Non-fungible tokens (NFTs) are digital representations of a real-world object, bought by collectors and usually sold online. They are supported by blockchain technology – often the Ethereum blockchain – and contain built-in authentication, which serves as proof of ownership.
The war in Ukraine has triggered global sanctions and embargoes on an unprecedented scale. With Western countries increasingly keen to avoid direct military confrontations, the ability to impact the economies of ‘aggressors’ has become an important diplomatic tool. The growing […]
The Financial Conduct Authority (FCA) and the Treasury have issued significant updates to the UK’s current and proposed crypto regulatory framework in recent months. But as the industry evolves and matures at a rapid pace, the government’s wider strategy around […]
Driven by advances in blockchain technology, the spread of cryptocurrency has introduced new financial possibilities in jurisdictions around the world. However, the opportunities and benefits of cryptocurrencies have been accompanied by new risks, as criminals use regulatory blindspots to launder […]
The Thistle Initiatives Group is an award-winning compliance consultancy that provides financial services firms with expert compliance resources and capabilities to manage projects across all regulatory areas. Head of Payment Services and Financial Crime Prevention, Heather O’Gorman, has extensive experience […]
Financial crime typologies are evolving at pace. This shift is putting pressure on the transaction monitoring rule sets compliance teams use to help detect and prevent criminal behavior. For example, a recent report by ComplyAdvantage and the FinTech FinCrime Exchange […]
As Australia steps up its response to Russia’s invasion of Ukraine, it has targeted 39 Russians in its first use of the Magnitsky sanctions for human rights abuses. 14 Russians are accused of serious corruption, along with 25 Russian “perpetrators […]
The European financial sector is still not wholly effective in its anti-money laundering and countering the financing of terrorism (AML/CFT) measures, the European Banking Authority (EBA) has warned in its latest review. In the second of its annual assessments of […]
New legislation to build a regulatory framework covering crypto custody, market licensing, taxation, and decentralized autonomous organizations (DAO), has been proposed by the Australian government. A consultation paper has been released on a planned Digital Services Act (DSA), seeking input […]
The European Commission has set up a ‘Freeze and Seize’ Task Force to implement sanctions and seize the assets of listed Russian and Belarussian oligarchs, in partnership with the G7. EU Commissioner for Financial Services, Financial Stability, and Capital Markets […]
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a raft of new sanctions under its Magnitsky human rights sanctions program. Belarusian President Alexander Lukashenko and his wife have been sanctioned for “gross violations of human rights […]
The Bank of England, Office of Financial Sanctions Implementation (OFSI) and the Financial Conduct Authority (FCA) have issued a joint statement offering guidance for the cryptoasset sector relating to sanctions evasion. With an unprecedented package of economic sanctions being imposed […]
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