by Rasha Abdel Jalil

Generative artificial intelligence (AI) is reshaping our world, moving beyond its initial harmless applications to power more sinister activities. Its ability to create convincing fake content is enabling criminals to exploit personal information obtained from the vast numbers of internet-connected people for illicit purposes. In response, businesses bolster defences and often rely on Know Your Customer (KYC) as an essential step in fraud prevention. While advances like biometrics and facial recognition have undoubtedly improved identity verification, KYC isn’t foolproof. Criminals are good at finding these weaknesses and slipping past checks. Continue reading…

by Ahsan Habib

Let’s start with talking about greed which is the ethical root cause of corruption. At the root of corruption it has always been the culture of greed which enables accumulating wealth at any cost and without limits. When greed has power, we name it corruption. Corruption is a primary incubator for the global surge in organised crime. And it has a long history. Al Capone who was once one of the most wanted men for the U.S. Treasury, allegedly paid 20 cents of every tainted dollar he earned to ‘pay off’ government officials and greedy politicians. Since then greedy people never had to ‘look back’ and to stop their ‘winning journey’. 
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The Basel Committee on Banking Supervision met virtually  to discuss a range of policy and supervisory initiatives. The Committee took stock of its review of various elements of the prudential standard for banks’ exposures to cryptoassets published in December 2022. It agreed to consult on potential targeted revisions related to the criteria for stablecoins to receive a preferential “Group 1b” regulatory treatment. The Committee will also consult on various technical amendments to help promote a consistent understanding of the standard. The Committee concluded that cryptoassets that use permissionless blockchains create risks that cannot be sufficiently mitigated at present and therefore agreed to retain the existing treatment for such cryptoassets. The consultation paper will be published this month. Continue reading…

The role of General Counsels (GCs) and Chief Litigation Officers (CLOs) has evolved significantly over the years. These legal professionals are no longer confined to the traditional role of providing legal advice and managing litigation. Today, they are strategic partners, trusted advisors, and key decision-makers in their organisations. To thrive in this dynamic landscape, GCs and CLOs need to stay ahead of the curve, constantly updating their knowledge and skills. In recognition of this need, leading event management company, marcusevans Summits, organises the exclusive General Counsel and Chief Litigation Officer Summits. Continue reading…

by Curtis Simpson

Much like Shakespeare’s final play, which begins with the spectacle of a storm-tossed ship at sea, UK organisations have also found themselves engulfed in a tumultuous cybersecurity tempest. At the eye of the storm is a paradox that highlights the challenges of the digital age. As organisations embrace technological advancements, they inadvertently open themselves up to an ever-growing array of cyber threats. With each new asset or system introduced, the attack surface expands. Coupled with the fact that the cyber landscape is always changing, becoming more sophisticated by the minute, organisations are struggling to keep up. Continue reading…

In 2024 Sibos moves to Beijing, marking the first time the event will be hosted in the Chinese capital. The Sibos community will come together from October 21 – 24 2024 at the China National Convention Centre (CNCC).

Beijing comprises a large international financial services and growing fintech sector, and will be the first time Sibos has been held in APAC since Sibos 2018 in Sydney.

For more info, see: https://www.sibos.com/about-sibos/future-sibos

The European Commission recently announced its intention to issue up to €75 billion of EU-Bonds in the first half of 2024 (H1). As in 2023, the Commission will raise these long-term funds under its unified funding approach, using single-branded EU-Bonds. The Commission will continue to complement its long-term funding operations with issuance of short-term EU-Bills. The funds raised will be used primarily to meet payments related to NextGenerationEU and notably the Recovery and Resilience Facility (RRF). The Commission’s funding plan for H1 2024 builds on a strong year of funding transactions in 2023: in total, the Commission raised €115.9 billion in long-term funds over the course of the year. This included NGEU Green Bond issuances of €12.5 billion, which brought the total amount of NGEU Green Bonds outstanding to €48.9 billion. Continue reading…

Two experts at payments advisory firm, RedCompass Labs, recently made some comments on payments and financial crime that might work for any 2023 review/2024 predictions articles that you may be working on. Read on to view a summary with the inclusion of the full commentary.
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The Commission welcomes the political agreement reached between the European Parliament and the Council on the Artificial Intelligence Act (AI Act), proposed by the Commission in April 2021. Ursula von der Leyen, President of the European Commission, said: “Artificial intelligence is already changing our everyday lives. And this is just the beginning. Used wisely and widely, AI promises huge benefits to our economy and society. Therefore, I very much welcome today’s political agreement by the European Parliament and the Council on the Artificial Intelligence Act. The EU’s AI Act is the first-ever comprehensive legal framework on Artificial Intelligence worldwide. So, this is a historic moment. The AI Act transposes European values to a new era. By focusing regulation on identifiable risks, today’s agreement will foster responsible innovation in Europe. By guaranteeing the safety and fundamental rights of people and businesses, it will support the development, deployment and take-up of trustworthy AI in the EU. Our AI Act will make a substantial contribution to the development of global rules and principles for human-centric AI.” Continue reading…

The European Union and China held their 24th Summit in Beijing on 7 December 2023. President of the European Council, Charles Michel, and President of the European Commission, Ursula von der Leyen, met with China’s President, Xi Jinping, followed by an exchange with China’s Premier, Li Qiang. The Summit was an opportunity to engage with China following a period of intensified bilateral contacts and dialogues. High-level visits and dialogues on strategic and foreign policy issues, human rights as well as trade and economy, climate, and environment, digital have paved the way for the Summit, demonstrating the EU’s commitment to engage with China. The EU highlighted the need for concrete progress following these discussions. Continue reading…