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As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.

European financial institutions could face fines totalling €4.7 billion in the first three years under the new General Data Protection Regulation (GDPR), according to a study by Consult Hyperion.
The report, commissioned by security outfit AllClear ID, estimates that financial institutions may experience 384 data breaches during the timeframe, with fines as high as €260m per breach.

(Bloomberg) -- The U.S. Treasury Department’s banking regulatory proposals could be even better for finance firms than they initially hoped.

Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, has written to Rt Hon. Philip Hammond MP, Chancellor of the Exchequer, about cybersecurity in the financial services sector. Commenting on the correspondence, Mr Tyrie said: “The lines of responsibility and accountability for reducing cyber threats remain opaque.

A Russian hacker accused of helping to develop and maintain the notorious Citadel malware toolkit, which was used to steal more than $500 million from bank accounts, faces up to 10 years in a US prison after pleading guilty to computer fraud.
Having been extradited from Norway in December, this week Mark Vartanyan (who went by the online handle 'Kolypto') pleaded guilty in an Atlanta court. He will be sentenced in June.

The Securities and Exchange Commission has charged two former iPayment executives with a scheme that allegedly saw them manipulate the credit card processing firm's accounting systems to steal millions of dollars.

A US Federal Reserve governor has poured cold water on the prospect of central bank-issued digital currencies, saying that they raise serious security and privacy concerns and could become a prime target for crooks.

The UK's Financial Conduct Authority (FSA) has inked a deal with the Ontario Securities Commission (OSC) designed to make it easier for fintech startups from each market to gain access to the other.

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