International

Fraud, Scams & Cybercrime

How AI Can Combat Financial Crime

By Ranamita Chakraborty | 24/08/2023

Industry experts tell Regulation Asia how the financial sector’s battle against sophisticated financial crimes has led to a greater reliance on artificial intelligence (AI) to detect fraud and maintain customer trust.

PEPs & Sanctions

North Korea Stole $200m in Crypto in 2023: TRM Labs

By Mark Johnston | 23/08/2023

TRM Labs describes how North Korea has evolved its on-chain laundering methodologies to evade sanctions, law enforcement scrutiny, and tracing capabilities.

Anti-Money Laundering

Wolfsberg Group Responds to FATF Consultation on NPO Standards

By Sanday Chongo Kabange | 23/08/2023

It says NPOs should be required to conduct their own risk assessments and deploy risk-based controls similar to those used by correspondent banks.

Cryptocurrency

BIS Paper Warns of Heightened Risks from Crypto in EMEs

By Manesh Samtani | 23/08/2023

Certain “risk catalysts” in emerging markets can strengthen the transmission channels through which risks from crypto markets can affect financial stability.

Payments & Settlements

Swift Achieves FSB Speed Target for Cross Border Payments

By Editors | 23/08/2023

89% of transactions processed on the Swift network now reach recipient banks within one hour. The FSB target was 75% by 2027.

Climate Risk

Demand for “Credible” Net Zero Targets Rising – SBTi

By ESG Investor | 22/08/2023

Asia saw the greatest proportional growth in companies setting science-based targets, led by Japan and strong growth in China.

AI Risk & Governance

BCG Explores the Potential of Generative AI for Finance

By Mark Johnston | 22/08/2023

BCG says CFOs should embrace generative AI “immediately” and remove any obstacles to adoption in their departments.

Climate Risk

Asian Banks Underestimating Physical Climate Risk – AIGCC

By ESG Investor | 22/08/2023

AIGCC and China Water Risk call on banks to review their stress testing approaches for sectors that are vulnerable to sea level rise.

Nature & Biodiversity

Nature “Consistently Overlooked” by Financial Institutions – CDP

By ESG Investor | 22/08/2023

The majority of institutions “lack the necessary governance mechanisms and board-level expertise” to integrate nature-related issues across operations.