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AML / KYC
FIs No Longer Have to Verify Client Addresses for AML/CTF – HKMA
By Editors | 12/10/2017
AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.
Capital / Liquidity
Official Media Confirms China Bitcoin Ban Only Temporary
By Editors | 09/10/2017
Xinhua says authorities will introduce a licensing programme and stricter AML rules for cryptocurrency exchanges; ICOs also to become regulated.
Fintech / Regtech
Singapore Enters 2nd Phase of Blockchain-based Payments Trial
By Editors | 09/10/2017
Trial has already been completed on interbank transfers; blockchain programme will be extended to include securities sector as well as payments.
AML / KYC
Thai Banks Join up to Improve Cybersecurity
By Editors | 09/10/2017
Fifteen banks in Thailand have set up a group to tackle information technology stability and security and prepare for cyber-attacks.
Enforcement
Malaysia Revising Prudential Framework for Outsourcing by Financial Institutions
By Editors | 04/10/2017
Banks will be urged to enhance due diligence and do more to protect data confidentiality as BNM cites risks from outsourcing to shared services.
Fintech / Regtech
Philippines Set to Introduce Tighter Cybersecurity Requirements for Banks
By Editors | 04/10/2017
Measures will include enhanced risk management and governance requirements as well as increased use of cloud technology.
Fintech / Regtech
CPMI, IOSCO Call for Uniformity in UPI Creation, Reporting
By Editors | 02/10/2017
Report proposes that each UPI maps to reference data which indirectly describes an OTCD product without identifying transaction details.
Capital / Liquidity
India Insolvency Information Utility Granted 5-year License
By Editors | 02/10/2017
Bank-owned NESL wins license to operate utility which shares information on financial contracts as part of efforts to clean up bad loans.
AML / KYC
HKMA Launches Smart Banking Initiative Including Enhanced Sandbox
By Samuel Riding | 29/09/2017
In addition to the enhanced sandbox, HKMA will also work on a new payment system, minimising regulatory friction in onboarding and other services.
Fintech / Regtech
Regulators Must Collectively Embrace 4th Industrial Revolution – ASIC
By Editors | 25/09/2017
Chairman Greg Medcraft expresses concern about regulatory fragmentation with increased use of technology, emergence of ICOs.
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