One of India's largest lenders, Punjab National Bank, has announced that "fraudulent and unauthorised transactions" worth almost US$1.8 billion had been made at one of its branches in Mumbai. These had been "for the benefit of a select few account holders with their apparent connivance", the FT reports. Based on these transactions, other banks appear to have advanced money to these customers abroad. The bank said its liability with regard to the transactions remained to be established, and that the matter had been referred to law enforcement agencies. Mortgage finance company Fannie Mae is to request US$3.7 billion of additional bailout cash from the US Treasury - the first time it has asked for public funding since 2012, reports the FT. Recent tax changes in the US have pushed the company to a net loss of US$6.5 billion in its fiscal fourth quarter. However, Fannie Mae stated it expected to remain profitable on an annual basis "for the foreseeable future". The UK's financial conduct authority is considering setting up a "global regulatory sandbox" to allow fintechs to carry out tests in different countries simultaneously and help regulators spot cross-border problems, reports Finextra. The FCA's current sandbox has helped 60 fintechs test their innovations with real customers since its launch in 2016. It says a global sandbox would be especially helpful for fintechs looking to develop technology in areas where cross-border testing was vital, such as anti-money laundering. Since December, OCBC Bank has been using facial recognition technology to identify its Premier Banking Customers as they enter branches so they can be greeted by name and offered their preferred drinks or magazines, Finextra reports. Pranav Seth, from OCBC's fintech innovation group, said the bank was now looking at how to extend the facial recognition capability beyond customer service.