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The Financial Conduct Authority (FCA) examined ongoing financial advice services to ensure consumers receive the services they pay for. The review analysed data from 22 firms regarding suitability reviews, finding they were mostly delivered. However, some clients declined reviews, and a small percentage of firms failed to offer them, raising concerns. The FCA expects firms to rectify any shortcomings and proactively contact affected consumers, potentially offering redress where services were not provided. The FCA also provided guidance on good and poor practices observed during the review. Further, they plan to review existing rules for ongoing advice considering market developments and the Consumer Duty. Consumers are advised to complain to firms directly if concerned, utilising resources like MoneyHelper and the Financial Ombudsman Service if needed.
Covering an article from Merkle Science reports on a $1.5 billion hack of the Bybit cryptocurrency exchange, highlighting vulnerabilities in multi-signature cold storage. The attackers manipulated the user interface of transaction verification tools, causing operators to unwittingly authorise a malicious transfer, and the stolen funds were then laundered through complex methods including DEXs, address layering and non-KYC exchanges. This incident is similar to breaches at WazirX and Radiant Capital, indicating a broader systemic issue. Bybit responded swiftly, freezing assets and processing withdrawals efficiently, while Safe Wallet implemented enhanced security measures, and the incident is used to discuss recommended countermeasures including MPC wallets and improved training, The article also links the Bybit hack to other exchange breaches and stresses the need for stronger security and blockchain forensics to protect digital assets.
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16:57
EU Sanctions Regarding Human Rights Violations in Russia
The European Union has enacted significant sanctions against Russia in response to human rights abuses, its aggression against Ukraine, and hybrid threats. These measures specifically target individuals and entities responsible for severe human rights violations, the repression of civil society and democratic opposition, and those undermining the rule of law. Sanctions include travel bans, asset freezes, and prohibitions on providing funds to listed individuals and entities, including penal colonies, judicial figures involved in politically motivated cases, and high-level officials. Furthermore, the EU has imposed trade restrictions on equipment that could be used for internal repression or for monitoring telecommunications. These actions demonstrate the EU's condemnation of Russia's actions and its support for human rights and democracy.
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5:59
Evaluating the European AI Office's AI Literacy Practices Repository
This Episode covers the the European AI Office's repository of AI literacy practices, which is intended to help companies comply with EU regulations. It highlights limitations of the repository, such as the vague descriptions and KPIs, the broad size and sector categorisations, and its non-recommendatory nature.
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19:34
The Cost of Sanctions: Impacts on Russian Imports
This research from CEPII examines the economic impact of sanctions on Russia, particularly concerning strategic and dual-use goods. Sanctions do not entirely block access to these items, but they do increase import prices, especially from non-sanctioning countries. The price index of Russian imports saw a notable jump after sanctions were implemented. Strategic goods have experienced a particularly steep increase in transportation and insurance costs. Despite China becoming a major supplier, sanctions have generally made obtaining crucial goods more challenging, costly and of lower quality for Russia.
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13:18
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Compliance Officers Playbook is your trusted companion in the world of compliance. Whether you’re a new to Compliance or a Junior Professional aiming to fast-track your journey to becoming a successful Chief/Compliance Officer, or you are a new or a seasoned Chief/Compliance Officer looking to sharpen your skills and broaden your expertise, this podcast delivers actionable insights, industry best practices, and thought-provoking discussions to elevate your career. Join us as we uncover the strategies and tools that empower compliance professionals to lead with confidence and integrity.
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