Initial Coin Offerings are now mushrooming in Germany as well and the regulator published a guidance note explaining the circumstances under which tokens are “financial instruments”.
Financial data is one of the most attractive data sets for hackers, so financial institutions are at a high risk of being attacked.
Andrew Bailey said in a key speech last year: “The FCA is an exciting place to be, the challenges come thick and fast”. The same can certainly be said of the FS sector in 2018.
There’s increasing demand for best practices, codes of conduct and self-regulatory frameworks to be developed. And there are signs that the sector is responding.
Identifying additional challenges for KYC and terrorist finance prevention in non-face-to-face / online channels.
Regulatory requirements to be met before a financial institution can outsource any function have been made more stringent