Vincenzo Cecere

💡 𝗡𝗲𝘄 𝗙𝗜𝗡𝗠𝗔 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝗿 𝗼𝗻 𝗥𝘂𝗹𝗲𝘀 𝗼𝗳 𝗖𝗼𝗻𝗱𝘂𝗰𝘁 – 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝟬𝟭 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱 The Swiss Financial Market Supervisory Authority (FINMA) has issued a new circular on the rules of conduct under the Financial Services Act (FinSA) and Financial Services Ordinance (FinSO). This circular provides important clarifications and requirements for financial service providers, including: • 𝗥𝗶𝘀𝗸 𝗱𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲: Clear obligations for communicating risks, especially for complex instruments like CFDs. • 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗹𝗲𝗻𝗱𝗶𝗻𝗴: Specification of the information to be provided to clients on securities lending. • 𝗥𝗲𝗺𝘂𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆: Stricter rules for disclosing retrocessions and related practices. The new circular enters into effect now, and with some new requirements there is a short six-month transitional period, . It is thus now the time for financial service providers to review their processes and ensure compliance with these updated standards. 👉 𝗥𝗲𝗮𝗱 𝗺𝗼𝗿𝗲: https://lnkd.in/dgPfwfXW   📩 If you’d like to discuss how these changes might impact your business or need assistance with implementation, feel free to reach out: Tina Rebecca Balzli, Matthias Kuert, Vaïk Müller   #FINMA #FinSA #RegulatoryCompliance #FinancialServices #Finance

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Mark your diaries for the next virtual workshop on December 3rd at 11.00 AM SGT by Fintelekt and Asian Bankers Association on a critical topic for #AML #CFT #FCC professionals - Enhanced Due Diligence https://lnkd.in/daqXkTSV which will be taught by CHEN Jee Meng, Head of Financial Crime Compliance at Maybank #Singapore. This workshop dive deep into key #EDD components such as beneficial ownership identification, source of wealth and funds verification, and enhanced monitoring techniques. Participants will gain insight into how financial institutions can mitigate risks associated with high-risk customers, complex ownership structures, and politically exposed persons (PEPs). ✔️ Understand the distinction between standard Customer Due Diligence (CDD) and Enhanced Due Diligence. ✔️ Identify key triggers for EDD, such as high-risk customers, PEPs, large transactions, and complex financial structures. ✔️ Learn the core elements of EDD, including identifying beneficial ownership and verifying the source of wealth and funds. ✔️ Explore methods for conducting enhanced monitoring and transaction scrutiny for high-risk customers. ✔️ Analyze real-world case studies to see how EDD is applied in practice and identify potential risks. Register at https://lnkd.in/daqXkTSV

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Corporate regulation in Singapore has been further enhanced to strike a balance between corporate transparency and data protection with the passing of the ACRA - Accounting and Corporate Regulatory Authority (Registry and Regulatory Enhancements) Bill. While details on transition plans are forthcoming, and the implementation date is to be announced, this article by our partners Christine Chan, Sophie Lim, Christina Ong, Patricia Seet and Lune Teng Yap provides a summary of the key changes introduced by the Bill. #allenandgledhill #singapore #ACRA #corporate #company #regulatory #law

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On 13 June 2024, the Securities Commission Malaysia (SC) issued the revised Guidelines on Prevention Of Money Laundering, Countering Financing Of Terrorism, Countering Proliferation Financing And Targeted Financial Sanctions For Reporting Institutions In The Capital Market (Guidelines), which superseded and replaced the Guidelines on Implementation of Targeted Financial Sanctions Relating to Proliferation Financing for Capital Markets. The Guidelines, which took effect on 13 June 2024, provide: a) requirements and obligations imposed on reporting institutions in preventing and combating money laundering, terrorism financing, proliferation financing and targeted financial sanctions; and b) guidance for reporting institutions to comply with the obligations imposed under the AMLA and TFS-PF. Refer to the revised Guidelines here: https://lnkd.in/gQCVH2qs #MAICSA

