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Zumo Unveils MiCA Readiness Report at Davos: Key Insights for Crypto Compliance
At the World Economic Forum in Davos, a report highlighted sustainability challenges in crypto-assets, particularly regarding compliance with the MiCA regulation. While 75% of respondents were familiar with MiCA, only a third felt informed about sustainability disclosure requirements. Key challenges included unclear regulatory guidelines (50%), lack of resources (38%), and information scarcity (31%). Peter Kerstens from the European Commission emphasized the importance of sustainability in crypto, urging providers to see MiCA as an opportunity. Risks of non-compliance include reputational damage (75%) and loss of customer trust (31%). Experts called for greater regulatory engagement to enhance understanding and support sustainable practices in the industry.
EBA Unveils Comprehensive Final Guidelines for Effective ESG Risk Management
Financial institutions are increasingly focusing on ESG (Environmental, Social, and Governance) risks, guided by new protocols to effectively identify, manage, and monitor these risks in line with EU regulations. The European Banking Authority (EBA) emphasizes the significant threats posed by ESG risks, particularly environmental ones, urging businesses to address them for climate neutrality by 2050. Key requirements include transparency in ESG practices, clear definitions of risks, and strategy implementation. The guidelines will become mandatory from January 11, 2026, with an extended deadline for smaller institutions. This initiative supports sustainable economic growth and compliance with EU goals.
Sardine Secures $70M Investment to Revolutionize AI-Driven Fraud Detection Platform
Sardine, a leading fintech company focused on fraud prevention and compliance, recently raised $145 million from prominent investors like Andreessen Horowitz and Google Ventures. Founded by veterans from Coinbase, Revolut, and PayPal, Sardine utilizes advanced AI technology, including device intelligence and machine learning, to combat fraud in real-time. Its suite of intelligent agents streamlines processes like KYC onboarding and sanctions screening, significantly reducing manual workloads for firms. CEO Soups Ranjan highlighted that risk teams face unprecedented challenges, with alert volumes skyrocketing. The new funding will allow Sardine to enhance its AI infrastructure and improve efficiency in fighting financial crime.
Fortify Your Fraud Defense: Expert Strategies Revealed at NextGen Nordics
Fraud prevention is increasingly crucial in the Nordic financial sector, which is transitioning from reactive to proactive measures against real-time fraud threats. Advanced technologies such as AI analytics and behavioral biometrics are being integrated to enhance fraud risk management. A key development is the Verification of Payee (VoP) system, adopted by countries like Sweden and Finland, which helps reduce Authorised Push Payment (APP) fraud. Nordic nations are observing the UK’s strategies for combating APP fraud, advocating for collaborative efforts among financial institutions. The NextGen Nordics 2025 event will discuss these innovations and set new standards for secure digital payments.
EU AI Act: New Unacceptable Risk Provisions Now in Effect for AI Regulations
The EU AI Act will significantly alter the artificial intelligence landscape in Europe starting February 2, 2025, banning AI systems classified as posing ‘unacceptable risk’ and imposing fines up to EUR 35 million for non-compliance. Key provisions include training requirements for organizations and prohibitions on harmful AI practices, such as deceptive techniques and real-time biometric identification. The Act applies globally, affecting all organizations using AI in the EU, including those based outside Europe. Companies have about 18 months to prepare for compliance by cataloging AI systems and collaborating with third parties to meet the regulations.