Regulatory Developments

ESMA provides guidance on the compliance function under MiFID II

ESMA provides guidance on the compliance function under MiFID II Friday 05 June 2020 11:24 The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes the final guidelines on the MiFID II compliance function. These guidelines replace the ESMA guidelines on the same topic issued in 2012 and include updates that … Read more


ESMA announces new methodology for peer reviews

ESMA announces new methodology for peer reviews Friday 05 June 2020 11:01 The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a new Peer Review Methodology integrating the improvements to this process that were introduced by the revised ESMA Regulation (ESMAR).  Peer reviews contribute significantly to supervisory convergence, and ESMAR … Read more


Comptroller warns of stay-at-home impact on banks

Acting Comptroller of the Currency Brian Brooks wrote to state associations for cities, mayors and governors, warning them to consider the long-term adverse impact of stay-at-home orders on the nation’s banks. “Certain aspects of these local orders, potentially threaten the stability and orderly functioning of the financial system the OCC (Office of the Comptroller of … Read more


ESMA updates reporting instructions for MMF reporting

ESMA updates reporting instructions for MMF reporting Thursday 04 June 2020 17:42 The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published updated reporting instructions to be used for reporting under the Money Market Fund Regulation (MMFR). ESMA has implemented amendments on the XML schema and reporting instructions in a new … Read more


ESMA promotes convergence in the supervision of costs in UCITS and AIFs

ESMA promotes convergence in the supervision of costs in UCITS and AIFs Thursday 04 June 2020 11:30 The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published today a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities … Read more


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Cybersecurity, Data and AML/Sanctions

CoinDCX Explains how Onfido’s AI-enhanced Software uses Biometrics to Verify Users’ IDs on India-based Digital Asset Exchange

The digital asset and blockchain space is still in its infancy or early stages of development. There are many companies working on developing key infrastructure needed to support emerging cryptocurrency businesses. Cybersecurity, ID verification, AML/KYC processes, and even cryptocurrency-related insurance services are already being developed… Read More The post CoinDCX Explains how Onfido’s AI-enhanced Software … Read more


PayTech Awards winners: where are they now? Emailage – Best E-Commerce Initiative

Chris Thomas, Emailage: criminal gangs share intelligence all the time, to counter that the industry needs to do the same The pending takeover of Emailage by LexisNexis “kind of dominates the news” in terms of what’s happened at Emailage since it won the Best E-Commerce Initiative award at the PayTech Awards last year, says EMEA … Read more


Podcast 250: Jacob Corlyon and Alastair Canal of Capital Collection Management

It is often said in the lending business that it is easy to loan money out, the difficult part of trying to get it back. And in challenging times, like we are living in now, that job becomes even more difficult. So, I thought it was time we talked about strategies for collecting money in … Read more


Facebook sees no foreign interference around protests

Facebook said it removed two networks of accounts linked to white supremacy groups, but it hasn’t seen any attempted foreign interference on its platforms related to the recent Black Lives Matter protests across the U.S. targeting police brutality. Attorney General William Barr said Thursday that the U.S. government has seen evidence of “foreign actors playing … Read more


The activist dismantling racist police algorithms

Hamid Khan has been a community organizer in Los Angeles for over 35 years, with a consistent focus on police violence and human rights. He talked to us on April 3, 2020, for a forthcoming podcast episode about artificial intelligence and policing. As the world turns its attention to police brutality and institutional racism, we … Read more


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Marshall Islands Seeks to Establish a “Self-Sovereign Identity” With New Blockchain-Based Currency

The Marshall Islands’ project says its creation of a digital sovereign currency, named SOV, aims to be a “game-changer”. It could also pioneer how governments respond to crises such as the COVID-19 pandemic. In an exclusive interview with Cointelegraph, Joel Telpner, chairman of Sullivan’s Fintech and Blockchain Practice and Marshall Islands crypto advisor, highlighted that … Read more


Patoshi Researcher Says “Altruistic” Satoshi Will Never Spend His 1.1M Bitcoin

Bitcoin founder Satoshi Nakamoto will never spend his “1.1 million bitcoins” because he is altruistic, Patoshi Pattern researcher Sergio Demian Lerner has said. The Patoshi Pattern exploits privacy flaws of an early protocol, v.01, to identify blocks possibly minded by Satoshi Nakamoto. Lerner said the Bitcoin creator is unlikely to use his coins, which have … Read more


South Korean Crypto Exchange Is First to List Kakao’s Token

South Korean tech giant, Kakao, listed its Klaytn blockchain-issued Klay (KLAY) token via a local cryptocurrency exchange on June 5. This news follows their launch of a new crypto wallet feature in KakaoTalk earlier the week. After registering over 100,000 users thanks to their new crypto-related features, Tech M reports that Kakao reached an agreement … Read more


The Latest Ransomware Victim Is a NASA Contractor

As SpaceX and NASA celebrated their first human-operated rocket launch on May 30, cybercriminals behind a ransomware known as DopplePaymer launched an attack against one of NASA’s IT contractors. According to a blog post by the hackers, the gang managed to breach the network of the Maryland-based Digital Management Inc, or DMI. This company provides IT … Read more


Fed Chair Jerome Powell Discusses Leveraging an Ethereum-Based Libor Replacement

The Federal Reserve’s Chair, Jerome Powell has hinted at using an Ethereum-based interest reference rate in a transition from the London Interbank Offered Rate (Libor). Powell also detailed in a letter to Senator Tom Cotton (R-AR), that the Ethereum version of Libor, a software called “Ameribor” may not be for everyone. The United States Federal … Read more


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Banking, Finance and Investment

U.S. Banking App For Freelancers Lili Secures $10 Million Through Seed Funding Round

Lili, a U.S.-based mobile banking app specifically for freelancers, announced on Wednesday it secured 10 million through its seed funding round, which was led by Group 11 with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, and Torch Capital. Founded in 2018, Lili reported… Read More The post U.S. Banking App For Freelancers Lili … Read more


Trade Finance Fintech Stenn Extends and Upsizes Core Finance Programme to $500 Million With New Major Investors

The latest investment round is the second in less than a month for Stenn. The company closed a new $200 million programme on May 11 from Crayhill, a New York-based private credit manager and asset-based lender, in order to expand its digital trade finance services and further support companies in boosting their international trade flows. With this added capacity, Stenn … Read more


Varo’s $241M Series D Puts Fintech On Track To Becoming National Bank

The San Francisco-based company closed a $241 million Series D round, co-led by new investor Gallatin Point Capital and existing investor TGP’s The Rise Fund, U2 lead singer Bono, and Jeff Skoll, a global entrepreneur and movie producer. Other new investors joining the round include HarbourVest Partners and Progressive Insurance. Varo last raised money in 2019, a $100 million Series C. In all, the … Read more


UK Neobank Startup Muniy Now Seeking £200,000 Through Crowdcube Campaign

Muniy, a UK-based neobanking startup, is now seeking to raise a minimum of £200,000 through its equity crowdfunding campaign on Crowdcube. The company is now offering 6.90% in equity at a £2.7 million pre-money valuation. Founded in 2018, Muniy describes itself as “banking for everyone.” The startup currently offers freemium and paid accounts with core … Read more


Banks worldwide warm to Open Banking

Initially viewed with suspicion by banks, the use of Open APIs to share account data with third party providers is proving to be a positive driver of innovation. Thirty of percent of the banks surveyed by Finastra believe Open Banking is already making a tangible impact in delivering improved overall customer experience. The research, which … Read more


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