Lloyd’s makes history with deputy chair assignment

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Lloyd’s has announced the appointment of Vicky Carter as deputy chair of Lloyd’s Council, effective September 01. Carter will be the first woman in the company’s 335-year history to hold the post.

Carter has been an elected member of Lloyd’s Council since 2019 and has worked for the Lloyd’s market for 40 years. She began her career in medicine before moving to reinsurance broking in 1980. Carter joined Guy Carpenter in 2010 as vice-chair of international operations and, in 2018, she became chair of Global Capital Solutions International. She also holds positions on the company’s board and executive committee.

Carter

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Chinese firms’ class action woes highlight D&O cover

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The New York listing debacles of Chinese firms Didi Global and Luckin Coffee have drawn attention to directors and officers (D&O) insurance, as they increasingly face class action suits in the US market.

The number of securities-related class action suits in the US reached a record high of 334 last year, 49{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} higher than the average for 1997 to 2019, according to a report by the South China Morning Post. Among these, 24 involved Chinese companies as defendants.

Luckin Coffee, which was delisted in June 2020 after being involved in a massive fraud scandal, was also fined US$180 million

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Finding the right mix: AML for cryptocurrency payments

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The global Financial Action Task Force (FATF) updated its guidance on how to manage anti-money laundering (AML) measures in cryptocurrency payments fully two years ago – yet recent evidence suggests that, despite attempts by some crypto exchanges to follow this guidance, the payments industry as a whole has yet to find anything like the right approach.

KYC and rise of cryptocurrency payments

In a recent blog in this series, we discussed the rapid rise in payments using crypto and the importance of better KYC to managing AML for cryptocurrency payments – writes Alex Moss, Business Development Executive, W2.

Since that

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Visa continues acquisitive direction with purchase of Currencycloud

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Visa has announced it has signed a definitive agreement to acquire Currencycloud, a global platform that enables banks and FinTechs to provide innovative foreign exchange solutions for cross-border payments.

Visa to acquire Currencycloud

The acquisition builds on an existing strategic partnership between the two companies and values Currencycloud at £700 million, inclusive of cash and retention incentives.

The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.

Cross-border payments have seen significant growth due to rising demand from businesses of all sizes to engage in international trade.

A recent study revealed that 43{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}

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