Wirecard scandal signals EU regulatory overhaul
European Union officials have suggested that there will be changes in the supervision of fintech firms in the wake of the £1.8bn accounting scandal at German payments firm Wirecard.
Stablecoins pose AML threat - FATF
Stablecoins could be attractive to criminals and terrorists if they reach mass-adoption, warns the Financial Action Task Force (FATF) which nevertheless concludes that its revised standards can mitigate the risks - as long as these new coins are centralised.
New COBIT Resource from ISACA Offers Guidance for Governance and Management of Information Security
Source: ISACA
Schaumburg, IL, USA (14 July 2020) – Effective governance and management of information security is necessary for achieving enterprise objectives. It can help enterprises build resilience and minimize the occurrence and impact of security breaches that can cause reputational damage, legal and regulatory risk, or even threaten their very survival. COBIT Focus Area: Information Security is the highly anticipated first focus area publication to launch under the COBIT 2019 umbrella, fulfilling its promise to make its guidance more flexible and practical to use.
New York to relax cryptocurrency rules
New York's financial regulator is preparing to remove a number of regulatory hurdles impeding the development of cryptocurrency businesses in the US state.
FCA hits Commerzbank with £37.8 million fine for AML failings
The FCA has today fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017.
EDPB casts doubt over GDPR adequacy decision for the UK
In a letter to the European Parliament dated 15 June 2020, Andrea Jelinek, chair, European Data Protection Board (EDPB) raises concerns over the UK’s endeavour to reach an ‘adequacy decision’ with the EU following the end of the Brexit transition period.
Financial regulators need to get to grips with Big Tech - BBVA
Defining a suitable regulatory response to the appearance of Big Tech in the financial sector is "one of the greatest public policy challenges facing regulatory bodies", says BBVA in a report which calls on financial watchdogs to address the imbalance on data access between banks and firms such as Google, Amazon and Facebook.
CCAF, World Bank and the World Economic Forum investigate Covid-19's impact on global fintech
The Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School is partnering with the World Bank Group and the World Economic Forum to launch a Global Covid-19 FinTech Market Rapid Assessment Survey. The empirical data collected will be used to understand Covid-19’s impact on the FinTech markets, how the global FinTech industry has responded and some of the immediate regulatory and policy implications.
