International

PEPs & Sanctions

OFAC Sanctions Two African Firms Linked to Russia’s Wagner Group

By Editors | 31/05/2024

Two companies were designated for enabling “Wagner Group security operations” and “illicit mining endeavors” in the Central African Republic.

Capital Adequacy

EU Adopts Final Basel III Rules, Confirms Jan 2025 Roll-Out

By Manesh Samtani | 31/05/2024

Earlier this week, an ECB official said Basel III should be delayed in the EU if the US is too slow to adopt its own reform plan.

Fraud, Scams & Cybercrime

Swift Announces Industry Partnership to Combat Fraud With AI

By Editors | 31/05/2024

FIs will share data with privacy-preserving controls so that AI can be used to detect fraud patterns from a “much richer dataset”.

PEPs & Sanctions

China Announces Export Controls Targeting Aviation Parts

By Editors | 31/05/2024

From 1 July, a special licence from MOFCOM will be needed to export aviation and aerospace structural components and other items.

Cryptocurrency

‘Gemini Earn’ Investors Secure Return of $2b in Crypto Assets

By Editors | 30/05/2024

Investors are receiving their digital assets “in kind”, meaning they benefit from crypto price increases since withdrawals were halted in January 2023.

PEPs & Sanctions

HSBC Completes Sale of Russian Unit to Expobank

By Editors | 30/05/2024

The deal received approval in February but it has taken until now for the sale to be successfully concluded.

AI Risk & Governance

EU Commission Establishes Artificial Intelligence Office

By Editors | 30/05/2024

The new Office is preparing guidelines on AI system definitions and prohibitions, and preparing to draw up codes of practice for general-purpose AI models.

Tokenisation

Major FMIs Offer Blueprint for Digital Asset Ecosystem

By Editors | 30/05/2024

DTCC, Clearstream And Euroclear seek to promote the adoption and acceptance of tokenisation and digital asset securities.

Cybersecurity

BIS Explores GenAI Use to Boost Central Bank Cybersecurity

By Editors | 30/05/2024

Existing IT staff at central banks may not be fully prepared to handle the fast and disruptive innovations associated with GenAI.