Governance
IMF calls for regulatory crackdown on fast-growth fintechs
The International Monetary Fund says fast-growing finechs pose challenges for both regulators and less technologically advanced banks, whose long-term viability may be under threat.
Financial regulators probe DeFi markets
International securities regulator Iosco is setting up a task force to examine the risks and opportunities arising from decentralised finance (DeFI), which it says is quickly evolving to mirror conventional financial markets.
Major tech antitrust bill advanced by US Senate vote
The Senate Judiciary Committee voted 16-6 this week to advance a major tech competition bill, says CNBC.Heralded by some as legislators’ best chance to meaningfully reform laws around Big Tech, the American Innovation and Choice Online Act would have a considerable impact on firms such as Amazon, Apple, Google - as well as Meta and TikTok.
HSBC fined £63.9m for AML failings
HSBC is the second bank this week to be handed down a fine by the FCA for failings in its anti-money-laundering (AML) processes, being hit with a £63,946,800 penalty.
Regis-TR fined €186,000 by Esma for catalogue of reporting failures
The European Securities and Markets Authority (Esma) has fined trade repository Regis-TR €186,000 for eight breaches of the European Market Infrastructure Regulation.
UK FS regulator takes aim at cloud giants - FT
The UK's Prudential Regulation Authority (PRA) is looking at ways to access more data from Amazon Web Services, Microsoft Azure and Google Cloud amid concern about how important the three have become to the financial services sector, according to the Financial Times.
AML penalties hit $2.2 billion in 2020 as regulators crack down on financial crimes
Fines for anti-money laundering (AML) failings by regulated institutions were five times higher in 2020 than 2019, totalling $2.2 billion.
Global AML fine amounts fall as regulators turn their attention to crypto
Source: Kroll
Kroll, the leading provider of data, technology and insights related to risk, governance and growth, has found that whilst anti-money laundering (AML) continues to dominate global financial crime regulation, enforcement activity is slowing as attention turns from banks to other financial institutions.
Metro Bank fined £5.4 million for failing in its regulatory reporting governance and controls
Source: Bank of England
The Prudential Regulation Authority (PRA) has imposed a financial penalty on Metro Bank plc (Metro Bank) of £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and for failings in its regulatory reporting governance, controls and investment with respect to its Common Reporting (COREP) returns sent to the PRA between 13 May 2016 to 23 January 2019.
Bank of Ireland fined €24.5 million over IT resiliency issues
Ireland's central bank has fined Bank of ireland €24.5 million over IT deficieincies that the lender took over a decade to fix.
Feds seize $3.6bn in crypto linked to Bitfinex hack
US authorities have arrested two people and seized $3.6 billion wort of bitcoin in relation to the 2016 hack of cryptocurrency exchange Bitfinex.
JPMorgan Chase fined $200 million for conducting business on WhatsApp
JPMorgan Chase has received a $125 million penalty from the Securities and Exchange Commission (SEC), for allowing Wall Street employees to use apps including WhatsApp to get around US federal record-keeping laws.
US regulators promise crypto oversight clarity
American banking regulators have put together a roadmap that will see them offer clarity over the next year on a host of areas relating to crypto assets.