BofA Endorses Bitcoin, PBOC Blocks It
Bank of America Merrill Lynch gave a ringing endorsement for bitcoin Thursday, while the People’s Bank of China did the exact opposite. What either action means for the future is anyone’s guess.
AFP Fraudwatch: Bitcoin Heists on the Rise
This week, we look at the recent string of cyberattacks on bitcoin payment processors and exchanges, which appear to be the latest hotspot for cybercriminals. Also, Booz Allen reveals its Top Financial Services Cyber Security Trends for 2014.
RMB Unseats Euro as No. 2 Trade Finance Currency
The Chinese renminbi has replaced the euro as the second most used currency in trade finance, according to a new report from SWIFT. Usage of RMB in traditional trade finance—letters of credit and collections—has increased from an activity share of 1.89 percent in January 2012 to 8.66 percent in October 2013.
Best Practices: Sending International Wire Transfers
Recently on AFP’s discussion list, corporate treasury and finance professionals discussed international wire transfers.
Time to Prepare for the New COSO Framework
For the first time in nearly 12 years, companies that comply with COSO will need to update their internal control frameworks. Developed by the Committee of Sponsoring Organizations of the Treadway Commission, COSO will change to a new framework in December 2014—and it’s expected that preparing will take between three and nine months.