1st September 2020
A committee has been formed to prepare a law regulating and developing the use of financial technology (fintech) in non-banking financial activities, according to Chairperson of the Financial Regulatory Authority (FRA) Mohamed Omran. The FRA has received a number of proposals regarding the rules and controls for establishing, operating, and… Read More
28th August 2020
U.S. authorities on Thursday moved to seize 280 cryptocurrency accounts they said were used by North Korean hackers who stole more than a quarter of a billion dollars from cryptocurrency companies around the world, including one in the U.S. The U.S. Justice Department said the accounts targeted in the civil… Read More
28th August 2020
Banks and financial institutions across South Asia need to redesign their processes to deal with cases of money laundering even as they are facing increased challenges in meeting heightened regulatory expectations, consultancy firm Deloitte said in its latest South Asia Anti-Money Laundering Preparedness Survey. The survey will be… Read More
28th August 2020
“We created DarkSide because we didn’t find the perfect product for us,” reads the launch announcement. “Now we have it.” It’s a line that could come out of any number of VC-friendly pitch decks, but DarkSide is no startup. It’s the latest strain of ransomware built to shake down… Read More
24th August 2020
Fintech and big technology companies could outpace traditional banks in the race to develop AI tools that help personalize services, evaluate credit risk and more, analysts and industry executives say. While that could fuel new partnerships in banking, it also could lead to increased competition that eats into the business… Read More
14th August 2020
Coronavirus infection tracing apps have brought the formerly obscure and specialist topic of ‘centralised’ versus ‘decentralised’ data analysis into the spotlight, in a way that few could have foreseen. Coronavirus has also led to a rapid escalation of a wider debate across liberal democracies about the legitimacy of… Read More
12th August 2020
Donald Trump calls himself the “law and order” president, but when it comes to white collar crime, he has overseen a significant decline in enforcement. The prosecution of securities fraud, antitrust violations and other such crimes has hit a record low as the pandemic slows the courts, according to one… Read More
10th August 2020
Barclays Plc (BARC.L) is being probed by the United Kingdom’s privacy watchdog, the Information Commissioner’s Office (ICO), over allegations that the British bank spied on its staff, the agency said on Sunday. Earlier this year, Barclays said it was changing a system that the bank was piloting, which tracked… Read More
6th August 2020
Even if the pace at which regulations are drafted seems to be slowing down, at least at the EU-level, regulations in general are still trending toward bullish proliferation. In the financial-crime field alone, around 1,300 binding pieces of legislation have been brought to light in the span of 20 years… Read More
4th August 2020
Africa isn’t included on the virtual asset regulatory map just yet. But crypto businesses seeing strong growth across the 54-country continent are working hard on know-your-customer (KYC) rules to meet the exacting standards set out by the Financial Action Task Force (FATF). A broad range of entities operating in Africa,… Read More