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Time For FIs To Get Smart About Internal Compliance Monitoring, Says RBI
The Reserve Bank of India (RBI) has to all regulated financial institutions (FIs) requesting that they conduct a 鈥渃omprehensive review鈥 of their internal compliance monitoring and tracking processes.
If necessary, FIs are asked to implement changes to their existing systems or implement new systems by June 30, 2024.
The RBI鈥檚 request comes after the central bank carried out an assessment of a sample group of FIs and their internal compliance monitoring practices.
The RBI wanted to find out the extent of use of technological solutions to support compliance with regulatory instructions, and found that automation of these processes is a 鈥渨ork in progress鈥.
鈥淚t is seen that supervised entities have adopted varying levels of automation to support this function, ranging from use of macro-enabled spreadsheets to workflow-based software solutions,鈥 said the RBI.
鈥淭here is, thus, a need to implement comprehensive, integrated, enterprise-wide and workflow-based solutions and tools to enhance the effectiveness of this function.鈥
Bank Of Japan Confirms November 2025 Migration To Latest ISO 20022 Version
The Bank of Japan (BOJ) has that it will migrate to version 8, the latest version of the ISO 20022 messaging standard, in November 2025.
The central bank will introduce the new messaging standard to the Bank of Japan Financial Network System (BOJ-NET).
This is the payment system the BOJ uses for foreign exchange yen settlements and current account transactions related to deposits of overseas institutions.
The BOJ鈥檚 migration will therefore coincide with the end of the co-existence period during which MT, an older messaging format, and ISO 20022 can both be used on Swift.
Tata Reportedly Set For Faster Payments Takeover In UK
Tata, India鈥檚 largest conglomerate, could be set to take over the operation of the UK's Faster Payments Service (FPS), according to a report from .
If successful, Tata would take over from Mastercard-owned Vocalink. In the Sky News report, Tata is said to be the 鈥渓eading contender鈥 to succeed Vocalink.
However, the appointment of a new operator of the FPS will be put on hold until the government publishes a revised sector strategy.
Known as the "Vision for Payments", the strategy was informed by last year's review of the payment sector by the Treasury and former Nationwide CEO Joe Garner.
A Tata takeover of the FPS could provoke a backlash, following mass redundancies at the Tata-owned Port Talbot steelworks. Last month, Tata Steel confirmed that 2,800 roles in the UK would be cut.
India Warns Against Rising Fraud Under The Guise Of KYC Updation
The Reserve Bank of India (RBI) has to members of the public to be alert for fraud attempts under guise of updating know your customer (KYC) requirements.
Due to 鈥渃ontinuing incidents鈥 of customers falling prey to these attempts, the RBI has urged the public to contact their financial service provider directly in the event of receiving any request for KYC updation.
According to , last updated in January 2024, regulated entities must adopt a 鈥渞isk-based鈥 approach to periodic updation of KYC.
For high-risk customers, updation should be carried out at least once in every two years; for medium risk customers, once every eight years; and for low-risk customers, once every ten years.
Members of the public should use the or through cybercrime helpline if they have been targeted by KYC updation fraud.
