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The World Bank, the leading provider of natural disaster risk insurance for emerging and developing countries, has issued catastrophe bonds that will provide a total of USD1,36 million in earthquake cover to Chile, Colombia, Mexico and Peru.

Editorial Staff
BIScom Subsection: 

There is something off here: you can use your credit card to buy pornography of the most awful and depraved kinds ,you can use your credit card to place illegal wagers or take part in illegal gambling, you can use your credit card to buy drugs, legal and illegal from illegal or at least dubious sources or to put money at risk in pump and dump schemes and the banks and credit card companies are adamant that they cannot identify and prevent such transactions. And yet, when their own business models are under threat, suddenly they are able to identify and prevent the purchase of cryptocurrencies such as bitcoin, Ethereum and Ripple plus many, many more.

Editorial Staff
BIScom Subsection: 

A report published by FinMark Trust (a charity funded by the UK, the UN and private organisations) seeks to explain the reasons behind the " termination of mobile money services" in South Africa and the likely effects. More positively, the report also " identify barriers to launching effective mobile financial services (MFS) in South Africa with a specific focus on the regulatory environment required to enable such opportunities. " But, as extracts show, there might be an element of a solution looking for a problem. It all seems a little too much as if someone has decided that mobile financial services are essential. What do you think? Subscribers can comment.

Editorial Staff

AUSTRAC statement

Are you a digital currency exchange provider?
16 January 2018 (updated 18 January)

Editorial Staff
BIScom Subsection: 

It's going to cost ANZ about AUD5 million to compensate victims of the scheme that operated through the bank's Esanda car finance business. That's just part of what ASIC describes as "a package of regulatory actions against Australia and New Zealand Banking Group Ltd (ANZ)" But there's an anomaly of the kind that excites our colleagues on the financial crime publications group of PleaseBeInformed. But we got to this one first! Even more, the story looks like a simple management failure but on closer inspection it demonstrates a fundamental lack of attention to the most basic money laundering / terrorist financing KYC/CDD requirements. ASIC may think it's over. AUSTRAC needs to take a look.

Nigel Morris-Cotterill
BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC) has licensed the first crowd-sourced funding (CSF) intermediaries under the new CSF regime.

Editorial Staff
BIScom Subsection: 

IN an order issued today, the Securities Commission of Malaysia has ordered CopyCash Foundation to cease and desist from all commercial activities, including an ICO planned for tomorrow (10th January 2018)

Editorial Staff

Kuala Lumpur, 5 January 2018
Media Statement on Initial Coin Offerings

Following a public statement released on 7 September 2017 regarding Initial Coin Offerings (ICOs), the Securities Commission Malaysia (SC) has noticed an increase in activities by new ICOs to solicit investments in crypto-currencies from the public at large, including senior citizens.

Editorial Staff

In this article, Ajay Shamdasani , Thomson Reuters Regulatory Intelligence, takes soundings on what might be expected from the FATF's Mutual Examination of Hong Kong, the results of which are expected soon.

Editorial Staff
BIScom Subsection: 

There are many countries around the world where the numerical value of the currency is so high that even the smallest purchases are calculated in thousands. To be a millionaire may mean having less than the equivalent of USD100 in your pocket. While official inflation may be low, unofficial inflation, from rounding up or, even, simply inflating unpublished prices, can have a startling effect on costs. And, of course, in environments where cash is the normal means of settlement, creates a profit that is secret from victims and, even, from employers and Revenue officials. But countries are reluctant to redefine their currencies. Why?

Editorial Staff
BIScom Subsection: 

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