FSC of Korea designated eight additional financial solutions as innovative financial services to be accepted into financial regulatory sandbox on November 20. FSC has thus far designated 68 such innovative services since launching the financial regulatory sandbox in April 2019. The solutions include a personalized asset management and financial advisory service based on big data analytics (Rainist) and a financial fraud prevention service that monitors suspicious accounts and shares information on fraudulent activities with financial institutions (Korea Financial Telecommunications & Clearings Institute).
Related Link: Press Release (PDF)
Keywords: Asia Pacific, Korea, Banking, Innovative Financial Services, Regulatory Sandbox, Fintech, FSC
Previous ArticleCentral Bank of Ireland Amends Lending Rules for Credit Unions
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.