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.

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 European Banking Authority (EBA) published today an Opinion on the implementation of the regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC), which will apply from 14 September 2019. In the Opinion, the EBA clarifies a number of issues identified by market participants and Competent Authorities (CAs) to assist in this implementation.

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.

International securities regulators are to establish a 'Fintech Network' to share information and knowledge on emerging technologies and risks to the financial system.
At its annual meeting in Budapest this week, the International Organisation of Securities Commissions (Iosco) earmarked the challenges of fintech and digitilsation as one of four top areas of focus for the coming year.