NAB's action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.
May 4, 2022The SBV has warned of fraud incidents involving e-wallets and asks banks to monitor the use of data by fintechs until the new regulatory framework is in place.
April 17, 2022A new consultation paper proposes to exempt FIs that are already enrolled with AUSTRAC from registration on the DCE Register when offering digital currency exchange services.
March 16, 2022MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.
February 10, 2022The BIS Innovation Hub will launch new projects into CBDCs, payments systems, DeFi, green finance, regtech, suptech and cybersecurity.
January 26, 2022In deciding the disciplinary sanction, the SFC took into account the "extensive period of time" over which the failures occurred.
December 17, 2021The FSS said KakaoBank's weak monitoring has resulted in the lender's failure to flag suspicious overseas money transfers on several instances.
November 18, 2021The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.
October 23, 2021Banks are asked to relax documentary requirements and provide simple personal account opening services, making use of external data to verify customer identities.
October 4, 2021The central bank will coordinating with government departments and agencies to develop a decree to enable the sandbox.
September 21, 2021