FINTECH / REGTECH

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    Enforcement

    ASX Files Defence in ASIC’s Misleading Statements Case

    By Sanday Chongo Kabange | 19/11/2024

    CEO Helen Lofthouse said there was a “reasonable basis” for the statements ASX made about the CHESS replacement project’s progress on 10 February 2022 and it did not breach the law.

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    Fintech / Regtech

    SEBI Proposes Reforms to Make Firms Responsible for AI Use

    By Nithya Subramanian | 19/11/2024

    SEBI is proposing amendments that will make MIIs, intermediaries and other regulated entities accountable for their use of AI/ML tools.

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    Fintech / Regtech

    FSB Flags Growing Risks of AI Adoption in Financial Services

    By Thisanka Siripala | 19/11/2024

    New FSB report identifies AI-related vulnerabilities in the financial sector that can potentially increase systemic risk.

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    Fintech / Regtech

    HKMA Asks Merchant Acquiring Banks to Promote Mobile POS

    By Sanday Chongo Kabange | 19/11/2024

    Banks are asked to promote adoption of mobile POS terminals by merchants to help expand coverage “as far as practicable”.

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    Fintech / Regtech

    APAC Regulatory Environment for GenAI Needs to Remain Flexible

    By Eugene Goyne | 15/11/2024

    As the use cases for GenAI in the financial sector grow, regulators will play a critical role in how GenAI applications are shaped and brought to market.

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    Fintech / Regtech

    EU Commission Seeks Input on AI Systems That Should be Banned

    By Mark Johnston | 15/11/2024

    The EU Commission’s AI Office is consulting on the AI system definition and the specific use cases that should be banned due to potential harm.

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    AML / KYC

    New FinCEN Alert Offers Guidance on Detecting AI Deepfakes

    By Editors | 15/11/2024

    The alert explains typologies and provides red flag indicators to assist in identifying fraud schemes that leverage deepfake media created with GenAI tools.

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    Fintech / Regtech

    HK SFC Sets Expectations on Use of GenAI Language Models

    By Manesh Samtani | 14/11/2024

    Licensed corporations intending to adopt GenAI language models in “high-risk use cases” are asked to discuss their plans with the SFC first.

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    AML / KYC

    UK FCA Fines Metro Bank for Transaction Monitoring Failures

    By Nithya Subramanian | 14/11/2024

    A data-feeding error meant 60 million transactions were not monitored by Metro Bank over a four-year period.

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    AML / KYC

    Unlocking the Potential of AI in Financial Crime Compliance

    By Bradley Maclean | 14/11/2024

    New research explores the potential of AI in financial crime compliance, highlighting pressing pain points and offering a roadmap for adoption.

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