BIS Innovation Hub and HKMA investigate how tokenised green bonds can improve sustainable investment

25 August 2021
Knowledge Base

In many countries, issuing and investing in bonds can be cumbersome and complex, involving many steps and parties, and typically requiring a considerable financial commitment from the investor. For those investing in environmentally friendly projects, there is uncertainty about whether the bond issuer is delivering the positive green impact it committed to at issuance. Also, there are typically no liquid and transparent secondary markets for retail investors. The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) joined forces with the technology industry on Project Genesis to build a prototype digital infrastructure that enables green investments, improves transparency on the use of proceeds, and thereby helps meet regional and global environmental and sustainability goals. Continue reading…

Personalia

Ken van Ierlant

Digital Thought Leader
Member of the Board of Directors of UpGen. Experienced CEO / CDO / CIO in the field of transformation processes within internationally oriented companies.
Personalia

Theodoros Kringou

Founder and Managing Director, Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.)
Theodoros Kringou, a self-made entrepreneur is the Founder and Managing Director of Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.).
Personalia

Marta Andreeva

Global Compliance Program Specialist at Crypto.com since July 2020
Marta is passionate about developing a culture of compliance, increasing awareness and coaching and mentoring others.

Fraud involving sale of facemasks halted thanks to Eurojust support

20 August 2021
Knowledge Base

An online scam involving the sale of protective materials against COVID-19, such as facemasks, has been halted with the support of Eurojust. During a joint action day conducted on 10 August, 34 searches took place across Romania, Ireland and the Netherlands. In total, 23 suspects were charged, of whom ten have been detained, with Eurojust enabling cross-border judicial cooperation. Companies in at least 20 countries were defrauded of approximately EUR 1 million. Continue reading…

DTCC Derivatives Repository fined €408,000 for EMIR data breaches

18 August 2021
Knowledge Base

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has fined DTCC Derivatives Repository Plc (DDRL) a total of €408,000 for seven infringements of the European Market Infrastructure Regulation (EMIR) regarding data confidentiality, data integrity, and direct and immediate access to data. The breaches relate to: granting certain asset managers access to data that they were not entitled to receive; setting up its IT system in a way which altered the substance of certain information reported to DDRL; and failing to provide regulators with direct and immediate access to relevant data. Continue reading…

FCA publishes Decision Notice against financial adviser for failings when advising on pension transfers

17 August 2021

The Financial Conduct Authority has published a Decision Notice against Geoffrey Edward Armin of Retirement and Pension Planning Services Limited (In Liquidation) (RPPS). Mr Armin has referred his Decision Notice to the Upper Tribunal where he will present his case. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The Upper Tribunal will determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such directions as the Upper Tribunal considers appropriate to give effect to its determination. The Upper Tribunal’s decision will be made public on its website. Accordingly, the proposed action outlined in the Decision Notice will have no effect pending the determination of the case by the Tribunal. Continue reading…

HSBC – A dirty bank as an accomplice of big style Cybercriminals!

13 August 2021
Knowledge Base

by Elfriede Sixt

EFRI, an association based in Vienna, Austria, set up in spring 2020, by now represents more than 1.052 European consumers who were defrauded by cybercriminals as of writing over EUR 59,2 million in the form of investment scams also referred to as boiler room scams. HSBC, one of the world’s largest banks, is known for being a “dirty” bank. It is public knowledge that HSBC for decades has laundered hundreds of millions of dollars for Mexican drug cartels and HSBC took a prominent role in about all scandals which evolved during the past years: Panama Papers, Swiss Leaks, … (a video on the history of HSBC and its involvement in crimes can be watched here). So probably it is not surprising that this “dirty” bank is also heavily involved in Cybercriminal activities. Continue reading…

Elena Pykhova

Elena Pykhova

Expert in risk and resilience matters and author of a best-selling book, Operational Risk Management in Financial Services

Firms continue to assess whether Working From Home (WFH) is reducing the effectiveness of the 2nd Line Risk Function

12 August 2021

Working from home has become a normality of the new reality. According to Eurofond1, as a result of the pandemic, almost half of the working population in the European Union was working remotely either fully or partially; a significant increase from the 10% of home-workers pre-COVID-19. During WFH, maintaining a sound control environment and exercising prudent risk management is essential. Risk management department plays a crucial role in achieving this objective. According to the 3 Lines Model2, updated and reissued by the Institute of Internal Auditors in 2020, Risk function assists by providing ‘expertise, support, monitoring, and challenge related to the management of risk’. But is WFH, with a somewhat strained informal interactions and communication channels, reducing the effectiveness of the second line function? Continue reading…

FCA wins case against Avacade in the Court of Appeal

11 August 2021

The Court of Appeal has upheld findings of breaches against Alexandra Associates (UK) Limited trading as Avacade Future Solutions (AA), and Craig and Lee Lummis in a case brought by the Financial Conduct Authority. The FCA alleged, and the High Court found, that Avacade Limited (in liquidation), AA, Craig Lummis, Lee Lummis and Raymond Fox engaged in arranging and promoting investments without FCA authorisation and made false and misleading statements to investors which induced them to transfer their pensions into self-invested personal pensions (SIPPs) and then into alternative investments such as HotPods (office space available for rent), tree plantations and Brazilian property developments.   Continue reading…