31st December 2019
A court in Vietnam on Saturday sentenced a former information minister to life in prison after finding him guilty of taking $3 million in bribes in connection with a controversial deal at state telecoms firm MobiFone. Nguyen Bac Son received the money to facilitate a deal in which MobiFone overpaid… Read More
24th December 2019
China may debut the breakout fintech innovation of 2020. Beijing is primed to launch the world’s first digital sovereign currency. The initial roll out looks cautious, focusing on consumer spending. Deploying the new technology more widely in the country’s banking system could be the disruptive next step. A 2019 survey… Read More
23rd December 2019
On the first day of Christmas, the industry gave to me…the most common recurring issues and potential pitfalls across a firm’s governance, compliance and control environment. Christmas comes but once a year, but compliance obligations apply all year round. Unfortunately, when it comes to compliance programmes this Christmas, UK financial… Read More
17th December 2019
South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledgling market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva Republica. Read More
11th December 2019
The European Commission said it would only consider money-laundering reforms after it completes a thorough assessment of the issue, dashing hopes the EU executive would act rapidly to crack down on dirty money flowing through the continent. Last week, EU governments backed a plan to strengthen the bloc’s powers to… Read More
11th December 2019
The financial technology industry that’s upending consumer finance could be the solution to a kind of identity fraud that’s dogging traditional banks and fintech companies alike. It’s called synthetic identity fraud, where instead of stealing one person’s information, criminals synthesize a false identity using information from many people — usually those… Read More
25th November 2019
Fintech payments juggernaut Afterpay breached anti-money laundering laws because it initially received incorrect legal advice about how to comply, an independent audit has found. The audit found Afterpay was in breach because an unnamed top-tier law firm incorrectly decided the buy-now, pay-later company was not providing loans to consumers but… Read More
25th November 2019
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA’s its first AML/CFT RegTech Forum on Friday. The HKMA (Hong Kong Monetary Authority) on Friday (22 November) hosted its first AML/CFT RegTech Forum. The Forum was an… Read More
21st November 2019
About $400 million of XRP tokens, the currency for the Ripple payment network, is tied to illegal transactions, according to findings released on Wednesday by London-based Elliptic, a provider of risk management systems for the cryptocurrency industry. XRP, a token used for payments and settlement, currently has a market capitalization… Read More
14th November 2019
The Monetary Authority of Singapore (MAS) will have a second go at its failed electronic know-your-customer (e-KYC) project, said MAS managing director Ravi Menon on Wednesday. The centralised KYC utility idea was first proposed in 2017, and was meant to allow financial institutions to identify and verify potential customers’ details… Read More