International

Fraud, Scams & Cybercrime

North Korean Crypto Thefts Broke Records in 2022 – Report

By Mark Johnston | 14/02/2023

A UN report says North Korea stole more crypto in 2022 than in any previous year, using cyber techniques that have grown in sophistication.

PEPs & Sanctions

UK Adds Russia Sanctions, EU Prepares Next Package

By Manesh Samtani | 14/02/2023

The US will crack down on facilitators and third-country providers helping Russia evade sanctions, whether “wittingly or unwittingly”.

Resolution & Recovery

IAIS Consults on New Guidance for Policyholder Protection Schemes

By Editors | 13/02/2023

The paper describes current practices and is intended to serve as a guide for jurisdictions considering establishing a PPS or modifying an existing PPS.

KYC & CDD

Wolfsberg Group Updates CBDDQ, FCCQ, and Related Documents

By Editors | 13/02/2023

The CBDDQ updates include a new section on fraud and additional questions related to whistleblower policy, virtual bank licence, the approval of sanctions policy, and other changes.

Anti-Money Laundering

BIS Innovation Hub to Study Use of Data Technologies for AML

By Editors | 12/02/2023

Project Aurora will study privacy-enhancing technologies, machine learning methods, network analysis, the use of additional data sources, and “machine-readable typologies”.

Data Privacy

EU Parliamentarians Back Eurozone Digital Wallet Framework

By Sanday Chongo Kabange | 12/02/2023

The EU Digital Identity Wallet, expected to go live in 2024, will make it possible to store personal credentials within a single digital ID.

Cloud & Infrastructure

BIS Chief Calls for Regulatory Framework for Big Techs in Finance

By Manesh Samtani | 11/02/2023

Agustín Carstens says big techs involved in financial services are gaining systemic importance and may quickly become “too big to fail”.

Stablecoins

Visa Reveals Plans to Allow Direct Settlement Using USDC

By Sam Chen | 10/02/2023

Visa has tested the feasibility of accepting large value settlement payments in USDC, using the same process as for foreign currency transactions.

Cryptocurrency

Dubai’s VARA Releases Comprehensive Virtual Asset Framework

By Mark Johnston | 10/02/2023

The regulations aim to provide clarity and certainty and reduce market risks. VASPs must now register to offer virtual asset services in Dubai.