An analysis of some of the developments in the Blockchain and Digital Assets sector.Topics covered:Goldman Sachs gets fined $1billionA shake up in Bond marketsIP protection heling to protect composers, writers, photographers\u2019 artistic creationsESG \u2014 how Blockchain technology is being harnessedPwC\u2019s \u2018Time for Trust\u2019 \u2014 The Economic Impact of BlockchainDigital Bytes show on Blockchain Radio4th November 2020 Digital BytesGoldman Sachs is fined $1billionAmazing \u2014 yet again, another bank is fined for allegedly not following regulations and breaching rules. This time Goldman Sachs has pleaded guilty to violating anti-bribery provisions and was fined $1billion, on top of the $2.97 billion it had already been fined this year for other misdemeanors.A report from the publication, Finance in Bold (Finbold) revealed that global banks have racked up fines of over $10.5billion so far in just 2020 YTD, with thirty banks each being obliged to pay out over $500,000. The commonest reason for this has been attributed to poor AML systems and procedures, although KYC and personal data breaches were also cited as reasons for the banks being fined. For AML breaches alone in 2019, there were $7.7 billion of fines, a significant increase from $1.6 billion the year before. Once again, the US banks have faced the brunt of the regulators\u2019 wrath, attracting 74% of fines. One does wonder, are the American banks managed so ineptly, or are other jurisdictions taking a more lenient stance towards banks operating in their jurisdictions?AML fines 2002\u20132019Source: Encompass CorporationAnother study from LexisNexis Risk Solutions claimed that global financial services companies will pay $180.9 billion in compliance costs this year. However, on a more positive note, according to Santander, Blockchain technology could reduce financial services infrastructure costs by as much as $20 billion p.a.Increasingly, regulated companies are using FinTech firms (such as CoinFirm, Blockpass and Kompany) which have built\u2026<\/p>","protected":false},"excerpt":{"rendered":"
An analysis of some of the developments in the Blockchain and Digital Assets sector.Topics covered:Goldman Sachs gets fined $1billionA shake up in Bond marketsIP protection heling [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/2952"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=2952"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/2952\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=2952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=2952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=2952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}