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The Payment Services Regulations (PSR) are crucial for ensuring the security, transparency, and efficiency of payment services across the European Economic Area. PSR imposes strict technical and security requirements on payment service providers (PSPs), including banks, payment institutions, and e-money providers. Central to these regulations is the implementation of strong customer authentication, requiring multi-factor verification to reduce fraud risk. PSPs must also use encrypted communication channels to protect data from unauthorised access and maintain advanced fraud prevention systems, utilising real-time monitoring and machine learning. Compliance with data protection laws like GDPR (General Data Protection Regulation) is mandatory, ensuring personal and financial data security. 🛡️ Behavioural Biometrics is a solution that meets those standards. By analysing unique user behaviours like typing patterns and mouse movements, our technology provides seamless, invisible authentication. This approach not only enhances security but also ensures a smooth user experience. 🔐   Embrace the future of secure banking with DFP’s innovative solutions. 🌐 💼 Learn more ➡️ https://lnkd.in/dfB2vWfT #BankingSecurity #BehaviouralBiometrics #PSRCompliance #FraudPrevention #DigitalFingerprints

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Navigating #DORA: Strategic Implications and Compliance Solutions for Swiss Financial Institutions and ICT Service Providers   Introduction to DORA   The Digital Operational Resilience Act (#DORA) is a landmark EU regulation designed to enhance cybersecurity and operational resilience across the financial sector. Although primarily targeting EU entities, the implications for #Swiss #financialinstitutions and #ICT service providers are profound, particularly those that engage with the EU market.   Implications for Swiss Companies   Swiss-based financial institutions are mandated to significantly enhance their digital operational frameworks. Key areas affected include:   ·        ICT Risk Management: Establishing robust mechanisms to identify, manage, and mitigate ICT risks. ·        Incident Reporting: Developing structured approaches for prompt detection, reporting, and response to ICT-related incidents. ·        Resilience Testing: Mandating regular testing of ICT systems to ensure continuous operational resilience. ·        Third-Party Risk Management: Requiring enhanced oversight and control over third-party providers, including cloud services and critical ICT suppliers. ·        Information Sharing: Promoting the exchange of information about ICT-related threats and vulnerabilities to bolster collective resilience.   #PeakSuisse: Your Partner in DORA Compliance   At Peak Suisse, we excel in elevating operational excellence through strategic compliance and risk management. Here’s how we can assist Swiss financial institutions and ICT service providers in navigating and implementing DORA: To read further, visit us at https://lnkd.in/dq-kM6He and follow our insights on LinkedIn for ongoing updates and expert advice. 👉 Stay informed and ahead in the evolving world of finance with Peak Suisse's expert insights. 📧 Subscribe for free to receive more insightful updates and expert analyses directly in your inbox. Join the #PeakSuisse community today! #RegulatoryCompliance #Compliance #ICT #PeakSuisse #RiskManagement

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We are pleased to release a new and updated version of CMTA's Digital Assets – AML Standards: https://lnkd.in/e-tGdQ59 The AML Standards provide guidance for financial intermediaries and issuers of digital assets on a risk-based approach, for compliance with Swiss AML regulations.   This update reflects developments since 2018, particularly around the travel rule. The Standards are now comprised of two documents addressing separately:   👉 AML Standards for Issuers: https://lnkd.in/eAD3bGeu   👉 AML Standards for Financial Intermediaries: https://lnkd.in/e3auY7F8   By providing an example risk-based approach, the AML Standards aim to offer a practical toolkit on which issuers and financial intermediaries may base their own AML/CFT procedures. Thanks to everyone who helped contribute to the update, whether in the drafting, review or consultation stages. In particular CMTA would like to thank the members of the working group Jeremy Bacharach, Ken Bernheim, Magdalena Boškić, Fabian Courtine, Biba Homsy, Pavel Kulikov and Fedor Poskriakov. #aml #digitalassets #cft

