Issue #331 September 30th, 2021

Thomas Fox welcomes Alexander Dill, Lecturer in Law at UCLA and teacher of financial regulation, risk management and compliance at the University of Chicago. They will discuss AML measures and problems encountered by compliance professionals.

Via PR Newswire - To comply with SEC’s recent considerations on China-based issuers, Peak Fintech Group Inc. is voluntarily withdrawing its Form 40-F filed with the SEC. By doing so, the company won’t be able to keep the listing of its shares on the Nasdaq Capital Market.

South Korea’s Minister of Science and ICT, Lim Hyesook, addresses regulatory issues during a meeting with top executives: digital platform businesses and services need innovation - not regulation - to thrive.

During a meeting that should have been about Fed’s response to Covid, the Fed Chair Jerome Powell was attacked for alleged unethical behavior for what concerns market regulations.

SEC’s Chairman Gary Gensler wants to bring cryptos under SEC regulation. His words during the Code Conference sounded threatening to crypto platforms.

Via CNBC - Elon Musk, CEO of Tesla, said that governments can’t destroy cryptos during the Code Conference in Beverly Hills. But the CEO also admits that governments can slow them down.

When new players of the size and savvy of Amazon breach our walls, insurers can feel their tea cups rattle. The unsettling problem is that insurers have historically underutilized access to the customer by thinking about their business as books of business and pools of risk rather than looking from the perspective of customer need.

If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect.

Deputy Governor T Rabi Sankar said that regulations should adapt to the nature of fintech companies. Avoiding this could make regulations less effective. His words were especially addressed to the RBI (Reserve Bank of India).

US President Joe Biden’s nominee for Comptroller of the Currency shows that Democrats are looking for regulators who want stricter control of digital markets. Saule Omarova’s previous work treated fintech and crypto potential risks.

PYMNTS and Trulioo reveal that financial institutions were fined more than $10 billion for regulatory non-compliance in 2020. Nevertheless, they all agree on the importance of AML and KYC procedures, especially while moving towards digitalization.

The Indian Department of Telecommunications now allows customers to comply with KYC procedures without going to stores when buying a new mobile connection. The new self-KYC is a mix of technology, need for compliance and solutions to counter Covid.