Day: 15 November 2024

EU’s EBA Sets New Rules for Payment and Crypto Providers to Combat Sanction Evasion

The European Banking Authority (EBA) has issued new guidelines for payment service providers (PSPs) and crypto-asset service providers (CASPs) to ensure compliance with the European Union’s sanctions when transferring funds or crypto assets. Released on November 14, the guidelines outline how these providers should implement EU and national sanctions to ...

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G20’s Financial Stability Board Warns of Risks AI Pose to Global Finance, Calls for Enhanced Regulation

The G20's Financial Stability Board (FSB) have raised issues about the implications of artificial intelligence (AI) on the stability of the global financial sector. In its recent report, the Board highlighted AI's transformative potential and identified significant risks that could undermine financial system stability. It noted that though AI could ...

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Upbit Faces Scrutiny Over Suspected KYC Violations Amid License Renewal Review

South Korea's Financial Intelligence Unit (FIU) has reportedly launched an intensive review of Upbit's operations over alleged non-compliance with Know Your Customer (KYC) requirements. The regulator allegedly uncovered 500,000 to 600,000 cases where the country's largest cryptocurrency exchange might fallen short in its customer verification procedures, according to local media ...

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