The potential of open APIs, cloud, blockchain and AI to transform the financial services sector will only be realised if regulators keep up and accept the "new realities" created by emerging technologies, argues a new Deutsche Bank white paper.

Uber Technologies has reached a $148 million settlement agreement with the attorneys general of all 50 states and the District of Columbia. The settlement stems from the company's failure to report a massive 2016 data breach in a timely manner, as well as the company's inadequate information security practices.

Source: DFSA

The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) today entered into an agreement that provides a framework for cooperation and referrals between the innovation teams of each authority.

The federal depository institutions regulators and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively.

Source: Information Commissioner’s Office
The Information Commissioner’s Office (ICO) issued Equifax Ltd with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017.

The chairman of the Commodity Futures Trading Commission has lamented laws that prevent it from working with outside entities on research into areas such as blockchain, warning that the barriers are leaving it years behind regulators in other countries.

The UK's banking watchdog has slapped the banking arm of UK supermarket chain Tesco with a £16.4 million fine for its failure to prevent a cyber attack that affected thousands of customers in 2016.

The Russian hacker behind the largest theft of customer data from a US financial institution in history has been extradited to the US to face multiple charges of computer fraud.

UK regulators have given British financial firms a three-month deadline to demonstrate their operational resilience in the event of a cyber attack or IT breakdown.
The demand by the Bank of England and the Financial Conduct Authority for banks to report on their exposure to risk and contingency planning for disruptive outages comes on the heels of a disastrous IT upgrade at TSB and the recent black out of the Visa network.

With its continued efforts to encourage the adoption of technological advancements in the market, the Dubai Financial Services Authority (DFSA) entered yesterday into an Exchange Of Letters with the Financial Services Agency of Japan (FSA) to cooperate in the development of financial technology (FinTech).

The Association of National Numbering Agencies (Anna) and the Global Legal Entity Identifier Foundation (Gleif) have inked a deal to link International Securities Identification Numbers (Isins) and Legal Entity Identifiers (LEIs) in an effort to improve exposure management between trading counterparties.

A much anticipated report from the US Treasury on regulatory reforms for the fintech sector is set to recommend the use of regulatory sandboxes and fintech charters at both a state and federal level.