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VISA continues to expand its value-added business services with the introduction of three new AI-based risk and fraud prevention solutions. Source:https://ffnews.com/newsarticle/visas-growing-services-business-infused-with-new-ai-powered-products/ The new products, part of the comprehensive Visa Protect suite, are designed to reduce fraud in instant account-to-account and card-not-present (CNP) payments and transactions both on and off the Visa network. Visa Protect is part of Visa's broad suite of value-added services, which has grown to nearly 200 products and spans the five most in-demand categories: Acceptance, Advisory, Issuance, Open Banking and Protection. Security and fraud prevention are fundamental to Visa. Last year, Visa helped block $40 billion in fraudulent activity, nearly double the level the year before. Visa Deep Authorization (VDA): Designed to address the challenges issuers face from increasingly sophisticated digital fraud, VDA is a new transaction risk assessment solution designed to better manage CNP payments. Addition of Visa Enhanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa's extensive AI-powered fraud...

At the moment, the document is for informational purposes only. The new phase of mutual evaluations will focus on the effectiveness of the implementation of AML/CFT measures. Subject to FATF recommendations, all countries must define the term “virtual assets” as “property,” “income,” “funds,” “funds or other assets,” or other “relevant value.” A license is required for cryptocurrency activities. Anyone who breaks the law is not allowed to own or operate a VASP. Countries should impose criminal, civil or administrative penalties for non-compliance with AML/CFT requirements. As oversight and monitoring are implemented, the level of AML/CFT compliance should increase. The FATF expects this to lead to a reduction in money laundering and terrorist financing activity, in particular through the use of...

The tax authorities will pay compensation due to an error in the application, which was supposed to evaluate the persons to whom special scrutiny should be applied. Thus, unfounded audits of the tax returns of certain individuals were carried out. The selection was made based on incorrect criteria. To conduct a correct check, we had to check more than 10,000 declarations manually. It turned out that 2,500 taxpayers should not have been audited. Compensation will be paid as tax...

The IRS will take action against 125,000 high-income taxpayers who did not file taxes from 2017 to 2021. Starting this week, the IRS will be sending tax compliance letters to more than 125,000 taxpayers. Notices will be sent to approximately 25,000 taxpayers with income over $1 million. Taxpayers with incomes between $400,000 and $1 million will also receive notices. The plan is to send between 20,000 and 40,000 emails every week. Thus, the agency plans to receive a certain amount, but it is not yet...

The EU Parliament adopted a decision that can have a qualitative impact on cryptocurrency operations in the Union. The new legislation is expected to strengthen anti-money laundering measures and introduce restrictions on anonymous transactions, including in the field of cryptocurrencies and cash settlement. According to the law, anonymous cryptocurrency transactions through custodial wallets without any amount threshold will be prohibited. In addition, the restrictions will affect cash payments in the amount of more than 10,000 euros and anonymous cash payments in the amount of more than 3,000 euros. The crypto community reacts to the adoption of this law in different ways. A considerable number of experts are sure that these measures will help fight against the abuse of the financial system and the financing of terrorism. But at the same time, they are worried. because there is a high probability of possible restriction of privacy and economic activity of citizens. One of the members of the European Parliament believes that the ability to carry out anonymous transactions is the right of every person. The new legislation can be fully implemented within three years after...

Within the framework of the pilot project, the State Tax Service of Ukraine will inform the payers of the single contribution about the existence of a tax debt. The project was created in order to increase the level of awareness of taxpayers and to voluntarily pay the tax. It is reported that this initiative will last up to three months. Debtors will receive information about the amount of debt and the territorial bodies of the State Tax Service, which take into account the debt. For 2023, 25 billion hryvnias were...

The draft New Rules for Suspension of the Visa-Free Regime with Third Countries was agreed upon by the Committee of Permanent Representatives of Member States. Currently, 61 countries have a visa-free regime with the EU. Thus, one of the three grounds for suspending a visa-free regime with a third country is the presence of an existing citizenship by investment program. The period of temporary suspension of visa-free travel may increase to 12 months and be extended again to 24 months. The EU may completely revoke the visa-free regime if the reason for the suspension is not eliminated. This proposal will be submitted for discussion with the European Parliament and after that the final regulations will be...

For two years, the citizenship by investment program was unavailable. Previously introduced restrictions have been revised, and the acceptance of applications has been resumed. Representatives of the Department of Citizenship by Investment emphasize the importance of comprehensive verification of persons wishing to obtain citizenship. They should not be under sanctions and not be associated with sanctioned organizations. However, the program is not available to Russians and Belarusians. At the moment, the cost of joining the program is 100 thousand dollars, and the registration time will take 3-6 months. Ukraine also has a visa-free agreement with Antigua, which will allow potential immigrants to get to know the country. Some experts believe the cost of citizenship by investment may...

On March 14, amendments to the DIFC Law were adopted, which formally establish the supremacy of DIFC laws, prohibiting the enforcement of a foreign judgment if it does not comply with DIFC laws. These provisions ensure that foreign courts or parties who do not wish to submit to the jurisdiction of the DIFC courts cannot circumvent the DIFC Trusts and Foundations Law. They provide that a fund or trust officer must cease to act with respect to the fund or trust if a foreign judgment has been entered against it, thereby preventing it from exercising the authority to manage assets under the foreign judgment. The amendments provide additional guarantees regarding the prior transfer of property by the founder to the trust or foundation. A creditor of a trust or foundation must prove that the settlor intended to defraud the creditor in transferring property to the trust or foundation and that the transfer resulted in the settlor's insolvency. Without this proof, the trust or foundation will be obligated to settle the creditor's claim only to the extent of the share that previously belonged to the settlor. A new protection was also the introduction of a three-year statute of...