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Styx, Economic Crime Bill, Yes Bank, KYC AML Blockchain, Online Scam Insurance, StartUp Fraud

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Welcome to our weekly newsletter focused on providing you with the latest news and insights on risk, AML, regulatory technology, and financial crime compliance. From cybercrime to blockchain and fraud, let’s delve into the latest happenings in different fields.

Firstly, Resecurity, a security company, revealed the discovery of the new cybercriminal platform called Styx. The platform is known to be used by hackers to carry out various cybercrimes such as data theft, espionage, and ransomware attacks. Next, in the legal sector, there are discussions in United Kingdom on the potential for increased regulation in the technology sector in response to recent high-profile cyberattacks.

Then we have another article where we discuss about Yes Bank founder Rana Kapoor who was granted bail in a money laundering case involving INR 200 crores due to the ongoing pandemic situation after having served a 73% of the sentence. On the blockchain front, Decentralized Crypto Financial launched a KYC/AML-compliant blockchain solution in partnership with Tenica Global Solutions to ensure that financial transactions carried out through the blockchain are compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

In the UAE, an article from The National News discusses the role of personal insurance for protection against online scams. This article highlights how UAE’s Etisalat becomes the latest company to offer personal cyber crime insurance to safeguard against online banking fraud, credit card scams, loss of internet purchases, cyber extortion and identity theft. The final news article reports a USD 1 billion startup fraud in the US emerge. The fraud highlights the need for greater scrutiny of investment opportunities and the importance of due diligence when investing in startups.

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