🌟 New Regulatory Landscape for Virtual Asset Service Providers 🌟 As the financial world evolves, so does the regulatory environment in Seychelles. The "Virtual Asset Service Providers Bill 2024" marks a significant shift for Seychelles Licensed Securities Dealers and CFD brokers dealing in virtual assets. Compliance Officers and industry players, are you ready to tackle the key risks? 🔍 Key Focus Areas: AML/CFT Compliance: Strengthen your defenses against money laundering and terrorist financing. 1. Fraud Prevention: Safeguard your operations from fraud and market manipulation. 2. Cybersecurity: Protect your clients and systems from cyber threats. 3. Regulatory Adherence: Ensure full compliance with new licensing and reporting requirements. 4. Operational Resilience: Maintain business continuity and system reliability. 5. Reputational Management: Uphold trust and transparency in your operations. Let's stay ahead of the curve and turn these challenges into opportunities for growth and innovation. 🚀 #Compliance #VASP #SDL #Regulation #CFD #VirtualAssets #FinancialServices #Seychelles #AML #CyberSecurity #RiskManagement #Innovation
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🌟 New Regulatory Landscape for Virtual Asset Service Providers 🌟 As the financial world evolves, so does the regulatory environment in Seychelles. The "Virtual Asset Service Providers Bill 2024" marks a significant shift for Seychelles Licensed Securities Dealers and CFD brokers dealing in virtual assets. Compliance Officers and industry players, are you ready to tackle the key risks? 🔍 Key Focus Areas: AML/CFT Compliance: Strengthen your defenses against money laundering and terrorist financing. 1. Fraud Prevention: Safeguard your operations from fraud and market manipulation. 2. Cybersecurity: Protect your clients and systems from cyber threats. 3. Regulatory Adherence: Ensure full compliance with new licensing and reporting requirements. 4. Operational Resilience: Maintain business continuity and system reliability. 5. Reputational Management: Uphold trust and transparency in your operations. Let's stay ahead of the curve and turn these challenges into opportunities for growth and innovation. 🚀 #Compliance #VASP #SDL #Regulation #CFD #VirtualAssets #FinancialServices #Seychelles #AML #CyberSecurity #RiskManagement #Innovation
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Please do download the latest Financial Crime Newsletter from Neotas, we would love to hear your thoughts and hope you find a useful read! #financialcrimecompliance #aml #antifinancialcrime
As financial markets evolve, so do the tactics of criminals targeting new vulnerabilities. From cyber threats to ESG risks and tighter regulatory crackdowns, the financial crime landscape is shifting rapidly. Our latest report, "𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗘𝗦𝗚 𝗥𝗶𝘀𝗸𝘀, 𝗮𝗻𝗱 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰", is packed with insights to help your business stay protected. 📊 𝗪𝗵𝗮𝘁’𝘀 𝗶𝗻𝘀𝗶𝗱𝗲? ▸Post-pandemic surge in fraud and cybercrime ▸ESG and supply chain risks highlighted by regulators ▸Major AML fines and regulatory crackdowns ▸Cryptocurrency’s role in both facilitating and fighting crime ▸New threats in trade-based money laundering (TBML) 🔍 Plus, get up-to-speed with the latest regulatory updates and practical steps to strengthen your defences. Don’t get caught out in 2024 – 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝘁𝗵𝗲 𝗡𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿 𝘁𝗼𝗱𝗮𝘆 and stay one step ahead! 👉 https://lnkd.in/gzNBy63C #FinancialCrime #CyberSecurity #ESG #Regulations #RiskManagement #AML #Compliance #FinancialServices Follow Neotas for regular updates on FinCrime and AML Compliance.