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UPI codes are being rolled out as mandatory in many transaction reporting regimes, include EMIR Refit, ASIC Rewrite, MAS Rewrite and CFTC. Do you know the two-character prefix each of these codes begins with? Check your answer once the timer runs out! #TestYourKnowledgeThursday #TransactionReporting #RegulatoryReporting #Regtech

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#WhatsUpMonday Robust anti-money laundering (#AML) and anti-fraud solutions (#AFS) are essential for banks and financial institutions to safeguard against financial crime and maintain trust. The #ReserveBankofIndia has introduced new guidelines urging banks, NBFCs, and regulated entities to strengthen their risk assessments for #MoneyLaundering (ML), #TerroristFinancing (TF), and #ProliferationFinancing (PF). By leveraging all internal and external data sources, institutions must periodically assess and mitigate these risks. 📈 Additionally, continuous data reporting to credit information companies is now mandated, even post-licence cancellations. This proactive approach ensures a more secure financial landscape for everyone. Source: https://bit.ly/3UieOvV #digitalbanking #compliancemanagement #UniversalRegTechSolutions #AML #AntiMoneyLaundering #AFS #AntiFraud #RiskManagement #CrimeSurveillance #FinancialRisk #RegulatoryTechnology #AI

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𝐍𝐞𝐰 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐑𝐮𝐥𝐞𝐬: 𝐍𝐞𝐰 𝐫𝐮𝐥𝐞𝐬 𝐟𝐨𝐫 𝐛𝐚𝐧𝐤𝐬 𝐭𝐨 𝐝𝐞𝐥𝐢𝐯𝐞𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 The Prudential Regulation Authority has published the third tranche, and hence the final tranche of reforms under the Basel 3.1 framework, which in conclusion marks the completion of the capital reforms post the financial crisis in 2008. Read More: https://bityl.co/S3F2 #BankingRules #banking #bankingnews #bankrules #FinancialStability #investment #financialinvestment #news #NewsUpdate #BusinessNews #insightssuccess

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"Jupiter DEX to Revise Airdrop Plan After Governance Proposal Fails" The Jupiter decentralized exchange (DEX) has announced plans to revise its airdrop strategy following the failure of a governance proposal to secure the required 70% supermajority. Although the proposal garnered over 364 million JUP in voting power, only 58% of participants supported the $1.6 billion airdrop. The result highlights a split within the community regarding the distribution plan, prompting the DEX to reconsider its approach. Jupiter’s governance model emphasizes community-driven decision-making, and the inability to achieve consensus underscores the challenges of balancing diverse stakeholder interests. The platform is expected to engage further with its community to develop a revised plan that aligns with broader support. This outcome reflects the growing importance of governance mechanisms in shaping the future of decentralized finance projects.

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A Swiss payment provider has been prohibited from processing transactions related to unlicensed gambling operators in Germany, following a ruling by the Halle Administrative Court. The decision supports the action taken by the regulator, Gemeinsame Glücksspielbehörde der Länder (GGL), to block the provider’s involvement in these activities. The GGL highlighted that the court applied a broad interpretation of the ban, extending its reach beyond current transactions. The ruling not only prevents the provider from processing payments related to existing unlicensed gambling offers but also any potential future dealings in the unregulated gambling sector. This ruling was made on October 2, but only came to public attention recently. Image License: Pinterest; Free to use; Author: asy  💻Read the Full Article at iGaming.pub #iGamingNews #GamblingNews #SportsBetting #eSports #CasinoNews #technology #business #Affiliate #OnlineCasino #Betting

