Ian Gauci

The EBA Opinion from April this year says "Security requirements for a single EU-wide platform for information sharing .... as regards fraud transaction monitoring and the fraud data sharing amongst PSPs envisaged in Art. 83 of the PSR proposal, the EBA advises the EU co-legislators and the EU Commission to consider further strengthening Art. 83 of the PSR proposal with a requirement to have a single EU-wide platform, to be maintained and run by PSPs, for the sharing of fraud data amongst PSPs, in order to fully capture the benefits of the measure". The UK has several POCs and trials but we need a single platform to combat APP fraud - who should operate it?

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🔒 Strengthening Cybersecurity in Crypto Markets: ESMA’s Call for a Third-Party Audit on CASPS applicants as one of the amendments. ESMA has emphasized the importance of conducting external cybersecurity audits for crypto-asset service providers.In its response to the European Commission’s amendments to the MiCA regulation, ESMA recommends that a third-party cybersecurity audit becomes a mandatory requirement during the authorization process. This step is crucial to ensuring the resilience of CASPs’ ICT systems and safeguarding investor interests. In addition to robust cybersecurity measures, ESMA also advocates for enhanced good repute checks of management, extending beyond traditional areas such as financial and commercial law to include anti-money laundering and fraud. These recommendations aim to create a thorough entry-point assessment, enhancing market stability and protecting investors. 📌 Next steps: ESMA has communicated these recommendations to the European Commission, Parliament, and Council, with the Commission considering relevant amendments to the MiCA framework. #CyberSecurity #CryptoRegulation #ESMA #MiCA #InvestorProtection #CryptoCompliance #BlockchainSecurity #CyberAudits

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📢 ESMA Publishes Compendium of Enforcement Decisions by EU Accounting Enforcers European Securities and Markets Authority (ESMA) has released the 29th Extract from its database of enforcement decisions taken by EU accounting enforcers. 🔍This resource aims to provide issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). 🔍 The decisions cover IFRSs as well as the ESMA Guidelines on Alternative Performance Measures: https://lnkd.in/geEvQp5u 🌐 Access the Full Extract: The 29th Extract, comprising eight decisions made by European enforcers between December 2021 and December 2023, can be accessed on ESMA's website at the following link: https://lnkd.in/g7EUYFvt 📅 Stay Informed: ESMA will continue to publish extracts from the FRWG decisions database regularly. https://lnkd.in/eKuGSBU7 #IAASA #ESMA #IFRS #AccountingEnforcement #FinancialReporting

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⚡️Cyprus Securities and Exchange Commission Approves New Cybersecurity Regulations and Suspends Registration of Crypto Service Providers 📌 European Commission Adopts New Cybersecurity Rules under NIS2 Directive On 17 October, the European Commission approved the initial cybersecurity regulations under the NIS2 Directive, which came into effect on 18 October 2024. These rules aim to enhance cyber risk management within EU Member States and mandate a series of compulsory measures to bolster the security of digital services.  All EU Member States are now required to ensure that companies providing digital services implement effective cyber risk management measures. 📌 Suspension of Registration for Crypto Service Providers In anticipation of the new EU Regulation 2023/1114 on Markets in Crypto-assets, set to come into force on 30 December 2024, CySEC has decided to halt the acceptance of new applications for the registration of Crypto Asset Service Providers (CASP). This decision is driven by the need to prepare for the incoming standards and regulations, which aim to ensure a higher level of investor protection and market transparency within the crypto asset sector. ▪️ Providers registered before 30 December 2024 will be permitted to continue their operations until 1 July 2026 or until they obtain a licence under the new rules. You can find more information in the article by Julie Tsivileva: https://lnkd.in/eScnJSTM #crypto #cybersecurity