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As financial markets evolve, so do the tactics of criminals targeting new vulnerabilities. From cyber threats to ESG risks and tighter regulatory crackdowns, the financial crime landscape is shifting rapidly. Our latest report, "𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗘𝗦𝗚 𝗥𝗶𝘀𝗸𝘀, 𝗮𝗻𝗱 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰", is packed with insights to help your business stay protected. 📊 𝗪𝗵𝗮𝘁’𝘀 𝗶𝗻𝘀𝗶𝗱𝗲? ▸Post-pandemic surge in fraud and cybercrime ▸ESG and supply chain risks highlighted by regulators ▸Major AML fines and regulatory crackdowns ▸Cryptocurrency’s role in both facilitating and fighting crime ▸New threats in trade-based money laundering (TBML) 🔍 Plus, get up-to-speed with the latest regulatory updates and practical steps to strengthen your defences. Don’t get caught out in 2024 – 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝘁𝗵𝗲 𝗡𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿 𝘁𝗼𝗱𝗮𝘆 and stay one step ahead! 👉 https://lnkd.in/gzNBy63C #FinancialCrime #CyberSecurity #ESG #Regulations #RiskManagement #AML #Compliance #FinancialServices Follow Neotas for regular updates on FinCrime and AML Compliance.
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The HKMA has just released guidance on the expected standards on the provision of custodial services for digital assets. The guidance covers: A. Governance and risk management B. Segregation of client digital assets C. Safeguarding of client digital assets D. Delegation and outsourcing E. Disclosure F. Record keeping and reconciliation of client digital assets G. Anti-money laundering and counter-financing of terrorism H. Ongoing monitoring In particular the safeguarding guidance prescribes industry best practices and international security standards to safeguard client digital assets including storing a substantial portion of client digital assets in cold storage unconnected to the internet and maintaining appropriate insurance or some compensation arrangement to cover any loss from any cybersecurity incidents. This is definitely a step in the right direction to protect the interests of customers of digital asset custodians. Cybersecurity incidents have been all too prevalent in substantially causing the collapse of exchanges and custodians. Insurance to cover these incidents is something that custodians should definitely consider to ensure continuity and protect clients' assets.
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Are your customer risk assessments digging deep enough? 📢 When it comes to Know Your Customer (KYC) programs, it’s not just about accounts—it’s about the products customers interact with. This shift in perspective can unlock insights that strengthen your risk frameworks. Asking targeted questions based on product risk enables institutions to detect potential financial crimes such as money laundering, said Gabriella Bussien, CEO of Trapets. Read more about why banks need to fine-tune and automate KYC processes: https://lnkd.in/diCt_NC8 #ISMGNews #ISMGStudio #cybersecurity
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Hey, Financial warriors! #SEBI Circular No. CIR/IMD/DOF/10/2023 introduces a new regulation mandating Regulated Entities (REs) to identify critical assets and maintain up-to-date asset inventory, #VAPT and #cyberaudit for critical systems by CERT-IN empanelled organization, certifying #compliance with the SEBI Circular. Regulated Entities (REs): • Stock Exchanges, Clearing Corporations and Depositories • Qualified Registrars to ISSUE and Share Transfer Agents (QRTAs) • KYC Registration Agencies Corporations (KRAs). • Stock Brokers / Depository Participants • Mutual Funds/ Asset Management Companies (AMCs) Controls to be Implemented: • VAPT should be conducted at least once in a financial year for critical assets and prior to commissioning a new system. • Cyber audit should be conducted at least 2 times in a financial year. Along with the Cyber audit reports, declaration should be submitted from the MD/CEO certifying compliance with all SEBI circulars issued from time to time. • The status of implementation of provisions in the circular should be communicated within 10 days from the date of the circular (October, 2023) For regulatory complaince services - https://lnkd.in/g67DACJT . . . Don't risk non-compliance penalties! Embrace proactive protection with Breachseal's SOC solution - https://lnkd.in/g8WwkfGr and fortify your financial institution's resilience. Reach out us@ [email protected] . . . #sebi #stockexchange #mutualfunds #assetmanagement #vulnerabilitymanagement #vulnerabilityscanning #penetrationtesting #pentesting #regulatorycomplaince #financialyear #cybersecurity
