As the number of rules increases, along with their interpretations by individual regulators, firms are having to turn to digital solutions so as not to become completely overwhelmed.
Reporting and Governance
Open API initiative progressing in Hong Kong
The open Application Programming Interface (API) framework is progressing towards the next phase, said the Hong Kong Monetary Authority (HKMA), with 20 retail banks participating.
French regulators clarify mandate for climate and sustainable finance committee
The climate and sustainable finance committee set up by France’s financial regulators will act to facilitate the mobilisation of capital to foster a sustainable economy.
SWIFT expands its KYC services as banks prioritise AML fight
SWIFT expands its KYC Registry to include corporates as banks battle with compliance and increasingly large fines related to money laundering breaches.
Australian regulators propose reforming bankers’ bonuses
Bankers in Australia face reforms to their bonuses including having to wait longer for them to be paid out as the Australian Prudential Regulation Authority (APRA) explores in a discussion paper ways to incentivise better behaviour.
Crypto-currencies should be regulated similarly to Swift transactions
Crypto-currencies such as bitcoin should be regulated in the same way as all other electronic financial transactions, said Michael Pompeo, the US secretary of state.
Democrats call for oversight of cloud service providers to financial firms
The Financial Stability Oversight Council (FSOC) should look into whether there is a case for regulatory oversight of firms providing cloud services to financial firms, wrote Katie Porter and Nydia Velázquez, both Democrats in the House of Representatives.
ASIC consults on new whistleblower guidance
Australian regulators are seeking comment on guidance for dealing with individuals who call out wrongdoing in the stock market listed firms they work for and to ensure they are heard and protected.
PBoC lays out three-year plan to channel fintech towards supporting the economy
The People’s Bank of China (PBoC) has laid out a three-year plan to increase the use of technology in the financial sector to improve customer satisfaction, trust and to ensure such services are secure.
Cyber incidents at UK banks soared last year
Data obtained by the consultancy RSM under a freedom of information request shows that the UK’s Financial Conduct Authority (FCA) received reports of 819 cyber incidents in 2018, a surge from the 69 reported in 2017.
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