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A couple of days ago the European Banking Authority (EBA) published regulatory and implementing technical standards concerning the authorization to issue Asset-Referenced Tokens (ART). To summarize: 🔸 The first document outlines the Regulatory Technical Standards (RTS) concerning how the whitepaper should be evaluated, and lists the ancillary documents to be attached, including a cost-benefit analysis of the token issuance and a legal opinion qualifying the token as an ART. Credit institutions access a preferential path for ART issuance, so they will not need to obtain approval for the issuance, but will need to (i) notify the relevant authorities of the issuance, (ii) get the whitepaper approved. 🔸 The second document outlines the RTS for the acquisition of major holdings in the legal entity of an ART issuer. The provisions are modeled after those for the financial sector, mirroring the requirements of EU Regulation 2017/1946, which identifies the documents to be produced when notifying the authority of the proposed acquisition of a qualifying holding in an investment firm, and Directive 2007/44/EC - currently no longer in force - which outlines the procedural rules and criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector. 🔸 The third document outlines the requirements for the application to admit the ART to public offering and/or trading on a platform. The RTS specify the information to be included in the application, while the Implementing Technical Standards (ITS) include forms, templates, and procedures to be included in the application. Trading or public offering of ARTs is restricted to legal entities or credit institutions, except if subject to the conditions set out in Article 16(2) MiCAR (tokens purchasable only by qualified investors; not exceeding the threshold of €5 million in 12 months). The authorization process includes a first stage in which the competent authority evaluates the completeness of the application; a second stage in which the complete application is evaluated; a third stage in which the competent authority forwards its draft decision on granting authorization and the application file, including the white paper, to the ECB (and other central banks) for the adoption of an opinion on the interaction of the proposed ART with monetary policy, monetary sovereignty and financial stability. Following the adoption of the opinion of the ECB or other central banks, the competent authority adopts a decision on the granting or refusal of the authorization, it being understood that a negative opinion of the ECB or other central bank shall result in the refusal of the authorization.

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Arbitrum (ARB): the DAO releases $215 million to develop gaming - https://lnkd.in/dFzFDihX ---- Arbitrum governance allocates $215 million from ARB to gaming On Friday, the Arbitrum Decentralized Autonomous Organization (DAO) (ARB) finalized a vote bringing the Gaming Catalyst Program (GCP) to life. The latter, intended to accelerate the development of gaming on the famous layer 2 of Ethereum (ETH), is thus allocated funding of 225 million ARB over the next 3 years , or approximately 215 million dollars at the current price. Thus, this allocation will support developers on the network in various ways: The GCP aims to provide support and resources to interested developers to build on the Arbitrum network. This includes access to financing, mentoring from vetted experts and other forms of assistance to accelerate the development process and contribute to market success post-launch. In total, the vote garnered the commitment of more than 212 million ARBs, with a result of 76.27% in favor of yes. Significant support has been shown from names like Wintermute or Treasure DAO, while others, like Blockworks Research or the decentralized exchange (DEX) Camelot have positioned themselves against. At the same time, Arbitrum is today positioned as the largest layer 2 of Ethereum , with a total value locked (TVL) in decentralized finance (DeFi) of $3.13 billion, according to data from DefiLlama. Across all blockchains, Arbitrum is placed in 5th position, ahead of Blast and just behind Solana (SOL). For its part, ARB trades at $0.95 , for a capitalization of $2.75 billion, in 30th place in the ranking of cryptocurrencies.Buy cryptos on eToroInvesting in cryptocurrencies is offered by eToro (Europe) Ltd as a PSAN registered with the AMF. Investing in cryptoassets is very volatile. There is no consumer protection. Investing is risky (  Source: Governance vote ---- DeFi Central

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Optimizing Compliance with the EBA’s Travel Rule Guidelines for Crypto-Asset Transfers In the rapidly evolving landscape of financial regulations, the European Banking Authority (EBA) has introduced the Travel Rule Guidelines under Regulation (EU) 2023/1113. These guidelines, effective from December 30, 2024, extend the scope of information requirements to cover transfers of certain crypto-assets, aiming to bolster the fight against money laundering and terrorist financing (ML/TF). 🔍 Key Highlights: 1. Extended Scope: The regulation now includes crypto-asset service providers (CASPs) alongside traditional payment service providers (PSPs). This broadens the regulatory framework to address emerging risks in the digital finance sector. 2. Risk-Based Approach: The guidelines emphasize a risk-based approach, allowing PSPs, IPSPs, CASPs, and ICASPs to tailor their compliance strategies according to the nature and size of their business and the specific ML/TF risks they face. 3. Technical and Procedural Requirements: Entities must ensure their systems can transmit complete and accurate information, addressing technical limitations and interoperability issues in crypto-asset transfers. 4. Self-Hosted Wallets: CASPs are required to obtain and hold information on self-hosted wallets, ensuring that transfers can be individually identified and traced, especially for transactions exceeding EUR 1,000. 5. Compliance and Reporting: Competent authorities and financial institutions must make every effort to comply with these guidelines. Regular updates and improvements to policies and procedures are mandated to maintain effectiveness. Next Steps: The guidelines will be available in all official EU languages and published on the EBA’s website. Financial institutions and CASPs should begin preparing to meet these new requirements ahead of the December 2024 deadline. 💡 Why It Matters: Adopting these guidelines is crucial for enhancing the transparency and security of financial transactions involving crypto-assets. It supports regulatory consistency across the EU, thereby strengthening the overall AML/CFT regime. 📣 Stay Compliant: Ensure your organization is ready to comply with the EBA Travel Rule Guidelines. Stay informed, upgrade your systems, and refine your procedures to meet the new standards and safeguard your operations against financial crime risks. For more detailed information, access the full EBA Travel Rule Guidelines report hereunder or kindly get in touch with GTG #EBA #TravelRule #CryptoAssets #Compliance #AML #FinancialRegulations #Blockchain #CryptoCompliance #RegTech