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The recent incident involving the World-Check database, as reported by Connor Jones from The Register, shows the persistent threats in our digital world via Third Parties. World-Check, a crucial resource used globally by financial institutions for Know Your Customer (KYC) checks, was compromised, exposing millions to potential misuse of their personal data. This breach, attributed to the cybercriminal group GhostR, did not originate within the London Stock Exchange Group (LSEG) systems but rather through a third-party vulnerability. It’s a constant reminder of the cascading effects that the security of an organization's partners can have on broader data protection strategies. World-Check's role in aggregating data on individuals deemed high-risk—like suspected money launderers and terrorists—makes it a goldmine for misuse if fallen into the wrong hands. The leakage of such data challenges the integrity of global financial systems designed to combat illicit activities. It is crucial to reassess our systems and those of our third-party partners. Robust encryption, rigorous access controls, and continuous monitoring are foundational. Moreover, as this incident shows, quick and transparent communication with affected parties and regulatory bodies is essential in managing the fallout effectively and restoring trust. #thirdpartysecurity #tprm #digitaltrust #dtef #supplychainriskmanagement https://lnkd.in/ebyF5mYy
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September’s Compliance Radar is live: + More progress made on the AML/CTF Amendment Bill to simplify and modernise the regime and bring 'Tranche 2' entities into its scope. + ASIC report on banks’ anti-scam practices shows significant variability in the maturity of scam strategies and governance. + APRA suggests processes in many organisations could limit the usefulness of data backups after cybersecurity incidents. To read the full Compliance Report, including a summary of APRA’s Essential Eight cyber mitigation strategies, go to: https://lnkd.in/g9gxkrPP. About the Compliance Report: LAB Group continuously monitors the financial services industry landscape for relevant regulatory change. This ensures our product keeps pace with industry needs and regulations. The Compliance Report, published monthly, allows us to share these useful insights with our networks. Nick Boudrie, Lyndon Webster, Elliot Krass, Simon Teong, Jason Marsham, Marnie Shervey, Sharne Webster, Nathanael Johnstone #AML #CTF #globalcompliance #compliancemanagement #globalcompliancesolutions #complianceofficer #labnetwork #labplatform #saas #fintech #banking #regtech #innovation #technology #fintechinnovation #fintechnews #fintechindustry #financialservices #digitaltransformation #EssentialEight
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The ideal financial world, unfortunately, doesn't exist. . In modern society, we get excited about every new advancement in technology, but with it comes new opportunities for fraudsters to take advantage of. We have to stay one step ahead of their schemes to avoid becoming their victims. However, how can we go about doing that? . We need to keep an eye on new technologies and be aware of any potential weaknesses and ways in which they might be misused. To achieve this, detailed risk assessments must be carried out, industry research and news must be followed, cybersecurity experts must be consulted, and deep discussions about best practices and insights must be actively participated in relevant groups and forums. We can proactively minimize risks and keep one step ahead of fraudsters by regularly assessing and modifying our security procedures in response to new threats. . >>> Explore innovative solutions for financial security on the https://www.eastnets.com/ website. #FinancialSecurity #CyberRisk #FraudPrevention #TechnologyAdvancements #StayAhead #CyberAwareness #RiskAssessment #CybersecurityExperts #BestPractices #SecurityMeasures #finTech
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Dora, are we there yet? 🔎🐒🐕👀 D.O.R.A (Digital Operational Resilience Act) deadline of 17 Jan 2025 is fast approaching for banks, insurers, payment and e-money institutions. Explore how Atos provides practical help in: - assessing progress against the framework across Information and Communication Technology - driving improvements in Cyber and Operational Resilience Get in touch to start a conversation about your business at: https://lnkd.in/eUJgY245 #bankingindustry #insurance #fintech #cio #technology #compliance #cyber #risk
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