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U.S Treasury releases report on managing artificial intelligence-specific cybersecurity risks in the financial sector

In the report, Treasury identifies significant opportunities and challenges that AI presents to the security and resiliency of the financial services sector. The report outlines a series of next steps to address immediate AI-related operational risk, cybersecurity, and fraud challenges…

ESMA consults on possible amendments to the Credit Rating Agencies regulatory framework to ensure a better incorporation of ESG factors

The objective of the proposals is to ensure a better incorporation of ESG factors in the credit rating methodologies and subsequent disclosure to the public, as well as to enhance transparency and credibility in the credit rating process…

FATF publishes Australia’s 4th enhanced follow-up report (FUR) with technical compliance re-ratings

Australia has made progress to address the technical compliance deficiencies identified in the MER in relation to Recommendations 10, 13, 17, 18 and 26. Because of this progress, Australia has been re-rated on these Recommendations. However, due to remaining deficiencies under R.2, Australia’s rating of LC has been maintained for this Recommendation…

U.S DoJ arrests New Jersey man accusing him of evading over $2m in federal taxes and obstructing the IRS

The defendant allegedly concealed a multimillion-dollar real estate portfolio and lied to the IRS to avoid paying taxes. Matthew Tucci, of West Long Branch, received millions of dollars in income from purported refunds by the Customs and Tax Administration of the Kingdom of Denmark…

OFSI publishes survey on threats to financial sanctions compliance

OFSI released a survey to gather industry perspectives and invite users to contribute to efforts in strengthening financial sanctions compliance. The survey takes approximately 10 minutes to complete and is open until April 12, 2024, at 5pm.

Norton Rose Fullbright releases podcast on Risk and Resilience: A guide to transaction risk/fraud in banking

The podcast focuses on removing risk in the banking sector, on fraud and specifically on key recent developments that banks and other financial sector firms should have on their radar as part of their risk management in this area…

U.S DoJ sentences Sam Bankman-Fried, known as the ‘Crypto King,’ to 25 years in prison for his involvement in orchestrating several fraudulent schemes

Bankman-Fried, who was the founder of the cryptocurrency exchange FTX and the cryptocurrency trading firm Alameda Research, misappropriated billions of dollars of customer funds deposited with FTX, defrauded investors in FTX of more than $1.7 billion, and defrauded lenders to Alameda of more than $1.3 billion…

RUSI publishes paper on ‘Upholding North Korea sanctions in the age of decentralised finance’

This paper aims to examine cryptocurrency mixers’ distinct technical, legal and regulatory dimensions and the challenges they pose to the sanctions regime. The paper provides detailed background information on North Korea’s cyber-criminal statecraft, focusing on North Korean actors’ use of mixers to launder illicitly obtained cryptocurrency.

Global Initiative issues paper on ‘Hitting pause: The unfinished story of the UN Cybercrime negotiations’

The attempt by the United Nations (UN) to develop a treaty to address cybercrime – or crimes committed online has been put on pause. This paper analyses the sticking points that remain, namely the scope of the convention, the extent of human rights protections and the scope for international cooperation on electronic evidence, and assesses the challenge of moving forward with the treaty.

MAS consults on proposals to issue an AML/CFT Notice for organised market operators formed or incorporated in Singapore in the conduct of their operations and business activities

The proposed Notice will impose requirements on organised market operators to perform AML/CFT checks on market participants that are not financial institutions, and that trade directly on their organised markets without facilitation by a capital market intermediary

NCA publishes SARs Annual Report 2023

The total number of SARs received is less than the previous year mainly due to a reduction in SARs from high street banks.

SEC obtains a final judgment against Ryan Felton, FLiK, and CoinSpark, whom the SEC had previously charged for their involvement in two fraudulent initial coin offerings (ICOs)

The complaint alleged that Felton promised to build a digital streaming platform for FLiK, and a digital asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the ICOs. The complaint also alleged that Felton secretly transferred FLiK tokens to himself and sold them into the market, reaping an additional $2.2 million in profits…