Regulation

So I blog about money laundering and state versus individual, and find two interesting threads that relate to both. First, if you’re a libertarian then think again. The state is going to crackdown. From ZDNet: Cybercriminals managed to launder at least $8.6 billion worth of cryptocurrency in 2021, according to a new report from blockchain…

NatWest, formerly Royal Bank of Scotland (RBS), is a good example of a bank with rubbish IT. This was illustrated when I spotted the headline: NatWest fined $300 million for money laundering. They didn’t do the money laundering, but a number of accounts – specifically a jeweller, Fowler Oldfield – did. How did this happen?…

One of my regular rants is that, even with all of this innovation and disruption with technology, no one has really reinvented banking and finance. The nearest we get are companies like Ant Group, PayTM, NuBank and a few others who are offering truly differentiated financial services, but the majority are just sorting out what…

I’ve been watching the headlines related to Joe Biden’s pick for the head of the Office of the Comptroller of the Currency (OCC). OCC is an interesting department, as it can issue national bank charters for US banks, and often runs into trouble. By way of example, under the previous Administration, the OCC tried to…

I haven’t blogged much about my friends from Hangzhou (China) lately, as it is all in a state of flux, but what I can say is that the will of the people – President Xi – appears to be strong. If you haven’t seen the latest nuance, Ant Group are now sharing customer data with…

Some years ago, I regularly talked about bankers being criminals. It’s not a popular theme with the banking community but, a bit like a genius, bankers walk that line between good and bad. Genius’s walk the line between amazing and mad. It’s a fine line. Thing is that there are bad bankers. There are bankers…

I was intrigued by a new report from the IMF entitled: The Impact of Fintech on Central Bank Governance (you can download it for free). I was particularly intrigued by its opening: Central bank governance is a concept composed of four constitutive and interrelated components: a central bank’s (i) mandate, comprising its objectives (the “why”),…

I was thinking about things that are not being dealt with by banks or fintechs. Surprisingly, there are many things that come to mind: real-time proof of identity to avoid freezing of accounts multiple verifications of a payment to ensure you send to the right person’s account better use of FaceID and similar biometrics to…

When I wrote the Captain Cake series and pivoted to be a children’s author as well as a FinTech guy, a friend said that I should write a children’s book about FinTech, which I did. It’s not something aimed at publication as a book, but thought I would share with you what I came up…

I find so many similarities between what’s happening with COVID and what’s happening with cryptocurrencies. Why? It’s all to do with how they’re regulated. I don’t know about your country, but I’m in between two countries: the UK and Poland. After recently visiting the UK, where COVID rules are so confusing you have no idea…