CYBERSECURITY OF THE BANKING SYSTEM AND ETHICAL RULES OF THE INTERACTION BETWEEN A MAN AND ARTIFICIAL INTELLIGENCE: ON THE NEED FOR CO-EXISTENCE

The author of the article, based on comparative analysis legal regulations and scientific literature in the field of cybersecurity, comes to the conclusion that at the present stage of development of economic relations, there is an urgent need to establish ethical standards for human interaction and automated intelligent systems based on artificial intelligence. The article analyzes the concept of cybersecurity in its difference from information security; positive and negative features of the use of AI in the banking sector of the economy. The article focuses on social engineering in preventing cyber threats and offers a list of ethical principles in their content constant.

ARTIFICIAL INTELLIGENCE: AN INSTRUMENT ENSURING CYBERSECURITY OF THE FINANCIAL SPHERE OR A CYBER THREAT TO BANKS?

The article examines the growing risks and security threats faced by the financial sector. This problem is currently most relevant, as the increased demand for security in the banking sector encourages the development and introduction of new technologies (including machine learning and artificial intelligence), while at the same time creating new vulnerable areas and related problems.

DIGITAL FINANCIAL ASSETS: INTERNATIONAL APPROACHES TO REGULATION AND THEIR INFLUENCE ON RUSSIAN LAW

This paper reviews the international approaches to regulation of digital financial assets and their influence on the Federal law of July 31, 2020 No. 259-FZ “On digital financial assets, digital currency and about modification of separate acts of the Russian Federation” (further — the Law on DFA).

THE MONETARY SYSTEM OF THE RUSSIAN FEDERATION: DIGITAL NOVELTIES AND THEIR IMPACT ON THE LEGAL CAPACITY OF PARTIES TO FINANCIAL RELATIONSHIPS

The article discusses controversial issues about the structural elements of the monetary system of the Russian Federation and the introduction of digital currency (digital ruble) as a new form of the Russian ruble and an innovative financial instrument. The problems of financial and legal regulation of digital currency and the resulting transformation of the legal personality of participants in financial relations are analyzed, proposals are made to improve domestic financial and related legislation and to determine the financial and legal status of digital currency in the state.

SPECIAL CONDITIONS FOR ADMISSION OF CREDIT INSTITUTIONS TO SPECIFIC ECONOMIC SPHERES: ON THE CONCEPT OF AUTHORIZED BANKS

The concept of “authorized banks” is examined, the criteria for classifying credit institutions as “authorized banks” are systematized, the legislation of the Russian Federation is analyzed, which uses the concept of “authorized banks”. It was found that the need of legislative consolidation of a single concept of “authorized banks”, as well as a set of criteria that these banks should comply with

INTERMEDIARY ACTIVITIES OF A BANK: LEGAL ISSUES

The article analyzes the areas of intermediary activity of banks. The article examines the issue of whether banks can conclude Agency agreements, including those related to prohibited types of business activities. The author characterizes various types of Agency agreements that can be concluded by a Bank and the risks that arise in this regard, focusing on the recognition of a transaction made under the a significant misconception as invalid. It also analyzes ways to minimize the risks of banks and clients when providing various financial services to the client by the agent Bank.

INSURANCE REGULATION PECULIARITIES IN THE BANK INSURANCE PRACTICE IN THE EUROPEAN UNION

In the Russian Federation, bancassurance has already become a relatively common type of interactions between banks and their customers in selling insurance, with banks being the main channels for distributing insurance services in exchange for commission. Borrowers are known to be the weaker side of a contract, which leads to banks impose insurance services and commission, which the banks may capitalize on. This indicates a significant issue for the local antitrust and banking regulations. The article describes the expertise in managing these activities in the member countries of the European Union and provides recommendations for a possible legal regulation of insurance and banking activities in Russia.

INTERNATIONAL APPROACHES TO THE RE-GULATION OF VIRTUAL BANKS, ALGORITHMIC TRADE AND ARTIFI-CIAL INTELLIGENCE SYSTEMS IN FINANCIAL TRANSACTIONS

This paper reviews certain legal aspects of automatic and autonomous financial transactions. International approaches to regulation of key areas of digitalization in the financial sector, such as virtual banking, algorithmic trading of financial instruments and the introduction of artificial intelligence systems, are considered.

MODERN CHALLENGES OF BANK FRAUD TO THE FINANCIAL SUPPORT OF E-COMMERCE

The article presents the results of scientific development in Russia of the problem of counteracting bank fraud, identifies modern trends in the development of bank fraud, as well as possible corporate measures to prevent this type of financial crime in banks. The coronavirus crisis increases the risk of bank fraud, including in the field of e-commerce. Bank fraud is considered as crimes of “white collar” — employees (consultants) of the bank, using their professional opportunities to perform (service) banking operations and other transactions, contrary to corporate culture and values.

BANK CREDIT RATINGS AS A RELIABILITY INDEX: (OBJECTIVITY OR A FINANCIAL MARKET DEMAND)

Separate provisions of the law regulating the activities of credit rating agencies are analyzed. Attention is drowned to the implementation of the provisions of this law, which is implemented by by-laws of the Bank of Russia. Examples of ratings assigned to banks by financial supermarkets are given, as well as up-to-date information in the form of tables about credit ratings assigned to banks. It are concluded that the ratings assigned to banks are more informative in comparison with the financial indicators of banks posted on official websites, as part of the assessment of their financial reliability.