clients who can make payments at 30 points of sale in 11 Russian cities.

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