AI Risk & Governance

GLEIF Unveils Free Tool to Automate ELF Code Assignment

08/11/2022

The machine learning tool can extract the legal form from unstructured text and automate the assignment of entity legal form codes.

Cybersecurity

Thai SEC: Revised IT Security Rules to Take Effect in July 2023

08/11/2022

The SEC has strengthened the obligations of capital markets and digital assets firms to supervise and manage the risks to their IT systems.

Anti-Bribery & Corruption

UK Court Orders Glencore to Pay Over $300m for Africa Oil Bribes

08/11/2022

The SFO found that Glencore funnelled about $29mn worth of bribes between 2011 and 2016 to gain access to oil rights across Africa.

Payments & Settlements

RBI Eases Requirements for Rural Banks to Offer Internet Banking

08/11/2022

The net worth requirement and net NPA eligibility criteria have been relaxed, to promote the spread of digital banking for customers in rural areas.

Conduct, Culture & Accountability

Federal Court Finds NAB Knowingly Overcharged Customers

08/11/2022

NAB became aware of the issue in January 2017 and did not stop overcharging customers until February 2019, court documents say.

Payments & Settlements

HK Banks Offer ‘PAPT’ Option for Mortgage Refinance Transactions

08/11/2022

The PAPT is being introduced to address risks that could arise for residential mortgage customers if a law firm handling a transaction is suspended.

Trading & Investment

NYSE, IDX Agree to Cooperate on Product Development

08/11/2022

The New York and Indonesian exchange agreed to collaborate on product development, market promotion, and knowledge sharing.

Fraud, Scams & Cybercrime

US Agents Seized Over $3.3bn in Silk Road’s Bitcoin Last Year: DOJ

08/11/2022

Over 50,000 Bitcoin, stolen from online marketplace Silk Road in 2012, was seized in November 2021 and has since lost more than two-thirds of its value.

CBDCs

Bank of Korea Completes Second Stage of CBDC Experiments

08/11/2022

BOK tested the use of its CBDC system to purchase NFTs, perform cross-border remittances, fulfill seizure orders, and automate AML/CFT monitoring and STR filings.