AI Risk & Governance

MAS to Expand Funding Support for Financial Sector Innovation

06/11/2022

MAS will provide a further SGD 150 million in funding over three years to the Financial Sector Technology and Innovation scheme.

Fraud, Scams & Cybercrime

Most Ransomware Attacks Have a Russia Nexus: FinCEN

06/11/2022

About 75 percent of ransomware-related incidents reported to FinCEN in H2 2021 had a nexus to Russia, its proxies, or persons acting on its behalf.

Conduct, Culture & Accountability

Australia: Customer Owned Banks Gets New Code of Practice

06/11/2022

The new code establishes obligations for more inclusive banking products, expanded lending obligations and guarantor protections, and greater support for vulnerable customers.

Climate Risk

Banks Working to Assess Climate Impacts on Trading Book

06/11/2022

An ISDA-EY report says banks see the potential benefits of engaging with regulators to help define and run an exploratory scenario for the trading book.

Payments & Settlements

MAS to Cooperate with Ghana on Trade and Financial Services

04/11/2022

MAS will work on initiatives to generate greater opportunities for trade and financial services cooperation between Singapore and Ghana.

CBDCs

NY Fed Issues Phase One Report on Wholesale CBDC Research

04/11/2022

In the test environment, wholesale CBDC transactions on a blockchain-enabled distributed ledger system settled in under 15 seconds on average.

KYC & CDD

AUSTRAC Issues Updated Guidance on Due Diligence Obligations

04/11/2022

The first guidance document covers enhanced customer due diligence procedures. The second covers the measures for screening employees and training them on ML/TF risks.

Operational Risk

APRA Imposes Licence Conditions on Insignia Group Trustees

04/11/2022

The additional licence conditions require four Insignia trustees to improve their governance and risk management practices, processes and frameworks.

Anti-Money Laundering

AUSTRAC Orders AML Audits at Two Corporate Bookmakers

04/11/2022

Sportsbet and Bet365 are among the largest corporate bookmakers in Australia. AUSTRAC chief Nicole Rose said the whole industry is on notice.