Banking Risk and Regulation’s Post

The European Banking Authority (EBA) has released two important sets of guidelines to strengthen regulatory oversight. One set focuses on payment service providers (PSPs), while the other is directed at crypto-asset service providers (CASPs). These guidelines are part of the EBA's ongoing efforts to address vulnerabilities in the banking and crypto sectors. #EURegulations #Crypto #Banking #FinTech #EBA

We have set up an AUSTRAC taskforce to focus hard on the money laundering risk of digital currency exchanges. We are now specifically focusing on those exchanges rolling out digital current ATMs across Australia. We believe they are a major source of significant criminal risk. My message to those executives running these companies is we are coming to look at your business. So be absolutely sure you have all your money laundering controls in place and that they are being effectivly implemented, because if they aren’t, significant consequences will follow.

Hogan Lovells Payments team has published analysis of the latest developments in the payments industry. Key topics this month include: • The U.S. Consumer Financial Protection Bureau's examination of digital payment privacy and consumer protections. • The UK FCA's discussion paper on admissions and disclosures, and a market abuse regime for cryptoassets. • The Reserve Bank of India's implementation of a beneficiary name verification facility for RTGS and NEFT; The Bank of England's progress update and design note on a blueprint framework for a retail CBDC (digital pound). Read this article for details: https://lnkd.in/eA5PWqRU #Payments #Fintech #DigitalPayments #Crypto #CBDC #FinancialRegulation #Newsletter

📢 We are proud to share that Parva Consulting has been featured in Banking Risk and Regulation, a prestigious publication by Financial Times group.   The article, titled "EU travel rule to bring clarity to crypto transfers" explores the implications of the new EU anti-money laundering (AML) rule that will require crypto-asset transfers to be traceable from end of 2024. Aimed at enhancing security and transparency by ending anonymity, the rule mandates detailed information and a risk-based approach. Will established institutions and smaller providers face significant compliance challenges?   A special thanks to Nataliia Holovko and Barbara Leydon for sharing their invaluable knowledge and expertise on this critical topic. Your contributions truly reflect our commitment to driving real change in the industry.   To read more about this significant development and its implications for the industry, check out the full article: https://lnkd.in/dbsgMgQG   #CryptoRegulation #RiskManagement #EUcompliance #TravelRule #FinancialTransparency #AML #EBA #Cryptocurrency #WeAreParva

Remember kids. Banking has the job to stop crime by spying on all the people and demanding information on all transactions. It will totally stop all the crime! And most importantly it works! This scheme has never failed and banks always comply. They're required to! It's a law! This is also why cryptocurrency is bad. Using math to hide transaction data is very bad and illegal. You are supposed to always have information on anything you buy and sell. You want to hide it? What are you, a criminal? Use a bank like a good citizen and subject yourself to data collection. Of course banks always do it and never lose this data. Did I mention as well, it stops crime! 🙃 #cryptobanking #crypto #defi #decentralizedfinance https://lnkd.in/euWJeXgQ

Hogan Lovells Payments team has published analysis of the latest developments in the payments industry. Key topics this month include: • The U.S. Consumer Financial Protection Bureau's examination of digital payment privacy and consumer protections. • The UK FCA's discussion paper on admissions and disclosures, and a market abuse regime for cryptoassets. • The Reserve Bank of India's implementation of a beneficiary name verification facility for RTGS and NEFT; The Bank of England's progress update and design note on a blueprint framework for a retail CBDC (digital pound). Read this article for details: https://lnkd.in/eF5-U537 #Payments #Fintech #DigitalPayments #Crypto #CBDC #FinancialRegulation #Newsletter

Hogan Lovells Payments team has published analysis of the latest developments in the payments industry. Key topics this month include: • The U.S. Consumer Financial Protection Bureau's examination of digital payment privacy and consumer protections. • The UK FCA's discussion paper on admissions and disclosures, and a market abuse regime for cryptoassets. • The Reserve Bank of India's implementation of a beneficiary name verification facility for RTGS and NEFT; The Bank of England's progress update and design note on a blueprint framework for a retail CBDC (digital pound). Read this article for details: https://lnkd.in/einSTNNA #Payments #Fintech #DigitalPayments #Crypto #CBDC #FinancialRegulation #Newsletter

#Russia's central bank has cancelled the banking #license of American Express's Russian subsidiary after it filed for voluntary liquidation. Read more here 👉 https://buff.ly/46NA0Pn #centralbank #bankinglicence #cryptocurrency #payments #ThePaypers

Hogan Lovells Payments team has published analysis of the latest developments in the payments industry. Key topics this month include: • The U.S. Consumer Financial Protection Bureau's examination of digital payment privacy and consumer protections. • The UK FCA's discussion paper on admissions and disclosures, and a market abuse regime for cryptoassets. • The Reserve Bank of India's implementation of a beneficiary name verification facility for RTGS and NEFT; The Bank of England's progress update and design note on a blueprint framework for a retail CBDC (digital pound). Read this article for details: https://lnkd.in/eP328kkw #Payments #Fintech #DigitalPayments #Crypto #CBDC #FinancialRegulation #Newsletter

The European Crypto Travel Rule will affect many European crypto businesses by the end of 2024. For the FT's Banking Risk and Regulation, i had the opportunity to shed some light on what financial institutions may expect from the upcoming rules.