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Are you ready for the EU’s new cryptoasset regulation? #MiCAR establishes the first comprehensive, pan-EU regulatory regime for the regulation of cryptoassets. We've launched the MiCAR Compliance Toolkit, which provides you with the practical steps needed to help you prepare. Read now: https://bmcknz.ie/3WKylGY

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📣  LPID Rulebook Version 1.0 is now LIVE! 📣 The EU Digital Wallet Consortium (EWC) are pleased to announce the release of the Legal Person Identification Data (LPID) rulebook making a significant milestone in the Legal Person EU Digital Identity Wallet ecosystem! The Legal PID (LPID) is Person Identification Data for legal persons. The LPID rulebbok contains requirements specific to the LPID and its issuance process. The LPID attributes and generic LPID issuance process have been agreed upon by all Business Registers participating in EWC and are the basis for a common LPID schema.  The goal of the LPID attestation is for relying parties to ensure trust in an organisation that is the holder of the LPID by: 1) verifying the integrity of the LPID. This could for example be done by verifying trusted lists or technical controls against schema. 2) validating the LPID. Validating includes checking that the LPID is not altered or revoked. The LPID ensures those two factors and therefore that a Legal person EUDI Wallet Instance is trustworthy. 🔦 For more details, check out the EWC repository here: https://lnkd.in/edx42XgV #legalpersons #EWC #organisationaldigitalidentities #EUDIW

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Great progress for the EU Digital Identity Wallet! The release of the LPID Rulebook is a key step towards building trust and ensuring secure digital identities for legal entities across the EU. This is an important milestone for digital transformation in Europe. #EWC #organisationaldigitalidentities #EUDI #digitalwallet

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#Litigation and #regulatory attorney Johnny ElHachem جوني الهاشم authored an article for The Global Regulatory Developments Journal on #Finland's proposed #gaming market reform. He analyzes the draft law introducing an open #licensing system for #sportsbetting and #onlinegaming, ending the state #monopoly. The article details key aspects of the law, including #taxation, licensing, #playerprotection measures and other regulatory shifts set to take effect in 2027. https://bit.ly/4dCMlrl

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Markets in Crypto-Assets Regulation (EU) 2023/1114 Article Summary Article 9 Publication of the crypto-asset white paper and of the marketing communications Article 9 of the EU regulation on markets in crypto-assets requires that offerors and individuals requesting admission for trading of crypto-assets publish their white papers and marketing materials on their websites. This information must be accessible to the public at least in advance of the public offering or trading admission. The published documents should conform to the version communicated to the relevant competent authority, ensuring transparency and consistency in the information provided to potential investors. Objective: This article establishes the requirement for offerors and persons seeking trading admission of crypto-assets to publish their white papers and marketing communications in a publicly accessible manner before the public offering or trading admission begins. Target Audiences: 1. Offerors of crypto-assets Type: Business Entity Offerors must comply with the publication requirements outlined in this Article to inform potential investors adequately and meet regulatory standards. Key Focuses: 1. Publication requirements Offerors must ensure that their crypto-asset white papers and marketing communications are published on their websites and available to the public prior to the offering or trading admission. 2. Accessibility The white papers must be publicly accessible, ensuring that potential investors have sufficient access to relevant information. 3. Compliance with authority notified version The published materials need to match the version that has been notified to the competent authority, maintaining consistency and reliability. Requirement Summary: Offerors must publish their crypto-asset white papers and marketing communications on their websites before the public offer or trading admission begins, ensuring these documents remain accessible for as long as the crypto-assets are held by the public. Additionally, they must guarantee that the published version matches the one submitted to the competent authorities. Compliance Control Actions: 1. Ensure publication of white papers and marketing communications Target Audience: Offerors of crypto-assets Related Articles: 1. Article 8 Notifying competent authorities Article 9 is related to Article 8 as it requires that the published white papers must conform to the version that has been previously notified to the competent authorities. 2. Article 12 Modifications of the white paper This Article interfaces with Article 12 as it allows for modifications in the white papers that are to be published, ensuring that any updated versions remain aligned with regulatory requirements. 📂 Please feel free to repost and leave your comments below! A "Like" is an encouragement for GRC Library to develop more resources for the GRC professionals community. #GRCLibrary #GRC #FinTech #crypto #marketing #MiCA

