The Financial Conduct Authority or ‘FCA’ – formed in 2013 – is the United Kingdom’s financial regulatory authority overseeing U.K. financial markets and “58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom”. An independent agency, the FCA has the power to
The Financial Crimes Enforcement Network or ‘FinCEN’ is a U.S. agency – bureau of the Treasury Department – that fights financial crime. Its motto is “follow the money”. This Financial Intelligence Unit (FIU) supports local, state, federal and international law enforcement investigations to safeguard the financial system from illicit use and to fight against money
What is Financial Stability Board As stated in its Charter, the FSB coordinates “at the international level the work of national financial authorities and international standard setting bodies (SSBs) in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies.” The FSB Plenary is a meeting between all its member jurisdictions
What is Financial Stability Institute (FSI) The Financial Stability Institute (FSI) is a body created by the Bank for International Settlements (BIS) and the Basel Committee on Banking Supervision to assist Central Banks and financial sector regulatory and supervisory authorities (supervisors) around the world in improving and strengthening their coordination by providing them with information
What is Financial Stability Oversight Council (FSOC) FSOC is a US federal government organisation entrusted to identify risks to the US financial sector stemming from large banks, financial holding companies and non-bank financial companies. FSOC Responsibilities FSOC Publications Annual reports FSOC Virtual asset related reports Report on Digital Asset Financial Stability Risks and Regulation FSOC
The FinCEN Files are a trove of information and analysis released in 2020 by the International Consortium of Investigative Journalists that sought to uncover vast gaps in money laundering actions by the traditional financial sector and institutions. Amongst some of the accusations leveled at the big banks was over-arching complacency in fighting back against malicious
Fingerprints of Activity is a financial investigatory method to identify accounts of known blockchain services and methods used by the perpetrators. By identifying the ‘modus operandi’ of a single suspect or of a group of threat actors, financial investigatory units (FIUs) can faster apprehend suspects and seize their assets. Related Articles Battles of Dirty Money and Blockchain: How
Refers to new applications, processes, products or business models that are being applied to improve the efficiency and security of financial services. Related Articles
First In, First Out or ‘FIFO’, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. The FIFO method is used for cost flow assumption purposes. Under FIFO, it is assumed that the cost of inventory purchased first will be recognized first. The dollar value
What is G20 The global economy has expanded over the years, developing countries representing a larger part in it. The G20 was created to include these in discussions on international financial matters. The G20 comprises all G7 members, the EU and 12 additional countries. The G20 is now seen as more impactful than the G7