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👉 𝐒𝐀𝐍𝐂𝐓𝐈𝐎𝐍𝐒 𝐀𝐋𝐄𝐑𝐓: 𝐅𝐢𝐫𝐬𝐭 𝐄𝐯𝐞𝐫 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥 𝐛𝐲 𝐃𝐞𝐮𝐭𝐬𝐜𝐡𝐞 𝐁𝐮𝐧𝐝𝐞𝐬𝐛𝐚𝐧𝐤 𝐨𝐟 𝐅𝐫𝐨𝐳𝐞𝐧 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐂𝐨𝐫𝐫𝐞𝐬𝐩𝐨𝐧𝐝𝐞𝐧𝐭 𝐁𝐚𝐧𝐤 𝐀𝐦𝐨𝐮𝐧𝐭𝐬 👈🚀 For the first time ever, a Russian bank, whose correspondent bank accounts with a German Credit Institution were frozen due to the involvement of the sanctioned NSD, received clearance resulting in the unfreezing of the funds. RK Partners provided its sanctions assessment to Deutsche Bundesbank. RK Partners also used its custom made IT engine which allows for an automated check of client data versus the EU sanctions lists featuring state of the art tools including fuzzy logic.   “𝘛𝘩𝘦 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘸𝘢𝘴 𝘤𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘪𝘯𝘨 𝘢𝘯𝘥 𝘵𝘪𝘮𝘦 𝘪𝘯𝘵𝘦𝘯𝘴𝘪𝘷𝘦. 𝘈𝘭𝘭 𝘳𝘦𝘭𝘦𝘷𝘢𝘯𝘵 𝘱𝘢𝘳𝘢𝘮𝘦𝘵𝘦𝘳𝘴 𝘸𝘦𝘳𝘦 𝘤𝘩𝘦𝘤𝘬𝘦𝘥 𝘸𝘪𝘵𝘩 𝘰𝘶𝘳 𝘵𝘰𝘰𝘭𝘴 𝘢𝘯𝘥 𝘰𝘶𝘳 𝘦𝘹𝘱𝘦𝘳𝘵𝘴. 𝘞𝘦 𝘦𝘷𝘦𝘯 𝘷𝘦𝘳𝘪𝘧𝘪𝘦𝘥 𝘢𝘭𝘭 𝘥𝘢𝘵𝘢 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘤𝘰𝘳𝘦 𝘣𝘢𝘯𝘬𝘪𝘯𝘨 𝘴𝘺𝘴𝘵𝘦𝘮𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘯𝘵𝘴. 𝘞𝘦 𝘴𝘤𝘳𝘶𝘵𝘪𝘯𝘪𝘻𝘦𝘥 𝘦𝘷𝘦𝘳𝘺 𝘪𝘯𝘤𝘩 𝘢𝘯𝘥 𝘸𝘦𝘳𝘦 𝘢𝘣𝘭𝘦 𝘵𝘰 𝘢𝘳𝘳𝘪𝘷𝘦 𝘢𝘵 𝘢 𝘷𝘪𝘦𝘸 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘯𝘵 𝘪𝘴 𝘴𝘢𝘯𝘤𝘵𝘪𝘰𝘯𝘴 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘵. 𝘛𝘩𝘪𝘴 𝘢𝘭𝘭𝘰𝘸𝘦𝘥 𝘵𝘩𝘦 𝘉𝘶𝘯𝘥𝘦𝘴𝘣𝘢𝘯𝘬 𝘵𝘰 𝘨𝘳𝘢𝘯𝘵 𝘪𝘵𝘴 𝘧𝘪𝘳𝘴𝘵 𝘦𝘷𝘦𝘳 𝘢𝘱𝘱𝘳𝘰𝘷𝘢𝘭” explain Lukas Roeper and Victoria Fischl who head the RK Partners Sanctions Desk.   RK Partners specializes in complex sanctions analysis and is involved in a number of proceedings with Deutsche Bundesbank, Belgium Authorities (re Euroclear) and Luxembourg Authorities (re Clearstream).   A great thanks to the RK Partners team!🙌 Lukas Roeper, Victoria Fischl, Dominik Kurzmann, Christian Dorrer, Florian Neuner, Anna MacDonald   Also check out our websites: ✅ www.sanctions.at ✅ www.rkpartners.at  

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