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How many tags can we add to this article? LexTech (as in legal technology)?, LegalTech? FinTech, contracting? Cloudflare? DNS Laundering? ICO? Regulation? If nothing else, the story is a warning to regulators to stop and think: are they really doing it right or just being swept along on a wave of other people's self-interest and enthusiasm?

Confido described itself as "using smart contracts with a unique shipment tracking feature." The idea was that it would become a trusted third party (remember that term from the early days of internet payments? It's still useful) as, in effect, an escrow holder. In fact, what the company was offering was far more prosaic:

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The Australian Financial Services (AFS) Licence of a financial adviser in Brisbane was cancelled yesterday but the announcement was made first thing this morning Sydney time . Today, at least one LinkedIn profile says that the company holds an AFS licence proving that social media and due diligence are not good bedfellows. The case also shows that penalties for failure to comply with orders by regulators to undertake more effective management can have serious repercussions.

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When internet security is talked about, it's usually either that someone is trying to sell you something, or something has gone wrong in the biggest possible way.

But it's all OK for your bank, etc. isn't it. After all, you trust your systems to Amazon's AWS cloud service and if anyone's got internet security taped, it's going to be Amazon.

Right?

Wrong......

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One has to ask what took so long.. after American regulators and prosecutors began attacking European banks for failures in the USA European regulators remained surprisingly reticent about taking action against foreign banks, especially American banks. While it may not be blowback (US banks have long gone their own way in London, as have German and Japanese banks but there have been occasional action against those) it is certainly time that US banks were not treated as a special case. In the latest example, Merrill Lynch has been ordered to pay a penalty that, relative to the scale of the failure and corresponding penalties in the USA, seems relatively small.

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We've been here before, or have we? Just six weeks ago was the tenth anniversary of the USA listing Banco Delta Asia of Macau and Hong Kong as being "of primary money laundering concern." But there was scant evidence of wrongdoing by BCA and what there was turned out to be largely made up. Is the Bank of Dandong, a mainland Chinese bank, any more culpable or is the USA back on the track of weapons of monetary destruction that don't really exist?

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The Financial Crimes Enforcement Network (FinCEN), which also has a regulatory function, has applied a USD3 million civil money penalty against Lone Star National Bank of Pharr, Texas, for failing to properly comply with the requirements of the Bank Secrecy Act - as found in s312 of the USA PATRIOT Act.

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Financial adviser Drew Grosskreutz of Queensland, Australia, has been banned from providing financial services for three years, says ASIC

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A thread on Linked-In raises the question of why the opportunity to join in the class action announced against Commonwealth Bank of Australia is not available to many shareholders. Here's a simplified guide to class actions - and why the CBA case bears more than a passing resemblance to a shareholder action against The Bank of New York.

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With effect from 4th April, 2018, new rules will apply to Australian financial services (AFS) licensees that hold "derivative retail client money."

Inevitably, it's not that simple. Then again, our detailed analysis shows that compliance should not be expensive or difficult,

At 17:58 this evening, we received a warning about a fake website for Hang Seng Bank (see story. At 18:58, a second warning arrived, this time about Wing Lung Bank. Here are the details

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Once more, Hong Kong's Hang Seng website is the victim of a fraudulent copy. It does seem to happen quite often.

Hong Kong Monetary Authority has issued a warning notice and published a list of domain names that IT Security teams might wish to block at server / firewall level for both mail and web access.

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This article, by Nigel Morris-Cotterill, was first published in September 2002. It is, in part based on a briefing to banks, etc, in London in November 2001 and draws attention to the effect of the money laundering, etc. provisions of the just in-force USA PATRIOT Act.

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Differences in spelling are only part of the differences between these two criminal offences.

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The ICO, or initial coin offering, is causing furrowed brows at regulators. It's a fascinating concept and governments are split: should they regulate it on the hoof or, as China has done, ban it until they can work out what do to about it? Or should they pretend it's not happening?

All three approaches are being adopted.

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Our sister publication, World Money Laundering Report, has always adopted the view the Deferred Prosecution Agreements are legalised bribery to enable companies and their officers to evade prosecution for crimes committed.

Alun MIlford, General Counsel of the UK's Serious Fraud Office argues, in a speech to the Cambridge Symposium on Economic Crime, 2017, that the DFA is a useful tool, and that the UK version is materially different from the US version on which it is based.

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