[Singapore] Financial Institutions Need to Review
Security Controls Amidst COVID-19: MAS’ Cyber Security Advisory Panel
MAS News, 10 Nov 2020
The
Monetary Authority of Singapore (MAS)'s Cyber Security Advisory Panel (CSAP) stressed
the need for financial institutions to review their security controls given the
elevated technology-related risks arising from remote working and safe
management measures due to the COVID-19 pandemic. At its fourth annual meeting
with MAS management on 5 November 2020, the Panel shared its insights on cyber
risks in the new operating environment and made several recommendations.
Full
text: click here
[Singapore]
MAS Consults on Requirements to Strengthen Financial Institutions’ Identity
Verification Process
MAS
News, 10 Nov 2020
The MAS
issued a consultation paper on the types of information required for non-face-to-face
verification of an individual’s identity. These proposed requirements come
against the backdrop of rising impersonation scam cases, and seek to address
the risks arising from theft and misuse of an individual’s personal
particulars. The proposed Notice will prohibit financial institutions from
relying on common personal information such as NRIC number, residential address
and date of birth as the sole means of identity verification.
Full
text: click here; Consultation: click here
[Hong
Kong] Zeng Lingxi pleads not guilty to charges of obstructing the SFC’s search
operation
SFC
News, 11 Nov 2020
Ms Zeng
Lingxi pleaded not guilty at the Eastern Magistrates’ Court to two charges laid
against her for obstructing employees of the Securities and Futures Commission
(SFC) in the execution of a search warrant in May 2020 at an office premises
related to an investigation of possible market manipulation of the shares of a Hong
Kong-listed company.
Full
text: click here
[Hong
Kong] Fraudulent Claim to be a Product Licensed by the HKMA
HKMA
News, 11 Nov 2020
The Hong
Kong Monetary Authority (HKMA) received enquiries from members of the public regarding
a website, with the domain name http://antarespay.com/, claiming that its
product is licensed by the HKMA. The HKMA wishes to clarify that the claim on
the website does not tally with the fact. The public should be aware that the
Antares Pay or Antares Card is not an authorized institution (AI), stored value
facility (SVF) licensee or approved money broker regulated by the HKMA.
Full
text: click here
[Hong
Kong] Statements issued by the Financial Action Task Force (For AIs and SVF
Licensees)
HKMA
Circulars, 11 Nov 2020
This
circular is to update you the statements published by the Financial Action Task
Force (FATF) identifying jurisdictions that have strategic deficiencies in
their anti-money laundering and counter-financing of terrorism (AML/CFT) and
counter proliferation financing regimes, and also draw your attention to a
number of outcomes from the FATF Plenary meeting held virtually on 21-23
October 2020. In response to the COVID-19 pandemic, the FATF decided on a
general pause in the review process for the list of “high-risk jurisdictions
subject to a call for action”. AIs should therefore continue to refer to the
HKMA circular on “Statements issued by the Financial Action Task Force” dated
11 March 2020, in particular, applying the enhanced due diligence measures and
other counter-measures in relation to Iran and the Democratic People’s Republic
of Korea.
Full
text: click here
[China]
China to step up crackdown on fintech dominance, risk controls
Business
Times, 12 Nov 2020
Liang
Tao, a vice-chairman of the China Banking and Insurance Regulatory Commission
(CBIRC), said at a conference in Beijing on Wednesday that fintech doesn't
change the nature of the financial industry and regulators should be attentive
to the risks and challenges of digitisation. Firms should be subject to the
same supervision and risk management requirements as banks, he said. Licensed
financial institutions should also assess the risks of their partners and are
restricted from outsourcing their information technology, risk management and
internal auditing.
Full
text: click here