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Financial Crime
Cryptocurrency
Russia Advances Bill to Enable Cross-border Payments in Crypto
By Editors | 01/08/2024
The law is expected to take effect on 1 September, formally allowing the use of crypto in payments for international trade transactions.
Fraud, Scams & Cybercrime
India: Ransomware Attack Disrupts Services at Nearly 300 Banks
By Ajoy K Das | 01/08/2024
The attack affected C-Edge Technologies, a TCS and SBI joint venture that provides technology services to small banks across India.
Conduct, Culture & Accountability
Australia’s New Code for Tax Practitioners Takes Effect
By Sanday Chongo Kabange | 01/08/2024
Tax practitioners will have until January or July 2025 to come into compliance, depending on their firm size.
Capital Adequacy
RBI Directs UCBs to Discontinue “Dividend Equalisation Funds”
By Ajoy K Das | 01/08/2024
UCBs have been accumulating profits from previous years in dedicated funds to use for future dividend payments.
Cybersecurity
RBI Issues New Anti-Fraud Rules for Non-bank Payment Systems
By Ajoy K Das | 01/08/2024
The new master direction includes requirements to establish real-time fraud monitoring solutions and multi-factor authentication for all payment transactions.
Fraud, Scams & Cybercrime
Details Revealed on Chinese Scam Operated from Isle of Man
By Manesh Samtani | 01/08/2024
The case is the first known where Chinese nationals operated a pig-butchering scam from a Western country to con victims in China.
Market Abuse
Prominent Short Seller Andrew Left Charged for Securities Fraud
By Editors | 31/07/2024
The DOJ and SEC said Andrew Left used social media and TV appearances to promote his trades, manipulate the market, and “make fast, easy money”.
Market Abuse
UK Supreme Court Agrees to Hear LIBOR Rigging Appeals
By Manesh Samtani | 31/07/2024
Former traders Tom Hayes and Carlo Palombo allowed to appeal convictions for interest rate rigging at the UK’s highest court.
Supervision & Enforcement
Japan, Netherlands Sign MoC on Banking Supervision
By Editors | 31/07/2024
Japan’s FSA and the Dutch central bank agree to cooperate and exchange information necessary for the supervision of banks that operate in both jurisdictions.
PEPs & Sanctions
Austria’s Raiffeisen Working to Sell 60pc of Russian Unit
By Editors | 31/07/2024
Raiffeisen is trying to coordinate with Russian, European and US authorities to sell a 60% stake in its Russian unit.
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