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The European Banking Authority (EBA) published two sets of final Guidelines, EBA Guidelines EBA/GL/2024/14 & EBA/GL/2024/15 providing detailed frameworks for implementing internal policies, procedures, and controls to comply with EU and national restrictive measures, targeting all institutions under its purview and one on Payment Service Providers (PSPs), and Crypto-Asset Service Providers (CASPs). ✅In particular they set specific guidance for PSPs and CASPS to deploy screening systems for screening transactions and customer data against restrictive measures. These systems should have parameters that balance accuracy and efficiency to avoid false positives and negatives. This includes “fuzzy matching” techniques. Blockchain Analysis for CASPS is also mentioned to strengthen transaction monitoring. ✅ They also touch on operational and outsourcing procedures since operators remain responsible for compliance, even when outsourcing, and must document and monitor these relationships rigorously. ✅Institutions should also tailor training programs for their staff, ensuring awareness of restrictive measures, compliance methods, and institutional policies. The guidelines aim to reduce inconsistencies across EU member states, streamlining the supervision and implementation of restrictive measures to enhance financial system integrity. GTG Advocates - Malta Law Firm #FinancialCompliance #AMLCompliance #GovernanceFramework #RiskManagement #CryptoCompliance #BlockchainScreening #CryptoRegulation #PaymentRegulations #EUCompliance #EURestrictiveMeasures #FinancialIntegrity #EuropeanBanking #RegTech #BlockchainMonitoring #AIComplianceTools #ComplianceBestPractices #AML #fintech

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𝐄𝐒𝐌𝐀 𝐜𝐨𝐧𝐟𝐢𝐫𝐦𝐬 𝐚𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐃𝐓𝐈 𝐚𝐧𝐝 𝐅𝐅𝐆 𝐃𝐓𝐈 𝐭𝐨 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐜𝐫𝐲𝐩𝐭𝐨-𝐚𝐬𝐬𝐞𝐭𝐬 𝐟𝐨𝐫 𝐌𝐢𝐂𝐀 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 📜 On 3 July 2024, ESMA confirmed in its Final Report (cf. link in the comments) the adoption of the ISO 24165 Digital Token Identifier (𝗗𝗧𝗜) and Functionally Fungible Group DTI (𝗙𝗙𝗚 𝗗𝗧𝗜) as identifiers for crypto-assets under MiCA regulation. 🧐 The DTI will be used for pre- and post-trade transparency, order book management and record-keeping by Crypto Asset Service Providers (𝗖𝗔𝗦𝗣𝘀). Issuers and offerors of asset-referenced or e-money tokens, commonly known as stablecoins, will also be required to provide DTIs and FFG DTIs, where available, within crypto-asset white papers. 💡 DTIs and FFG DTIs are made available as part of the Digital Asset data offering from SIX. Example: Ether (ETH) – Valor 39891263 / ISIN XTD5RG2FHH04. 🚀 DTIs have also been adopted and implemented by SDX, SIX Digital Exchange. 👉 Find out more about our Digital Asset data offering: https://six.swiss/3WyY8Sm #MakingADifferenceWithData #MICAR #DigitalAssets #CryptoAssets SIX Digital Exchange

