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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.
AML / KYC
ISDA AGM Highlights Global Scrutiny of Crypto Sector
By Manesh Samtani | 14/05/2022
Senior officials from the FSB, Basel Committee, US SEC, and CFTC spoke at ISDA’s AGM about the need for more regulation in the crypto sector.
Market Infrastructure
CPMI Advances Work on Enhancing Cross-border Payments
By Editors | 13/05/2022
A final report has been issued on extending RTGS operating hours, and another offering a framework for jurisdictions to self-assess payment system access.
AML / KYC
Countries Should Ensure Capital Controls Cover Crypto: IMF
By Editors | 12/05/2022
A new IMF paper calls on policymakers to preserve the effectiveness of capital controls by clarifying the legal status of crypto assets.
AML / KYC
Wolfsberg Group Offers Guidance on Adverse Media Screening
By Editors | 12/05/2022
New FAQs highlight the need for FIs to understand how vendors evaluate data source reliability and the controls they have in place address unreliable sources.
Fintech / Regtech
TerraUSD Collapse Highlights Need for Stablecoin Regulation: Yellen
By Manesh Samtani | 12/05/2022
The world’s fourth largest stablecoin lost its peg this week, trading as low as 23 cents to the dollar on Wednesday.
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