SWIFT to open KYC Registry to corporates

SWIFT, the world’s leading provider of secure financial messaging services, has announced that it will open its world-leading Know Your Customer platform, The KYC Registry, to corporates.

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The coming wave of data privacy compliance challenges

Forget Bitcoin. The most common and profitable “virtual currency” today is personal data.

It is no small paradox that social media users—and there are billions of them globally—are willing to share the most intimate details of their life online, yet balk at the suggestion that those details will likely be shared and sold. The economic reality, however, is that data collection and analytics is, in large part, how giant tech companies have continued to grow and prosper.

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Global Finance Watchdog Warns Banks on Debt Risk

Post-financial crisis reforms have made the financial system “more resilient,” but high debt levels in many parts of the world could expose the system to “significant risk,” according to a new Financial Stability Board report.

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AML programs continue to vex banks in cost, complexity

Despite perpetual talk of deregulation in the U.S., compliance officers at financial institutions are finding little reprieve from their anti-money laundering programs.

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GCC growth likely to reach 3pc in 2019: IMF

Real GDP growth is predicted to reach 2.7 per cent across the Middle East, North Africa, Afghanistan and Pakistan (Menap) region and 3 per cent in the GCC in 2019, according to International Monetary Fund (IMF) Fall 2018 Regional Economic Outlook (REO) report.

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Cryptocurrency Theft Hits $1.1B in Last 6 Months

Cyberthieves are taking advantage of malware offered on the dark web to steal digital currency, a new report finds.

A total of $1.1 billion in cryptocurrency was stolen over the past six months, with criminals increasingly using the dark web to facilitate theft on a large scale, according to a new report.

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Swiss watchdog to propose looser anti-money laundering rules for fintechs

Swiss financial regulator FINMA is planning to loosen anti-money laundering rules for smaller financial technology firms, part of a drive to boost innovation and shore up the country’s position as a leading money management hub.

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Small Companies Carry Greatest Cyber-Risk

More than half of top executives at small businesses don’t believe their company is a target for cyber-criminals. They’re wrong.

At small businesses, rank-and-file employees may be more aware of the threat from cyber-crime than are company leaders.

It seems so, at least, from a finding in a recent survey of more than 600 full-time employees and 100 C-suite-level leaders at companies with fewer than 500 employees.

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Europe’s new data law upends global online advertising

Europe’s new data privacy law has put a small army of tech firms that track people online in jeopardy and is strengthening the hand of giants such as Google and Facebook in the $200 billion global digital advertising industry.

The General Data Protection Regulation (GDPR here) brought in by the European Union in May is designed to protect personal information in the age of the internet and requires websites to seek consent to use personal data, among other measures.

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Enforcement actions against accountants declined last year

The Securities and Exchange Commission and the Public Company Accounting Oversight Board finalized slightly fewer enforcement actions against accountants in 2017, slipping from 79 in 2016 to 75 last year, according to a new report.

The report, from Cornerstone Research, found that while the number of finalized SEC actions declined, they actually increased from the PCAOB. The number of finalized SEC actions against auditors and audit firms in 2017 was only half the total in 2016, but PCAOB enforcement rose to its highest level with more actions taken against auditors and audit firms of brokers and dealers.

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