International

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

Securities / Derivatives

DSB Integrates UPI in OTC ISIN UAT Environment 

By Editors | 17/07/2023

Users of the OTC ISIN UAT environment can now develop and test changes to their systems to incorporate the UPI as part of the OTC ISIN record.

Crypto / Digital Assets

Stablecoins Can Destabilise Financial Markets: NY Fed

By Jill Wong | 17/07/2023

A report by the Federal Reserve Bank of New York says the run on Terra shows how stablecoins can potentially destabilise financial markets and economies.

Lessons in Liability: Applying Card Fraud Dispute Frameworks to Digital Banking Scams

By Tim Dalgleish | 16/07/2023

Tim Dalgleish discusses the implications of new scam liability regulations, taking lessons from card fraud dispute frameworks.

AML / KYC

FFC Asia 2023: Industry Faces Challenges in Advancing Beneficial Ownership Transparency

By Ranamita Chakraborty | 14/07/2023

Panellists at Regulation Asia’s Fraud and Financial Crime Asia conference highlighted the need for improved availability and accuracy of beneficial ownership information.

Crypto / Digital Assets

FSB Delivers Key Updates on Crypto, Climate to G20

By Manesh Samtani | 14/07/2023

The FSB said attention must now turn to implementation of its new crypto regulatory standards; Updated roadmap on climate risks is published.

Enforcement

UK FCA Fines Bastion Capital Over Cum-Ex Trades

By Mark Johnston | 13/07/2023

The UK FCA imposed a GBP 2.45 million fine on a former broker that executed over GBP 70 billion worth of fraudulent trades.

AML / KYC

UAE Becomes First Arab Country to Join APG as Observer

By Mark Johnston | 13/07/2023

A delegation from the UAE participated as an observer in the APG forum in Vancouver earlier this month. Other observers include the UK, France, and Germany.

Fintech / Regtech

FFC Asia 2023: Professional AI Skills Needed in Financial Crime Fight

By Ranamita Chakraborty | 13/07/2023

Panellists at Regulation Asia’s Fraud and Financial Crime conference stressed the need to up-skill financial sector professionals so they can use AI in fighting financial crime.