Fintech is still too small a chunk of the global financial system to present a compelling stability risk but the sector's fast-paced development means that international regulators should collaborate closely to guard against future risks, says a new report. Put together by the international Financial Stability Board (FSB), the report identifies 10 fintech-related areas that "merit authorities' attention".
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.
For the reasons explained in this white paper, businesses need to start working towards compliance now. This paper looks at the new data security requirements under the GDPR and provides practical tips on how to prevent a data breach disaster from happening to you and your customers
Nasdaq's BWise (Nasdaq:NDAQ), a global leader in enterprise Governance, Risk Management and Compliance (eGRC), and KPMG LLP, the U.S. audit, tax and advisory firm, today announced a strategic alliance to help clients improve how they address risk and compliance challenges more effectively across their enterprise.
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.
The Berlin Group, a-European payments interoperability coalition of banks and payment processors, is pushing a single standard for API access to bank accounts to comply with new regulations on freeing up customer data under PSD2.
Official figures of aggregated data published by technical body EMVCo show that by the end of 2016, the number of EMV® payment cards in global circulation had increased by 1.3 billion in the previous 12 months to a total of 6.1 billion.