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🇪🇺✨ EGBA welcomes the new EU anti-money laundering package which was finalised yesterday, following approval by the Council of the European Union. The new rules will benefit online gambling operators by standardising AML rules and reporting requirements. Obliged entities will have 3 years to comply with the new rules. The final legislative package provides for: 🏢 The establishment of the European Anti-Money Laundering Authority (AMLA) – based in Frankfurt, AML will have direct and indirect supervisory powers to ensure compliance with AML requirements, working in tandem with national AML authorities. AMLA will be responsible for a large amount of technical and implementing rules that will directly apply to the online gambling sector. 📖 The 6th Anti-Money Laundering Directive – containing national provisions on supervision and the powers of national AML authorities, including their access to requisite and reliable information such as beneficial ownership registers. 🔍 A new Anti-Money Laundering Regulation (AMLR) – encompasses requirements for conducting due diligence, transparency of beneficial owners and much more, directing practitioners through the whole AML process for obliged entities. The regulation sets a limit of €2000 for conducting due diligence on players for online gambling operators. 📅 The new AMLR will enter into force three years after its publication in the Official Journal of the EU, which is the next step in the process. 💡 To support compliance efforts, EGBA has developed industry-specific guidelines. Operators can prepare for the EU's AML rule changes and contribute to the fight against money laundering in the EU by signing up. Learn more about the guidelines here: https://lnkd.in/gEHGDHF3 💬 "We welcome the finalisation of the new anti-money laundering package. EGBA has actively followed and contributed to the revision of the AML rules at EU-level and believes the new rules will benefit Europe’s online gambling operators, especially those operating in multiple jurisdictions, by ensuring a single regulatory approach across EU member states. With finalisation of the new rules, EGBA will review and update its industry guidelines on AML to ensure their alignment with the rules. By signing up to the guidelines, operators can begin preparing themselves for the EU rule changes and join our members in their efforts to proactively and positively contribute to the fight against money laundering in the EU." – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA. 🔗 Read our press release here: https://lnkd.in/e5csGSYe 🤝 If you are an EU-based online gambling operator and are interested to participate to EGBA’s industry guidelines on AML, please contact us. #AML #EU #CFT #CDD #antimoneylaundering #iGaming #Gambling

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Responding to KYC is easy with Avallone! ✅ Reply to any type of KYC form from banks, law firms, etc. ✅ Reuse your data for future questionnaires - even if it's a different counterparty! ✅ Create your legal entity structure with ownership and control levels ✅ GDPR and privacy-compliant collection, storage and sharing of personal documents ✅ One central repository for all corporate documents Want to learn more? 🎬 Watch our KYC Responder mini-demos at https://lnkd.in/ddPfSTqz 🤓 Read more on our website at https://lnkd.in/dmhQpv6e 🚀 Sign up for our longer on-demand demo at https://lnkd.in/dX8iHXgt #Avallone #KYC #KnowYourCustomer #AML #AntiMoneyLaundering #RegulatoryCompliance #Compliance #KYCResponder #GDPR #LikeForLike #LegalEntityManagement #UBO

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🚨 Important Update from #CySEC 🚨 The Cyprus Securities and Exchange Commission (CySEC) has issued Circular #C655 addressing compliance obligations for regulated entities. Key points include: 📌 Annual assessment of Compliance Officers' and Internal Audit Reports. 📌 Identification of common weaknesses and deficiencies. 📌 Requirement for immediate corrective actions on identified issues. 📌 Thorough and detailed Compliance and Internal Audit Reports are crucial for regulatory adherence. CySEC emphasizes the critical need for strict adherence to regulatory requirements and warns of rigorous compliance checks and strict administrative sanctions for non-compliance. 🛡️ Don’t risk non-compliance and potential sanctions. Contact CJ Solutions Ltd. today to ensure your business meets all regulatory standards. [email protected] and www.cjsolutionsltd.com #cjsolutionsltd #regulatorycompliance #AML #CFT

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Recently, the Court of Justice of the European Union (CJEU) rendered a significant decision regarding the inclusion of biometric data in identity cards as mandated by Regulation 2019/1157. 🔹 Key Takeaways: - The regulation enforces the integration of two fingerprints in the identity cards issued by Member States. - While this decision emphasizes security and the prevention of identity theft, it also raises important discussions about privacy and personal data protection. We've delved deep into the implications of this ruling in our latest blog post. It's a must-read for anyone concerned with data protection, identity security, and EU regulations. https://lnkd.in/dMNpQ8YS How do you think this balance between security and privacy should be managed? Join the conversation below! #biometricdata #EURegulations #identityprotection #Decalex #dataprivacy #dataprotection #security #privacy #rightotprivatelife

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