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International
Big Picture
Regulatory Intervention Needed to Address Cloud Adoption Risks: BIS Paper
By Manesh Samtani | 18/11/2023
Indirect oversight of CSPs, i.e. requiring financial firms to manage the risks, “may not be sufficient from a systemic perspective”, the paper says.
Crypto / Digital Assets
GBBC Announces Merger with US Blockchain Coalition
By Editors | 18/11/2023
The US Blockchain Coalition will become a national initiative of GBBC, which will have nearly 600 institutional members post-merger.
AML / KYC
FATF Updates Standards to Address Adverse Outcomes Facing NPOs
By Editors | 17/11/2023
The FATF adopted amendments to Recommendation 8 and its Interpretive Note and updated its best practices paper on combatting TF abuse of NPOs.
Sanctions
US Sanctions Highlight Russian Influence in Balkans Region
By Editors | 17/11/2023
US government actions targets individuals and entities linked to Russia accused of corruption and destabilising activities in the Balkans.
Enforcement
OFAC Sanctions UAE Companies, Vessels for Trading Russian Oil
By Editors | 17/11/2023
Latest OFAC action meant to strengthen enforcement of the G7 oil-price cap as Russia continues to profit from oil exports.
Fintech / Regtech
IFC, MAS, WEF Partner to Advance Digital Financial Inclusion
By Mark Johnston | 16/11/2023
The partnership will create and promote new financing instruments to promote digital financial inclusion in emerging and developing markets.
AML / KYC
BCBS Publishes Discussion Paper on Digital Fraud and Banking
By Editors | 16/11/2023
The BCBS is seeking comments and feedback from stakeholders beyond the banking sector to better understand the status of digital fraud as well as its mitigants.
Crypto / Digital Assets
IOSCO Finalises Policy Recommendations for Crypto Markets
By Manesh Samtani | 16/11/2023
The recommendations cover six key areas, consistent with IOSCO’s Principles and associated standards for securities markets regulation.
Capital / Liquidity
FSB Outlines 2024 Work Priorities, Cites Financial Stability Concerns
By Editors | 16/11/2023
FSB discussed “pockets of remaining banking-sector vulnerabilities” and ongoing work to implement the regulatory framework for crypto and stablecoins.
Enforcement
US, UK Tout “Enhanced Partnership” on Sanctions
By Editors | 16/11/2023
US and UK sanctions authorities have worked closely together over the past year as the UK continues to define its post-Brexit sanctions regime.
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