Blog

The European Banking Authority (EBA) is reshaping the financial landscape with its revised AML guidelines to incorporate crypto asset service providers. This regulatory shift underscores the EU's commitment to integrating digital assets while emphasizing collaboration and consistency.

We discussed operational resilience in modern businesses, detailing its significance and the challenges posed by rapid technological shifts. We then explored the DORA Regulation, its inception due to cyber threats in finance, and its holistic approach to resilience.

Embracing the digital era, the CFTC is championing a symbiotic blend of blockchain and AI to bolster investor protection. As blockchain promises unparalleled transparency in transactions, the integration of KYC and AML into DeFi platforms aims to deter illicit activities.

DORA's proposed revisions raise concerns in the EU's financial sector. While aiming for enhanced transparency and digital resilience, the "one size fits all" approach might burden smaller entities. Industry feedback, such as EFAMA's, highlights challenges like unnecessary data retention.

The European Parliament's Committee reveals an 80% drop in EU single market infringement cases from 2020-2022, indicating enhanced member state compliance. However, concerns arise over the Commission's enforcement capabilities.