International

AML / KYC

G7 Urges FSB to Swiftly Develop Regulations for Crypto

By Manesh Samtani | 22/05/2022

FSB asked to “advance the swift development and implementation of consistent and comprehensive regulation of crypto-asset issuers and service providers”.

AML / KYC

Crypto Firms Launch Scam Reporting Platform: Chainabuse

By Editors | 22/05/2022

Chainabuse is backed by TRM Labs, Solana Foundation, Circle, OpenSea, Binance, The Aave Companies, CIVIC, and Hedera.

Securities / Derivatives

Risks Were Visible in EMIR Data Prior to Archegos Collapse: ESMA

By Manesh Samtani | 19/05/2022

ESMA found that reported trade activity data could be used to track the evolution of Archegos’ positions in individual stocks and analyse the mark-to-market value of its portfolio of swaps.

AML / KYC

US Warns Against Inadvertent Hiring of DPRK IT Workers

By Editors | 19/05/2022

North Korean IT workers may try to obtain employment building crypto exchange platforms and then use the infrastructure to launder money and evade sanctions.

Big Picture

Regulation Needed for ‘Shadow’ Crypto Financial System: BIS

By Manesh Samtani | 19/05/2022

As banks and asset managers increase exposure to crypto, substantial activity is still concentrated in lightly regulated crypto exchanges.

AML / KYC

US Warns Foreign Banks Against Facilitating Sanctions Evasion

By Editors | 18/05/2022

Foreign banks could fall under US sanctions if they provide material support to a person or entity sanctioned by the US.

Enforcement

Allianz to Pay $6bn to Settle Investor Fraud Cases

By Editors | 18/05/2022

Allianz Global Investors admitted that it violated the federal securities laws, and is disqualified from providing advisory services to US funds for ten years.

Fintech / Regtech

FASB Commences Review of Accounting Rules for Digital Assets

By Editors | 16/05/2022

Crypto industry participants as well as ISDA are calling for the FASB to allow digital assets to be recorded on financial statements at fair value.

Big Picture

Bank Culture Regarded as Critical Governance Priority: Report

By Manesh Samtani | 16/05/2022

Financial regulators are prioritising psychological safety, ‘speak up’ culture, and the ability to “predict and prevent” stakeholder harm, says a report from Starling.