A Wednesday meeting secured a final deal on anti-money laundering legislation for crypto transfers and largely overturned a proposal from the EU Parliament to impose laundering checks on all payments to private wallets. CoinDesk reports: The final proposals will mean customer identity needs to be verified for even the smallest crypto transfers, if it’s between two regulated digital wallet providers — but payments to unhosted private wallets will largely be left out of laundering checks. EU lawmakers and government representatives have been meeting over the last three months to hash out a political deal on the bill, which was introduced in July 2021 by the European Commission. Two sources leaving the meeting, who asked not to be named, told CoinDesk a deal had been reached on the legislation after just over an hour of talks.

Just under an hour following the publication of this article, EU lawmaker Ondrej Kovarik confirmed the provisional deal in a tweet, saying that it “strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses.” Outside the meeting room, Kovarik told CoinDesk that negotiators had found a “good balance” that would not prevent innovation. “It will allow the further development of crypto in Europe,” Kovarik said.

For the rules on transfers to unhosted wallets, Kovarik said the final result had “moved quite far from the initial proposal of the European Parliament” — something likely to be met by a sigh of relief by many in the industry. Kovarik said those unhosted wallet rules would only apply when transfers were made to a person’s own private wallet, and only when the value was over 1,000 euros ($1,052). […] Lawmakers and governments overturned European Commission plans to exempt small transactions, arguing that price volatility and the ability to break up payments into smaller chunks would make it unworkable for crypto. Further reading: Crypto Rules To Make Europe a Global Leader As Prices Plunge (The Associated Press)

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Source: Slashdot – No AML Checks For Most Transfers To Unhosted Crypto Wallets, EU Policymakers Decide

An anonymous reader quotes a report from PsychNewsDaily: Scientists from the University of Chicago have developed a new algorithm that can predict future crime a week in advance with about 90% accuracy, and within a range of about 1000 feet. It does so by learning patterns from public data on violent and property crimes. The tool was tested and validated using historical data from the City of Chicago around two broad categories of reported events: violent crimes (homicides, assaults, and batteries) and property crimes (burglaries, thefts, and motor vehicle thefts). These data were used because they were most likely to be reported to police in urban areas where there is historical distrust and lack of cooperation with law enforcement. Such crimes are also less prone to enforcement bias, unlike drug crimes, traffic stops, and other misdemeanor infractions.

The new model isolates crime by looking at the time and spatial coordinates of discrete events, and detecting patterns to predict future events. It divides the city into “spatial tiles” roughly 1,000 feet across, and predicts crime within these areas. Previous models relied more on traditional neighborhood or political boundaries, which are subject to bias. The model performed just as well with data from seven other U.S. cities: Atlanta, Austin, Detroit, Los Angeles, Philadelphia, Portland, and San Francisco.

Lead author Ishanu Chattopadhyay is careful to note that the tool’s accuracy does not mean it should be used to direct law enforcement policy; police departments, for example, should not use it to swarm neighborhoods proactively to prevent crime, Chattopadhyay said. Instead, it should be added to a toolbox of urban policies and policing strategies to address crime. “We created a digital twin of urban environments. If you feed it data from what happened in the past, it will tell you what’s going to happen in the future,” he said. “It’s not magical; there are limitations, but we validated it and it works really well,” Chattopadhyay added. “Now you can use this as a simulation tool to see what happens if crime goes up in one area of the city, or there is increased enforcement in another area. If you apply all these different variables, you can see how the systems evolve in response.” The findings have been published in the journal Nature Human Behavior.

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Source: Slashdot – New Algorithm Can Predict Future Crime a Week In Advance, With 90% Accuracy

Global markets are set to close out their most bruising first half of a year in decades, leaving investors bracing for the prospect of further losses. From a report: Accelerating inflation and rising interest rates have fueled a monthslong rout that left few markets unscathed. The S&P 500 fell 20% through Wednesday, heading for its worst first half of a year since 1970, according to Dow Jones Market Data. Investment-grade bonds, as measured by the iShares Core U.S. Aggregate Bond exchange-traded fund, lost 11% — on course for their worst start to a year ever. Stocks and bonds in emerging markets tumbled, hurt by slowing growth. And cryptocurrencies came crashing down, saddling individual investors and hedge funds alike with steep losses.

About the only thing that rose in the first half was commodities prices. Oil prices surged above $100 a barrel, and U.S. gas prices hit records after the Russia-Ukraine war upended imports from Russia, the world’s third-largest oil producer. Now, investors seem to be in agreement about only one thing: More volatility is ahead. That is because central banks from the U.S. to India and New Zealand plan to keep raising interest rates to try to rein in inflation. The moves will likely slow down growth, potentially tipping economies into recession and generating further tumult across markets. “That’s the biggest risk right now — inflation and the Fed,” said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

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Source: Slashdot – Markets Head Toward Worst First Half of a Year in Decades

Google today announced an update to its password manager that will finally introduce a consistent look-and-feel across the service’s Chrome and Android implementations. From a report: Users will soon see a new unified user experience that will automatically group multiple passwords for the same sites or apps together, as well as a new shortcut on the Android home screen to get access to these passwords. In addition to this, Google is also now adding a new password-related feature to Chrome on iOS, which can now generate strong passwords for you (once you set Chrome as an autofill provider). Meanwhile, on Android, Google’s password check can now also flag weak and re-used passwords and help you to automatically change them, while Chrome users across platforms will now see compromised password warnings.

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Source: Slashdot – Google Consolidates Its Chrome and Android Password Managers